Events 2008 Global Property Outlook Sponsored by Reuters and IRETO Friday, Dec. 7, 2007 London

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New York, Moscow Rank as Most Expensive Retail Markets

New York's Fifth Avenue remains the most expensive retail destination in the world, with rental values of $1,508 per square foot per year, while Moscow rose to the second-most expensive, with retail rental values of $1,059 per square foot per year, according to CB Richard Ellis' Global Retail Destinations Report, which ranks leading global retail markets in Asia Pacific, Europe, the United States and Latin America.

Fifth Avenue's rental values have not dissuaded retailers from seeking highly coveted retail space along the famed 10-block corridor between Rockefeller Center and Central Park. For example, recent activity along Fifth Avenue includes 40,000-square-foot leases by both Armani and Gucci, two of the most well-known luxury brands in the world, for brand new flagship locations.

Two other U.S. markets ranked in the top 50: Los Angeles came in at number 15, with retail rental values of $392 per square foot, and Chicago was number 27 at $327 per square foot.

European markets accounted for seven of the top 10 markets and 16 of the top 20 most expensive destinations globally. After seeing prime retail rents rise by over 25 percent over the past 18 months, Moscow is now the most expensive retail location in Europe. Demand for prime space in Moscow has been rising rapidly as retailers look to take advantage of rising consumer spending, particularly on luxury goods. London came in at number three with rents of $891 per square foot, while Paris was fourth at $827 and Dublin was seventh at $620.

Tokyo topped Asian markets, ranking number five at $811. Hong Kong followed at sixth place with rents of $703. China's Guangzhou came in at number 22 with $342 rent value.

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