Bulgarian Commercial Streets Bottom World Survey on Rent Prices
The Bulgarian cities of Plovdiv and Burgas and their streets Alexander Batenberg and Alexandrovska, respectively, have registered the biggest drops in store rents, a survey showed.
Both streets had a drop of 50% in commercial rent prices, showed the annual survey by the commercial real estate broker and consultant, Cushman & Wakefield.
In comparison, Ermou in Athens had a 15% decline, while Dublin's Grafton Street had an almost 26% drop of rent prices for stores.
At the same time, the prices on the best streets in 2/3 of the respondent 59 countries have shown a stabilization or even increase of commercial rent prices since June 2009, which registered the biggest drop of rent prices in a period of 25 years.
According to the survey, Asia was faster than the United States and Europe to increase its rent prices. Tokyo's Ginza and Seoul's Myeongdong have moved forward in the ranking, reaching the third and the eighth place respectively.
In 2009, the two streets were positioned at the fifth and eleventh place respectively, but since then, the prices in Tokyo increased by 4,5% and in Seoul – by 17,4%.
New York's Fifth Avenue topped the ranking after the prices for store rent went up by 8,8%, which equals an average of EUR 16,257 per sq.m. commercial area.
Second place is occupied by Hong Kong's Causeway Bay with registered increase of 9,6%, which means that renting a store on that street would cost about EUR 14, 620 per sq.m.
London's New Bond Street saw a 19% jump in rents, replacing Paris' Avenue des Champs Elysees as the most expensive street in Europe.
Milan's Via Montenapoleone, Zurich's Bahnhofstrasse and Munich's Kaufingerstrasse were the other three European streets that made it to top 10. They rank 6th, 7th and 10th respectively.
As a whole, for the past 12 months, the prices for commercial rent in Europe dropped by an average of 4,5%.
Text source: novinite.com
Photo: BGNES
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