DUBLIN’S GRAFTON STREET remains one of the most expensive streets in the world on which to rent, according to new figures.
The annual Cushman and Wakefield Main Streets Across the World report tracks 462 of the top retail streets around the globe, ranking them by their prime rental value.
Overall, Grafton Street is the 13th most expensive street to rent on by country internationally.
The street has seen 4.8% growth in rent year on year to June, with the cost per square metre per year now standing at €3,327.
Karl Stewart, Head of Retail, Cushman & Wakefield Ireland said the retail growth was happening on both sides of the River Liffey.
“The demand for both Grafton Street and Henry Street continues to grow and as larger bespoke floor plates and buildings come on stream, it will provide more suitable accommodation for new entrants.
We see the retail pitch continuing to expand beyond the core district in the Grafton Street area where there is currently retail development planned on Suffolk Street, Nassau Street and Dawson Street. Equally on Henry street there is a strong pipeline of new floorspace.
New York’s Upper 5th Avenue remains the world’s most expensive retail street, narrowly ahead of Hong Kong’s Causeway Bay.
Paris’ Avenue des Champs Élysées, where annual rents are €13,255.2 per square metre, is third, London’s New Bond Street is fourth (€12,433.6 sq.m/yr) with Tokyo’s Ginza leapfrogging into fifth place with annual rents totaling €12,102.9 sq.m/yr.
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