1. Fifth Avenue: $3,052 per sq. ft.
It’s no surprise that New York’s Fifth Avenue, home to luxury retailers from Saks to Cartier, claimed the number one place, with average rents of $3,052 per sq. ft. per year.
2. Madison Avenue: $1,325 per sq. ft.
New York’s Madison Avenue followed closely behind in the ranking, but its retailers, which include Barneys New York and Giorgio Armani among others, are significantly “poorer” than those one avenue over: they could only afford to pay $1,325 per sq. ft. per year in average rents.
3. Rodeo Drive: $450 per sq. ft.
Rodeo Drive in Los Angeles was number three, with average rents of $450 per sq. ft. Rodeo Drive is home to Chanel, Jimmy Choo and Bottega Veneta.
4. Union Square in San Francisco: $375 per sq. ft.
Retail spaces on San Francisco’s Union Square brought in $375 per sq. ft. in average rents. The city’s largest shopping district combines high-brow fashion with mass appeal—it boasts both a Chanel Boutique and a Forever 21.
5. Michigan Avenue in Chicago: $328 per sq. ft.
Michigan Avenue in Chicago, home to the Magnificent Mile, ranked as number five on the list, with rents of $328 per sq. ft. The street is a shopaholic’s dream, with just its department store line-up including Bloomingdale’s, Macy’s, Saks, Nordstrom and Neiman Marcus.
6. Newbury Street in Boston: $200 per sq. ft.
Newbury Street in Boston and Las Vegas Boulevard in Las Vegas tied for number six, with average rents of $200 per sq. ft. each. Shown: Newbury Street, which counts Bonobos, Christofle and Fish & Bone among its more off-beat tenants.
7. Las Vegas Boulevard: $200 per sq. ft.
Retail rents at properties on Las Vegas Boulevard also registered one of the largest increases in rent since the beginning of the year, at 25 percent, Colliers reports. The Boulevard is home to both individual retailers like Whole Foods and some of the country’s premier luxury malls, including Fashion Show and The Grand Canal Shoppes at the Venetian.
8. Kalakaua Avenue in Honolulu: $122 per sq. ft.
Kalakaua Avenue in Honolulu, which boasts Saint Laurent, Coach and Tod’s as tenants, has recorded average rents of $122 per sq. ft.
9. Walnut Street in Philadelphia: $107 per sq. ft
Walnut Street in Philadelphia has also been on fire—average retail rents on the street went up 33.8 percent over the past six months, to $107 per sq. ft. per year. Tiffany, Coach and Kenneth Cole all operate stores here.
