Showing posts with label new york. Show all posts
Showing posts with label new york. Show all posts
Star Style - Brad Goreski
The world’s most expensive retail rents
As a shopping destination, Hong Kong has over the past decade charted a course towards the very high-end in brands — and it seems retailers are now paying a very expensive price for the trend.
With a 46 percent rise in rents, quarter on quarter, Hong Kong is now second only to New York in terms of what tenants pay for retail locations across the city.
Hong Kong last year surpassed Sydney as the second-most expensive city in the world, with the average cost being paid now hitting US$1,687 per square foot per year according to global commercial property company CB Richard Ellis.
New York still tops the charts with rents at US$1,900 but Hong Kong seems intent on closing the gap as the world’s leading brands continue to set up shop all over town.
Local media here have reported that even US casual retailer Abercrombie & Fitch has gotten in on the act and is paying HK$7.5 million (US$964,000) a month for a shop in downtown Central that’s estimated to cover around 12,000 square feet. It has up until now been occupied by high-end clothing company Shanghai Tang.
The fact that Hong Kong is the favorite shopping destination for mainland China plays a significant role in the demand for retail space here — a record 22.7 million arrived during 2010 and April saw 2.1 million cross the border.
Overall, retail rental rates grew 3.8 percent globally, year on year, according to CBRE.
The world’s most expensive retail rents
(US$/sq ft per annum)
(US$/sq ft per annum)
1. (1) New York 1,900
2. (3) Hong Kong 1,697
3. (2) Sydney 1.301
4. (4) London 909
5. (6) Zurich 829
6. (5) Tokyo 807
7. (7) Paris 783
8. (8) Brisbane 753
9. (9) Moscow 721
10. (10) Melbourne 691
11. (11) Guangzhou 575
12. (12) Los Angeles 520
13. (14) Milan 500
14. (16) Munich 490
15. (13) Chicago 480
16. (15) Singapore 470
17. (17) Rome 461
18. (18) Beijing 449
19. (19) Frankfurt 442
20. (23) Shanghai 414
2. (3) Hong Kong 1,697
3. (2) Sydney 1.301
4. (4) London 909
5. (6) Zurich 829
6. (5) Tokyo 807
7. (7) Paris 783
8. (8) Brisbane 753
9. (9) Moscow 721
10. (10) Melbourne 691
11. (11) Guangzhou 575
12. (12) Los Angeles 520
13. (14) Milan 500
14. (16) Munich 490
15. (13) Chicago 480
16. (15) Singapore 470
17. (17) Rome 461
18. (18) Beijing 449
19. (19) Frankfurt 442
20. (23) Shanghai 414
2011′s most popular cities
London will lead the world in terms of international tourist arrivals this year, according to new research released June 1 by MasterCard.
The new index of Global Destination Cities predicts London will receive 20.1 million inbound passengers in 2011, slightly more than Paris’s 18.1 million.
Bangkok is expected to welcome the third-highest number of visitors, followed by Singapore and Hong Kong — in fact, cities in Asia-Pacific account for eight of the top 20 global destinations.
By contrast, MasterCard predicts that only one US city will be among the world’s most visited this year, with New York taking 12th place and predicted to welcome 7.6 million inbound passengers.
The Big Apple can perhaps take consolation that visitors will spend $20.3 billion there this year, more than every other city save London, which will see cross-border expenditures of $25.6 billion.
As well as studying total arrivals, MasterCard also looked at visitor growth, forecasting that the Spanish city of Barcelona will see the biggest jump — 24.3 percent growth in arrivals this year, followed by Malaysian capital Kuala Lumpur at 21.8 percent and Istanbul at 20.4 percent.
The places seeing the fastest growth in the amount we spend, however, will be Istanbul (expenditure up by 30.1 percent in 2011), Barcelona (up 28.2 percent) and Dubai (up 24 percent).
MasterCard compiled its predictions of international arrivals, one of the clearest indicators of the human dimension of globalization, by analyzing airline schedules and UN expenditure figures.
The company says that many emerging markets were showing growth rates of over 20 percent, adding that cities in Asia, Latin America, Central and Eastern Europe, and Africa “will correspondingly play ever bigger roles in knitting the world together.”
The new index of Global Destination Cities predicts London will receive 20.1 million inbound passengers in 2011, slightly more than Paris’s 18.1 million.
Bangkok is expected to welcome the third-highest number of visitors, followed by Singapore and Hong Kong — in fact, cities in Asia-Pacific account for eight of the top 20 global destinations.
By contrast, MasterCard predicts that only one US city will be among the world’s most visited this year, with New York taking 12th place and predicted to welcome 7.6 million inbound passengers.
The Big Apple can perhaps take consolation that visitors will spend $20.3 billion there this year, more than every other city save London, which will see cross-border expenditures of $25.6 billion.
As well as studying total arrivals, MasterCard also looked at visitor growth, forecasting that the Spanish city of Barcelona will see the biggest jump — 24.3 percent growth in arrivals this year, followed by Malaysian capital Kuala Lumpur at 21.8 percent and Istanbul at 20.4 percent.
The places seeing the fastest growth in the amount we spend, however, will be Istanbul (expenditure up by 30.1 percent in 2011), Barcelona (up 28.2 percent) and Dubai (up 24 percent).
MasterCard compiled its predictions of international arrivals, one of the clearest indicators of the human dimension of globalization, by analyzing airline schedules and UN expenditure figures.
The company says that many emerging markets were showing growth rates of over 20 percent, adding that cities in Asia, Latin America, Central and Eastern Europe, and Africa “will correspondingly play ever bigger roles in knitting the world together.”
2011′s most popular cities (international arrivals)
1 London (20.1m)
2 Paris (18.1m)
3 Bangkok (11.5m)
4 Singapore (11.4m)
5 Hong Kong (10.9m)
6 Madrid (10.1m)
7 Istanbul (9.4m)
8 Frankfurt (8.4m)
9 Dubai (7.9m)
10 Rome (7.9m)
11 Seoul (7.9m)
12 New York (7.6m)
13 Amsterdam (7.4m)
14 Kuala Lumpur (6.9m)
15 Milan (6.7m)
16 Barcelona (6.7m)
17 Vienna (6.2m)
18 Shanghai (5.5m)
19 Taipei (5.4m)
20 Tokyo (5.0m)
2 Paris (18.1m)
3 Bangkok (11.5m)
4 Singapore (11.4m)
5 Hong Kong (10.9m)
6 Madrid (10.1m)
7 Istanbul (9.4m)
8 Frankfurt (8.4m)
9 Dubai (7.9m)
10 Rome (7.9m)
11 Seoul (7.9m)
12 New York (7.6m)
13 Amsterdam (7.4m)
14 Kuala Lumpur (6.9m)
15 Milan (6.7m)
16 Barcelona (6.7m)
17 Vienna (6.2m)
18 Shanghai (5.5m)
19 Taipei (5.4m)
20 Tokyo (5.0m)
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