Retail in Asia

In Shops

Melbourne tops Sydney in retail rents

In the battle of the prime shopping strips across the world, Melbourne has emerged the winner for Australia, as being more expensive to rent a site than Sydney, in the latest CBRE survey.

Using data collected from its global retail business, the agency has determined that Hong Kong, New York and Paris are the top three most expensive shopping zones, on a per square foot, per US dollar, on an annual basis.

The survey says there were some slight changes from the fourth quarter of 2014. Paris moved up from fourth to third, swapping places with London, while Melbourne moved up a place to seventh, exchanging positions with Sydney. In Hong Kong, the average rent was USD4334 a square foot, New York was an average USD3617 and Paris was USD1320. Melbourne emerged at USD710 a square foot, just pipping out Sydney at USD708.