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Robson Named Ones of the World's Priciest Shopping Streets
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(Posted on Dec 5, 2016 at 04:35PM by Michelle Bogle)
The 2016/2017 Main Streets Across the World Report was recently released. In it, the report tracked 462 top retail streets around the globe, ranking the most expensive in each country by their annual rental costs.Â
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It’s no surprise that the report named New York’s Upper 5th Avenue as the most expensive street in the world, with average annual rents of $4,057 CDN per sq. ft. Hong Kong’s Causeway Bay ranked a close second at $3,892 CDN per sq. ft. What’s interesting to note is that, in both cities, rental rates have been on the decline over the last year.
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On Canadian soil, Vancouver’s Robson Street ranked 7th on the Americas list, with annual average rents of $225 per square foot, which was a drop by $10 per sq. ft. from last year’s ranking. It trailed behind other major North American cities, including New York, Chicago, San Francisco, Miami, Toronto and Washington.
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However, Vancouver’s premier shopping area is no longer confined to Robson. Due to physical constraints within the city, many high-end retailers are opting to rent space along sections of Alberni and Burrard. As a result, vacancies have started to emerge along sections of Robson Street and rents have actually been dropping. In fact, there have been notable closures in the area, including Chapters’ 56,000 sq. ft. space at Robson and Howe, as well as French Connection and Mexx.Â
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But, while this transition has been underway, new retail tenants are choosing to call Robson home, such as the Paris-based bakery chain, Laduree Boutique, which made its Canadian debut this past March at 1141 Robson – a much-needed boost of confidence into Robson's retail district.
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As 2016 winds to a close, many commercial real estate industry watchers are keeping an eye on Vancouver’s retail sector as the market recalibrates itself and moves into a new year – our team included.
For more insights and information, please contact our office to speak with an associate or please view our Property Search Portal for investment opportunities across B.C.’s Lower Mainland.
For more insights and information, please contact our office to speak with an associate or please view our Property Search Portal for investment opportunities across B.C.’s Lower Mainland.
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