Climbing rents push Grafton St up the list of the world's most expensive shopping strips
But space in Ireland’s premier retail zone is still a bargain compared to many international destinations.
DUBLIN’S GRAFTON STREET remains one of the most expensive streets in the world on which to rent a store, 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 for rents on a per-country basis, with the ranking only including the costliest shopping districts for each nation.
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. That pricetag lifted Ireland’s most expensive shopping strip from 16th in the 2015 rankings.
Several new, high-profile stores are due to open on the shopping strip shortly, including flagship outlets from Victoria’s Secret and & Other Stories.
Cushman & Wakefield Ireland head of retail Karl Stewart said growth in demand for retail space was happening on both sides of the 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.”
The international comparison
New York’s Upper 5th Avenue remains the world’s most expensive retail street, with prices of more than €29,000 per sq m annually.
It was narrowly ahead of Hong Kong’s Causeway Bay, while Paris’s Avenue des Champs Élysées was the most expensive strip in Europe with annual rents of around €13,250 per sq m.
London’s New Bond Street, Tokyo’s Ginza district, Milan’s Via Montenapoleone, Sydney’s Pitt Street Mall, Seoul’s Myeondong district, Zurich’s Bahnhofstrasse and Vienna’s Kohlmarkt rounded out the top 10.
Reporting by Paul Hosford and Peter Bodkin.
