Grafton Street is 6th Most Expensive Retail Street
Grafton Street, is not just Ireland most expensive retail rental location – it now takes 6th place in a new world ranking, according to a new survey.
New York’s Fifth Avenue is the most expensive street in the world, with rents reaching $1,650 (€1,047) per sq ft. Fifth Avenue is closely followed by the Champs Élysées in Paris, The Tverskaya in Moscow, Bond Street and Oxford Street in London. Dublin's Grafton Street came in sixth after these.
Grafton Street rents are ahead of those of Tokyo, Los Angeles, Hong Kong and Zurick. The rents commanded in the commercial retail sector are based on square footage with Grafton Street coming in at €650 per square foot (That's €954)
The research was published by Colliers International and follows years of growth in rental demands on the street.
The McDonald's building is facing a staggering 120% increase in rental this year. This research goes a long way to explaining how indiginous shops have been pushed out of this main shopping area in place of more international brands. There are however other factors to be considered when looking at global street rental such as rates, the number of shoppers passing through the street and proximity to transport routes. These are also strong factors in the decision making process of retailers in terms of where to locate their business.