Pařížská Street in Prague is the Most Attractive and Expensive Street in Central and Eastern Europe
26.01.2017Company: Amcham
- Pařížská is the most expensive street with prime rents of 220 EUR/sq m/a month, followed by Na Příkopě with prime rents of 215 EUR/sq m/a month
- London sees the fastest growing rents worldwide, at nearly 54%
- Rents in New York are the highest in the world, at 3,277 EUR/ sq m/a month
- Despite a 33% fall in rental prices, Hong Kong still has the second highest rents in the world
According to a study by CBRE, the world leader in commercial real estate services, Prague has the most attractive high street in Central and Eastern Europe. Due to a lack of retail space, the high street in Prague has expanded to the adjacent streets of Pařížská, Na Příkopě and others.
Tomáš Beránek, Head of High Street Retail and Tenant Representation at CBRE, added:
“Currently, the most expensive street is Pařížská with prime rents of 220 EUR/sq m/a month, followed by Na Příkopě Street with prime rents of 215 EUR/sq m/a month. Due to the lack of retail space in lucrative areas, we expect prime rents to increase by 5% in 2017. The growing number of tourists helps support market development."
We anticipate high activity in 2017 and the arrival of new brands that are looking around Prague's high street. This activity is also supported by the expansion of the Centrum Chodov, meaning that new retailers who come to Centrum Chodov also want to open shops on the high street in Prague. Foot Locker will also open on Wenceslas Square next year, which will be its Central European flagship store. Some reconstruction projects are underway in 2017, such as Palac ARA.
And what about rent in other markets around the world?
Top 10 global high streets by level of the highest rents in premium locations:
|
Market
|
Street / location
|
Prime Rent Q2 2016
|
|
New York
|
Fifth Avenue
|
€ 3 277
|
|
Hong Kong
|
Russell Street
|
€ 1 520
|
|
London
|
New Bond Street
|
€ 1 379
|
|
Paris
|
Avenue des Champs-Elysees
|
€ 1 119
|
|
Tokyo
|
Chuo Dari
|
€ 1 074
|
|
Sydney
|
Shopping center
|
€ 822
|
|
Zurich
|
Bahnhofstrasse
|
€ 742
|
|
Singapore
|
Shopping center
|
€ 702
|
|
Peking
|
Shopping center
|
€ 677
|
|
Guangzhou
|
Shopping center
|
€ 659
|
Tags: Finance | Real Estate | Business Development | New Products & Services |
