Asiapacific prominent for high retail rents

Bangkok was ranked 74th out of the 88 cities surveyed, and the com¬pany said retail rents in the Thai capital had been flat for several quarters because of both domestic and external factors. While retail rents in Bangkok vary widely based on location and format, they are a small fraction of the levels seen in many other markets.

Cities in the AsiaPacific region continue to be prominent in the top rankings, holding seven positions among the top 20 mostexpensive centres. Guangzhou remains the most expensive mainland Chinese city, having jumped significantly from 22nd ranking to 13th since the first quarter of this year.

New York's 5th Avenue remains the world's most expensive retail destination, with monthly rental values of Bt69,760 per square metre, more than 75percent higher than Hong Kong, the second mostexpensive location. Other cities making up the top five mostexpensive retail centres are Moscow, London and Tokyo.

The top five fastestgrowing markets are Tel Aviv, in Israel; Oporto, in Portugal; Abu Dhabi, in the United Arab Emirates; Valencia, in Spain; and Bucharest, in Romania. Prices in Tel Aviv and Oporto grew by more than 30 per cent between the first and third quarters of this year. CB Richard Ellis said the recent global slow¬down in consumer demand had struck some retail markets around the world, resulting in falling rents. In cities such as Tokyo and Madrid, retailers are now renegotiating with landlords, it said.

Europe and the Middle East continue to dominate the most expensive retail hot spots, containing 33 of the top 50 mostexpen¬sive cities and 15 of the top 25 fastestgrowing retail centres.

In the Americas, North American cities continue to be the most expensive.