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The Warsaw Voice » Real Estate » November 18, 2002
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Nowy Świat Ranked 33rd
November 18, 2002   
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New York's Fifth Avenue and East 57th Street are the most expensive commercial locations in the world, ahead of Paris' Champs-Élysées, Hong Kong's Causeway Bay and London's Oxford Street, according to Main Streets Across The World, an annual review of retail rents carried out by Cushman & Wakefield Healey & Baker, a commercial real estate consultant. The analysis covered the 221 most expensive retail locations in 44 countries worldwide.

Warsaw's Nowy Świat and Chmielna streets rank 33rd on the global list, at $960 per sq m annually. Rents there are almost eight times lower than on the most expensive streets in New York, where the rate per sq m of retail space is $7,535 annually. Warsaw's best-known shopping streets are also cheaper than exclusive locations in Prague and Budapest. The "cheapest" in terms of rent for retail space this year (ranking 44th) is the capital of Latvia, Riga, with an annual rent in the region of $420 per sq m.

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