Downtown Calgary shopping centre on global list of most expensive retail rents
Causeway Bay in Hong Kong highest in the world
The downtown Calgary CORE shopping centre is a popular destination for people these days
CALGARY — A downtown Calgary mall is on a list of the world’s most expensive shopping destinations for retail rents but it is nowhere near the amount of some of the globe’s priciest markets.

Cushman & Wakefield’s latest Main Streets Across the World report, released Wednesday, said the CORE in Calgary has annual rent per square feet at $98 in US dollars. The most expensive main street in Canada was Toronto’s Bloor Street at $314, which ranked it 20th in the world.

The top five most expensive retail streets were listed as: Causeway Bay, Hong Kong, $2,630; Fifth Avenue, New York, $2,500; Avenue des Champs-Elysees, Paris, $1,129; Ginza, Tokyo, $1,057; and Pitt Street Mall, Sydney, $952.

Other streets in Canada listed were: Robson Street, Vancouver, $216; Saint-Catherine W — street level, Montreal, $177; and Queen Street West, Toronto, $98.

The report showed that Causeway Bay overtook Fifth Avenue as the most expensive retail destination in the world as the New York street lost its top billing for the first time in 11 years.

“Despite a backdrop of a slower global economy and continued uncertainty – notably surrounding the eurozone – global prime retail markets have proved generally resilient over the year to June, with rental growth driven in particular by a strong performance in Asia and the Americas,” said the report.

Of the 326 prime locations in 62 countries surveyed for the report, a total of 147 saw rents increasing with just 49 (15 per cent) experiencing rental declines – compared with (19 per cent) in 2011.

“Luxury retailing continues to fuel trading and rental growth across prime pitches of the global market. Luxury retailers are competing for the most coveted shopping destinations, exerting upward pressure on prime rental values. Despite recent slower sales growth, the luxury sector will remain resilient and continue to play a vital and prominent role in driving overall performance in the world’s premier locations,” added the report.

John Crombie, senior managing director, of Cushman & Wakefield in Canada, said the Canadian retail market is a great place to be right now.

“Demand for retail space has remained steady over the last 12 months with growth recorded in selected prime locations resulting in a slight fall in the overall retail vacancy rate,” he said. “Despite keen interest from both American and international retailers, there has been a slight slowdown in leasing activity for foreign retailers as entry costs have proven to be higher than expected and new sites harder to find for new retailers considering Canada as a place to open their business.”

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