Download pdf - MAIN STREETS ACROSS THE WORLD 2007 - Oficina …...MAIN STREETS ACROSS THE WORLD 2007 growth will act as a strong support for the consumer mar-ket, as will more stable interest rates

MAIN STREETS ACROSS THE WORLD

2007MAIN STREETS

CUSHMAN & WAKEF IELD RESEARCH

Main streets World.indd 1 5/11/07 13:29:02

1

INTRODUCTION

Cushman & Wakefield is committed to providing an excel-

lent service to their retail clients through the continuous

monitoring of retail trends and practices. This edition of

Main Streets Across The World provides a detailed analysis

of retail property rental performance across the globe in

the twelve months to June 2007.

The information and data provided in this report are based

on a comprehensive survey of Cushman & Wakefield's

international offices and the editors are extremely grateful

to them for their time, effort and assistance.

Our international representation is designed to facilitate the

rapid flow of information across borders and is supported

by a comprehensive database of market information and

regular liaison meetings. This allows for the exchange of

local market knowledge and expertise and for the co-ordi-

nation of strategy for international investment and location-

al decision-making.

Information on the markets has been provided by Cushman

& Wakefield, its alliance partners and its associate offices

listed in the table below:

AUSTRIA Inter-pool/FaciCon

BULGARIA Forton International

DENMARK RED - Property Advisers

ISRAEL Inter Israel Real Estate Agency

IRELAND Lisney

LEBANON Michael Dunn & Co

MALAYSIA YY Property Solutions

NEW ZEALAND Bayleys

NORWAY Mork & Partners

PHILIPPINES Cuervo Far East Inc.

SOUTH AFRICA Pace Property Group (pty) Ltd

SWITZERLAND SPG Intercity

TAIWAN REPro International

THAILAND Nexus Property Consultants Ltd

TURKEY P&D Real Estate Consultants

CONTENTS

Global Overview 2

Country Summaries

Argentina 7Australia 7Austria 7Belgium 7Brazil 7Bulgaria 7Canada 7China 7Czech Republic 7Denmark 7Finland 7France 7

Most Expensive Retail Locations 8

Country Summaries Continued

Germany 10Greece 10Hong Kong 10Hungary 10India 10Ireland 10Israel 10Italy 10Japan 10Lebanon 10Malaysia 10Mexico 10The Netherlands 11New Zealand 11Norway 11Philippines 11Poland 11Portugal 11Romania 11Russia 11Singapore 11Slovakia 11South Africa 11South Korea 11Spain 12Sweden 12Switzerland 12Taiwan 12Thailand 12Turkey 12United Kingdom 12United States of America 12

Retail Rents 13

Research Services 16

CUS MSATW 2007.qxp:Layout 1 6/11/07 16:15 Page 1

M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 0 7

THE ECONOMIC ENVIRONMENT

Moving towards 2008, the next few months still hold a

good deal of uncertainty for the global economy, with

many investors bracing themselves for an anticipated slow-

down, although there remain some chinks of light at the

end of the tunnel. One of the chief concerns remains just

how much the recent problems in the financial markets will

impact on the wider economy, notably in respect of how

the credit squeeze will affect business and consumer activ-

ity. Recent forecasts suggest that global growth will fall

below 5% in 2008 and expectations for all the world's

major economies have been downgraded. That said, with

the Federal Reserve cutting its main interest rate in order

to stabilise the US economy, other central banks may fol-

low suit more quickly, which should help ease some of the

pressure.

Discussion in the US is now focussed on whether the econ-

omy will suffer a hard landing or a controlled recovery in

2008. Troubles in the housing market continued over

recent months, with falling sales and construction activity.

However, the consumer remained relatively resilient in the

face of this and third quarter trading figures were stronger

than anticipated. Going forward, the picture may be less

upbeat for retailers if consumers react to current uncer-

tainty by cutting back on discretionary spending as some

fear. All eyes will in fact be on the employment numbers

and to date, forecasters have remained optimistic that after

a slow start to the year, consumer spending will pick up as

the year progresses as interest rate cuts impact.

Economic data for the Eurozone suggests a robust level of

growth in recent months, pointing to the area's ability to

withstand the effects of a stronger Euro in addition to any

serious fallout from the global credit crunch. As a result,

general business and consumer confidence remains at a rel-

atively high level. Inflationary risks remain however and,

whilst there is some talk of a possible interest rate reduc-

tion, the ECB is not expected to compromise on inflation

with a cut in the short term. In the UK meanwhile, the

Chancellor announced lower economic growth forecasts

in the wake of the financial turbulence. A slower housing

market is also now in evidence, with higher interest rates

and tighter lending criteria imposed by the banks now com-

bining to reduce the annual rate of house price growth.

In Asia, economic growth in 2007 has been very robust

and, whilst this is expected to ease in the short term, the

general outlook is nevertheless positive. The strong eco-

nomic fundamentals in the region should insulate it well

against the wider impact of any global slowdown, albeit that

a significant slowdown would impact on export growth.

Tourism is playing an increasing role which is benefiting the

retail sector and, with China's continuing commitment to

the WTO and the approach of the 2008 Beijing Olympic

Games, an enormous market is opening up for foreign

retailers.

PROPERTY OVERVIEW

2

0%

5%

10%

15%

20%

25%

20072006200520042003

0%

20%

40%

60%

80%

100%

Boston

, New

bury

Stree

t

Buen

os A

iries

, Florid

a

São

Paulo,

Mor

umbi Sho

pping

Calg

ary, 17

th A

venu

e SW

Chica

go, N

orth

Michiga

n Ave

Chica

go, S

tate

Stree

t

Rio d

e Jane

iro, V

iscon

de d

e Pira

ji

São

Paulo,

Dire

ita/it

apet

ininga

Los A

ngeles

, Rod

eo D

rive

Chica

go, E

ast O

ak Stree

t

AMERICAS: RENTAL GROWTH OVER FIVE YEARS (P.A)

AMERICAS: STRONGEST GROWTH

City Location US$/sq.ft/yr €/sq.m/yr

New York 5th Avenue 1,500 11,983

New York Madison Avenue 1,200 9,586

New York East 57th Street 900 7,190

Los Angeles Rodeo Drive (Beverly Hills) 600 4,793

Chicago North Michigan Avenue 425 3,395

San Francisco Union Square 400 3,195

San Francisco Post Street 350 2,796

Chicago East Oak Street 350 2,796

São Paulo Iguatemi Shopping 200 1,596

Vancouver Robson Street 198 1,584

TOP TEN LOCATIONS IN THE AMERICAS


RETAIL PROPERTY MARKET PERFORMANCE

The Americas

Rental growth in the Americas amounted to 20.3% over

the year to June - with all the countries covered showing

increases. Argentina recorded the strongest growth in the

region, with a rise of 22.7% on the back of buoyant occu-

pier demand in the face of tight supply in the main areas of

Buenos Aires and smaller cities such as Córdoba, Mendoza

and Rosario. In Brazil, retail market sentiment has

remained firm, with annual rental growth amounting to a

very healthy 22.2%. Economic stability, combined with

lower unemployment, rising disposable incomes and a

reduction in interest rates has led to an increase in retail

sales. Another key trend has been the gradual shift in per-

ceptions of shopping merely as necessity towards more of

a popular leisure activity. As a result, the retail market has

continued its steady expansion. Spurred on by tax reforms

to encourage foreign investment, there has been a notable

increase in interest from international retailers. In Mexico,

little changed over the year in terms of sentiment and rents

saw a moderate growth of 4%, with retailers still cautious-

ly optimistic about the medium term.

In Canada, rents saw growth of 5% in an environment of

rising disposable incomes and strong retail sales growth

which has led to low vacancy rates in many areas. Luxury

fashion brands have been particularly active as they contin-

ue their move into downtown shopping districts, driving

rents up. Most of the country has been benefiting from

strong economic growth, high levels of consumer confi-

dence and a booming residential development market.

Whilst rising interest rates over the course of the past 12

months have somewhat dampened retail activity, the US

has still enjoyed strong rental growth of 20.1%. Recently,

the US Federal Reserve cut interest rate for the first time

in four years which should ease some of the pressures on

consumers as the economy moves into a period of slower

growth. However, throughout 2006 to mid-2007, demand

for retail space has been strong on the back of buoyant

consumer spending. As a result, large cities recorded solid

rental growth over the year to June, although Chicago was

clearly the strongest performer. The most expensive loca-

tion again was New York, with rents on 5th Avenue stand-

ing at US$1,500/sq.ft/year.

Europe

Whilst the recent turbulence in global financial markets

and higher interest rates have led to a degree of "belt tight-

ening" and uncertainty, the European economy overall

remains fundamentally in good shape and is expected to

withstand the recent wobbles. Consumer and business

confidence has moderated to a degree but remains at a

high level, commensurate with solid GDP growth.

Moreover, looking forward, continued employment

PROPERTY OVERVIEW

3

0%

2%

4%

6%

8%

10%

12%

20072006200520042003

0%

20%

40%

60%

80%

100%

Zarag

oza,

Pl d

e la

Inde

pend

encia

Istan

bul, R

umeli C

ades

i

War

saw, u

l. Chm

ielna

Katow

ice,

ul. 3

Maja

Mos

cow, N

ovy A

rbat

Palm

a de

Mall

orca

, Jaim

e III

Gen

eva,

Rue d

e Rho

ne

Mala

ga, M

arqu

es d

e La

rios

War

saw, u

l. Mar

szalk

owsk

a

St Pet

ersb

urg,

Nev

sky Pr

ospe

kt

Annual

Renta

l G

row

th t

o June 2

007

EUROPE: RENTAL GROWTH OVER FIVE YEARS (P.A)

EUROPE: STRONGEST GROWTH


Paris Avenue des Champs Elysées 922 7,364

London New Bond Street 813 6,498

Dublin Grafton Street 668 5,340

London Oxford Street 631 5,042

London Covent Garden 582 4,653

Paris Rue du Faubourg St Honoré 553 4,418

Paris Avenue Montaigne 553 4,418

Zurich Bahnhofstrasse 491 3,926

London Brompton Road 490 3,918

Athens Ermou 451 3,600

TOP TEN LOCATIONS IN EUROPE



growth will act as a strong support for the consumer mar-

ket, as will more stable interest rates as the likelihood of

further increases recedes.

High streets continue to play an important role in the retail

hierarchy as far as consumers are concerned, despite the

fact that edge- and out-of-town shopping centres account

for the bulk of leasing and investment activity in most

European markets. As a result, major brands continue to

seek representation on Europe's main high streets, boost-

ing demand for large flagship stores which are in relative

short supply. Indeed, supply-demand imbalances have been

the key driver of high street rental growth across most

markets. Demand from domestic and, increasingly, inter-

national operators for the limited supply of "right size, right

configuration" space has maintained and boosted prime

rents.

Europe's retail markets have continued to have a good run

in recent years, even during periods of economic uncer-

tainty. On the back of continuing growth in maturing mar-

kets such as Italy and Spain and a recovery in core occupi-

er markets such as Germany and the Netherlands, rental

growth across Europe as a whole amounted to a very

healthy 10.5%. Italy's market has remained very buoyant

and rents increased sharply by 23%. The buoyant economy

in the Netherlands meanwhile has led to a persistent sup-

ply-demand imbalance on the major high streets, resulting

in very strong rental growth of 18.5%. Despite lower sales

growth and recent interest rate hikes, retailer demand in

Spain has to date not been too adversely affected. Indeed,

high street rental growth has continued, with rents up

strongly in a number of major cities, generating national

average growth of 17% - making Spain yet again one of the

fastest growing rental markets in Europe.

Robust growth was recorded in Greece (16.3%), Austria

(13.6%) and France (9.1%). Rental growth was more mod-

erate in Belgium and Germany, which recorded rental

growth of 5.3% and 4.7% respectively on the back of a

steady rise in occupier activity. In the UK, the 3.4% annual

growth rate reflected the steady performance of the retail

sector. Retailer demand for prime locations has been good,

but many secondary locations remain weak. London rents

have shown solid growth, on the back of healthy tourist

numbers and strong retail sales, and other regional cities

have also recorded some, albeit more moderate uplift.

Nordic markets have seen a modest level of activity, with

an increasing number of international retailers looking to

establish a presence in the region. Following a prolonged

period of stability, rents in Sweden rose by 4.1%. Norway

and Denmark recorded growth of 3.6% and 2% respective-

ly whilst rents in Finland remained unchanged. Market sen-

timent has been good in Switzerland, with strong demand

for limited space leading to a rise of 22.4% over the year to

June.

PROPERTY OVERVIEW

4

0%

5%

10%

15%

20%

25%

20072006200520042003

0%

20%

40%

60%

80%

100%

New

Delhi, K

han Mar

ket

New

Delhi, S

outh

Ext

ensio

n

Toky

o, Sh

ibuy

a

Mum

bai, L

inking

Roa

d

Mum

bai, C

olab

a Cau

seway

Mum

bai, F

ort/F

ount

ain

New

Delhi, G

reater

Kail

ash I

Mum

bai, K

emps

Cor

ner

New

Delhi, A

nsal

Plaz

a

New

Delhi, C

onna

ught

Plac

e

Annual

Renta

l G

row

th t

o June 2

007

ASIA: RENTAL GROWTH OVER FIVE YEARS (P.A)

ASIA: STRONGEST GROWTH


Hong Kong Causeway Bay 1,213 9,688

Tokyo Ginza 683 5,459

Tokyo Omotesando 547 4,367

Sydney Pitt Street Mall 489 3,905

Melbourne Bourke Street 473 3,779

Seoul Gangnam Station 431 3,441

Seoul Myeongdong 428 3,420

Tokyo Shibuya 410 3,275

Brisbane Queen Street Mall 378 3,023

Singapore Orchard Road 325 2,597

TOP TEN LOCATIONS IN ASIA


In Central and Eastern Europe, growth in consumer credit

has helped to boost real disposable incomes, which in turn

has supported strong retail sales growth and continuing

retailer expansion in the region. Much of this activity has

focused on new shopping centres, but key in-town loca-

tions also continue to attract the major players. Russia and

Slovakia recorded the strongest growth, with rents

increasing by 25% in both countries. In Russia, the buoyant

retail sector has been reflected in the continued growth in

new development. Rents in Poland were up 21.5% on the

back of strong occupier demand for prime retail units

across all the retail sub-sectors. As a region, rents in

Central & Eastern Europe were up by a healthy 12.3%, with

retailer expansion showing no signs of slowing down.

Asia Pacific

Consumer sentiment has remained positive across most of

the Asia Pacific region. Retail sales have accelerated, sup-

ported by both domestic consumption and increased

tourist numbers. Rental growth across Asia as a whole

amounted to a very strong 23.8% - with all countries in the

region experiencing rental uplift. India was the main driver

of growth, with rents nationally up 53.5% - an exceptional-

ly strong increase as a result of significant transformation

over the last few years on the back of a surge in demand

from domestic as well as international retailers.

Whilst Japan has recently experienced slower economic

growth, rents nevertheless increased by 22.4%, driven

largely by a supply-demand imbalance. The Malaysian mar-

ket had a good year to June, with rental growth amounting

to 21.7%. The retail market has undergone significant

expansion, fuelled by a very robust economic performance

and growing tourist market.

China recorded a modest rental uplift but the rapid growth

of the retail sector is continuing. In the run up to the 2008

Olympic Games in Beijing, there have been no signs of an

easing in terms of leasing and development activity. Indeed,

prime retail space in Beijing remains highly sought after by

international retailers. As major retail districts are now

maturing and there are fewer prime sites available for

redevelopment, the majority of future supply will be in sec-

ondary or newly emerging retail districts outside the Third

Ring Road. In Shanghai, international retailers have also

remained active as retail sales continue to rise steadily.

Over the year to June, rental growth in Hong Kong

amounted to a very healthy 7.5%. It continues to be a

strong target for retailers, ensuring a buoyant flow of

cross-border activity. Positive economic sentiment, with

strong growth in exports and investment, benign inflation

and record high stock prices, have helped to increase dis-

posal income and consumer confidence. Increasing tourist

arrivals from mainland China have led to rising retailer

demand, underlining the growing importance of the main-

land market for Hong Kong’s retail sector.

PROPERTY OVERVIEW

5

-5%

0%

5%

10%

15%

20%

25%

30%

20072006200520042003

0%

5%

10%

15%

20%

25%

30%

35%

40%

Jeru

salem, B

en Ye

huda

Cap

e Tow

n, V&A

Water

front

Joha

nnes

burg

, San

dton

City

Pret

oria, M

enlyn

Par

k

Dur

ban, The

Pav

illion

Tel A

viv, Aya

lon S/Cen

tre

Haif

a, Mou

nt C

armel

Tel A

viv, Ram

at A

viv

Tel A

viv, Dize

ngof

f S/C

entre

Tel A

viv, Dize

ngof

f Stree

t

Annual

Renta

l G

row

th t

o June 2

007

AFRICA & THE MIDDLE EAST: RENTAL GROWTH OVER FIVE YEARS

AFRICA & THE MIDDLE EAST: STRONGEST GROWTH


Tel Aviv Ramat Aviv 134 1,069

Beirut ABC Centre Achrafieh 116 928

Beirut City Centre (BCD) 111 891

Tel Aviv Ayalon Shopping Centre 102 816

Beirut Rue Verdun 93 742

Johannesburg Sandton City 81 650

Cape Town V&A Waterfront 79 633

Durban The Pavillion 69 555

Beirut Rue Hamra 65 520

Pretoria Menlyn Park 61 485

TOP TEN LOCATIONS IN AFRICA & THE MIDDLE EAST



Australia registered rental growth of 15.1%, with robust

demand for limited space placing upward pressure on

rents. Market sentiment has improved in Taiwan, leading to

a rise of 12.5% over the year. Rents in Singapore mean-

while recorded solid growth of 7.8%, in line with the

improving economy. The Singapore Tourism Board's

'Friday Late Night Shopping' scheme in the Orchard and

Marina area has clearly paid dividends. As the country will

be hosting its first Formula One Grand Prix in 2008, the

retail market is set to receive a boost from more tourists.

Rental growth rates were healthy in South Korea and the

Philippines, which registered increases of 7.7% and 5.6%

respectively, whilst rents in New Zealand recorded a mod-

erate 3.7% uplift on a year earlier, following a slowdown in

consumer spending growth.

Africa & The Middle East

Rental growth in the Middle East was better than for some

time at 9.6%. In Israel, the strongest rental growth was

seen in Tel Aviv, followed by Haifa. The retail property

market picked up over the year to June on the back of a

growing economy and an improved political situation. In

Lebanon, the economy has continued to show signs of

growth following the problems of 2006. Whilst there

remain political tensions and security issues in certain parts

of the country, the retail market has recovered well. The

market in South Africa also had a good year to June, with

rents in the key shopping centres (which dominate the

market) across the country rising by an average of 5%.

Outlook

The recent volatility in financial markets, caused by higher

interest rates and exacerbated by the sub-prime mortgage

crisis, has had a significant impact on investor confidence

around the world. The full impact of these trends on the

wider economy and, in particular, corporate activity and

consumers, has yet to be determined. Whilst companies

and households have thus far not been significantly affect-

ed by the financial turmoil, a period of more moderate eco-

nomic growth and consumer spending is expected for

2007/2008 - which may dampen activity in the retail sector.

Despite this, solid economic fundamentals in many parts of

the world suggest a mainly positive outlook for the occu-

pational markets. Retail market activity around the globe

remains buoyant. If anything, the pace of internationalisa-

tion is continuing and it is also important to mention the

increasing numbers of home grown retailers who are rais-

ing their game to compete with new foreign arrivals.

Whilst the bulk of development, investment and leasing

activity around the world is focused on shopping centres,

it is also clear that the high street remains at the top of the

retail hierarchy in many markets. The in-town market is

also seeing greater competition from lower-cost out-of-

PROPERTY OVERVIEW

6

town formats such as retail warehousing. Indeed, one of the

key trends which is starting to emerge is an increasing over-

lap in the tenant base between the high street, shopping

centres and big boxes.

However, the fact remains that the major high streets often

provide an initial platform for incoming retailers to gain a

foothold in the market and subsequently launch their expan-

sion. Moreover, there seems to be an almost continuous

stream of new players in every country which is helping to

sustain the demand in major high streets around the world.

Countries Showing Number % of TotalRental Growth 39 88.6

A Fall in Rents 2 4.5

Stable Rents 3 6.8

Location ShowingRental Growth 178 77.1

A Fall in Rents 9 3.9

Stable Rents 44 19.0

Average Rents US$/sq.ft/yr €/sq.m/yr

Americas 250 1,994

Latin America 87 703

Canada & The USA 411 3,286

Asia Pacific 259 2,072

Europe 210 1,677

Euroland Countries 235 1,877

Western Europe 249 1,990

Central & Eastern Europe 106 848

Middle East & Africa 75 602

Average Rental Growth % Rental Growth

Americas 20.3%

Latin America 17.6%

Canada & The USA 23.0%

Asia Pacific 23.8%

Europe 10.5%

Euroland Countries 11.2%

Western Europe 9.8%

Central & Eastern Europe 12.3%

Middle East & Africa 8.4%

Most Expensive US$/sq.ft/yr €/sq.m/yrMain Street Location

5th Avenue, New York 1,500 11,983

Average rent of 231 Main Street Locations 215 1,715

Global Rental Performance in the Year to June 2007


COUNTRY SUMMARIES

Argentina

Economy

Buenos Aires and a number of other major cities have

experienced good rental growth on the back of strong

occupier demand for limited good quality property.

Vacancy levels are low, with current interest mainly coming

from domestic sources and a handful of international retail-

ers.

Retail Property

Australia

Economy

Rents in all the main locations have shown good growth in

the year to June, with the strongest growth rates seen in

Melbourne. Demand is good for prime high street shops and

there is evidence that the market is picking up after several

years of flat performance.

Retail Property

Austria

Economy

Improving occupier markets have attracted an increasing

number of international investors. The retail market is less

centralised, but has a similar lack of high quality, investment-

grade stock for foreign investors. Prime high streets are

generally performing well, but secondary locations continue

to struggle.

Retail Property

Belgium

Economy

The overall retail market continues to do well on the back

of a favourable economic climate, with retailers experienc-

ing good turnover in the first half of 2007. Availability of

high-quality stock is still tight, a trend that has remained vir-

tually unchanged since the start of the year.

Retail Property

Brazil

Economy

The retail market continues to expand rapidly, with rental

growth over the year to June amounting to 22.2%.

Availability on the main high streets continues to be tight,

whilst new shopping centre space is being taken up quickly.

Indeed, Shopping centres are currently account for a large

proportion of leasing activity.

Retail Property

Bulgaria

Economy

Whilst prime high street pitches should cope with the

emergence of modern shopping centres, secondary areas

are under pressure. There are only a few shopping centres

at present, but the pipeline is strong and the format is set to

grow quickly.

Retail Property

Canada

Economy

Rental growth generally has been most pronounced in west-

ern markets - particularly Calgary and Edmonton, due to

their rapidly expanding economies and strong population

growth. In contrast, eastern Canada has seen a slower pace

of growth in recent years, although there have been some

metro areas that have out-performed.

Retail Property

China

Economy

The retail market has continued to expand and develop with

rental growth over the year to June amounting to 11.4%.

The market outlook remains very positive and government

incentives leading up to the Olympics in 2008 should give

retailers a boost.

Retail Property

Czech Republic

Economy

The Czech Republic is one of the most mature markets in

Central Europe. The strong economic outlook should sup-

port generally good rental growth, although there may be a

degree of volatility as the market remains supply driven.

Modern retail development continues to spread around the

country.

Retail Property

Denmark

Economy

Solid retail sales growth has fuelled occupier demand and

supply is being squeezed so that vacancy rates on

Copenhagen's prime pitches are as low as 1%. Indeed, retail-

ers are being forced to source suitable space away from

Strøget and Købmagergade. Shops in adjacent streets are

being combined to meet demand for large units.

Retail Property

Finland

Economy

The retail market is expected to continue its strong per-

formance of the last few years. Consumer and business con-

fidence is good and the shortage of good quality supply is a

key feature across all the occupier sub-sectors. However,

this has yet to be translated in to rental growth in every part

of the market.

Retail Property

France

Economy

The annual rate of rental growth to June was a healthy 9.1%.

Retailer demand is good and there were numerous leasing

transactions, across all the sub-sectors. A number of inter-

national retailers are looking for flagship stores on the top

two or three high streets in the major regional cities along-

side the capital.

Retail Property

7



MOST EXPENSIVE RETAIL LOCATION IN EACH COUNTRY

8

0 300 600 900 1,200 1,500

Manila

Mexico City

Johannesburg

Bangkok

Buenos Aires

Bratislava

Lisbon

Beirut

Warsaw

Tel Aviv

Taipei

Istanbul

Sofia

Stockholm

Bucharest

Wellington

Budapest

Helsinki

Brussels

Toronto/Vancouver

São Paulo

Kuala Lumpur

Oslo

Amsterdam

Prague

Beijing

Moscow

Copenhagen

New Delhi

Vienna

Singapore

Milan/Rome

Madrid

Munich

Seoul

Athens

Sydney

Zurich

Dublin

Tokyo

London

Paris

Hong Kong

New York

US$/sq.ft/year

N.B. The rents in this graph are given in US$/sq.ft/year.

To convert the rent in sq.ft to a rent in sq.m multiply by 10.764.


MOST EXPENSIVE RETAIL LOCATION IN EACH COUNTRY

9

1 1 USA New York 5th Avenue 1,500 11,983

2 2 Hong Kong Hong Kong Causeway Bay 1,213 9,688

3 3 France Paris Avenue des Champs Elysées 922 7,364

4 4 UK London New Bond Street 814 6,498

5 5 Japan Tokyo Ginza 683 5,459

6 6 Ireland Dublin Grafton Street 669 5,340

7 7 Switzerland Zurich Bahnhofstrasse 492 3,926

8 8 Australia Sydney Pitt Street Mall 489 3,905

9 10 Greece Athens Ermou 451 3,600

10 9 South Korea Seoul Gangnam Station 431 3,441

11 =10 Germany Munich Kaufingerstraße 391 3,120

12 12 Spain Madrid Preciados 361 2,880

13 =14 Italy Milan/Rome Via Montenapoleone/Via Condotti 338 2,700

14 13 Singapore Singapore Orchard Road 325 2,597

15 17 Austria Vienna Kärntnerstraße 300 2,400

16 24 India New Delhi Khan Market 280 2,236

17 16 Denmark Copenhagen Strøget 279 2,227

18 15 Russia Moscow Tverskaya/Novy Arbat 279 2,226

19 20 China Beijing Wanfujing 268 2,137

20 18 Czech Republic Prague Na Prikope (Wenceslas Square) 255 2,040

=21 21 Netherlands Amsterdam Kalverstraat 250 2,000

=21 19 Norway Oslo Karl Johan Gate 250 2,000

23 27 Malaysia Kuala Lumpur Suria KLCC 208 1,663

24 26 Brazil São Paulo Iguatemi Shopping 200 1,596

25 22 Canada Toronto/Vancouver Bloor Street/Robson Street 198 1,584

26 23 Belgium Brussels Rue Neuve 198 1,580

27 25 Finland Helsinki City Centre 188 1,500

28 =28 Hungary Budapest Váci utca 180 1,440

29 32 New Zealand Wellington Lambton Quay 179 1,430

30 30 Romania Bucharest Bulevardul Magheru 173 1,380

31 31 Sweden Stockholm Biblioteksgatan 163 1,302

32 =28 Bulgaria Sofia Vitosha Blvd 150 1,200

33 33 Turkey Istanbul Abdi Ipekci (European side) 147 1,176

34 34 Taiwan Taipei ZhongXiao E. Road 138 1,106

35 36 Israel Tel Aviv Ramat Aviv 134 1,069

36 =38 Poland Warsaw ul. Chmielna 120 960

37 n/a Lebanon Beirut ABC Centre Achrafieh 116 928

=38 35 Portugal Lisbon Baixa/Av. Liberdade 113 900

=38 =38 Slovakia Bratislava Downtown 113 900

40 37 Argentina Buenos Aires Florida 100 891

41 41 Thailand Bangkok City Centre 87 696

42 40 South Africa Johannesburg Sandton City 81 650

43 42 Mexico Mexico City Mazaryk/Perisur 70 556

44 46 Philippines Manila Makati CBD 29 230

Rank 2007 Rank 2006 Country Cities Location US$/sq.ft/year €/sq.m/year



COUNTRY SUMMARIES

10

Germany

Economy

With real momentum behind the economy, occupational

markets have picked up. In the prime locations, the demand

is being driven almost exclusively by multiple clothing retail-

ers. Falling unemployment coupled with wage increase

agreements has boosted the outlook for consumer spend-

ing and the retail market should benefit.

Retail Property

Greece

Economy

Rents accelerated in Athens, despite slow retail sales.

Expansion on the high street remained difficult, given low

availability in addition to the high premiums being demand-

ed by landlords. As a result, occupier interest has shifted to

high streets away from the heart of the city centre to loca-

tions, which might be considered just off-prime.

Retail Property

Hong Kong

Economy

In the year to June, the retail property market remained

buoyant, with increasing tourist numbers and strong eco-

nomic fundamentals boosting retail sales growth. In the

short term, however, rental growth may be affected by an

increasingly competitive trading environment, possibly lead-

ing to a squeeze on profit margins.

Retail Property

Hungary

Economy

Whilst the Hungarian economy has slowed somewhat, the

retail market remains strong. High street rental levels con-

tinue to rise on the back of strong demand from interna-

tional retailers in particular. However, demand generally

exceeds the limited availability and therefore leasing activity

is more focussed on new shopping centres.

Retail Property

India

Economy

Continuing expansion and growth has boosted high street

rents by 53.5% over the year to June. New Delhi has expe-

rienced good rental growth on the back of strong demand

for limited good quality property. The current outlook is

generally optimistic, albeit there are some concerns over

FDI restrictions on retailers.

Retail Property

Ireland

Economy

Ireland's retail market has remained robust, with prime

rents on Dublin's Grafton Street reaching Zone A

€9,500/sq.m/year. Boosted by strong retail sales growth,

occupier demand is very strong across all the retail sub-sec-

tors, particularly for the best high street space.

Retail Property

Israel

Economy

The market has recovered well from last year. Rents in the

largest cities are currently stable, having increased by 15.2%

over the year to June. On the high street, the trend has

been towards downsizing, with smaller shops and more spe-

ciality retailers emerging.

Retail Property

Italy

Economy

Prime rents have held firm despite a relatively weak eco-

nomic picture and a fall in consumer confidence. There have

been a handful of new entrants to the market in recent

months, but occupier activity is being driven by a small num-

ber of national and international multiples which are seeking

opportunities around the country.

Retail Property

Japan

Economy

Rental values on Tokyo's prime pitches have seen healthy

growth over the year to June. The market is active, with

leasing demand in major retail areas remaining buoyant on

the back of improving consumer confidence and the expec-

tation of a pick-up in the economy.

Retail Property

Lebanon

Economy

The retail market has made a good recovery from last year's

instability. Despite the country's political problems, most of

Beirut's shopping areas have all performed well in the 12

months to June, except for the downtown area. Currently,

Lebanon is not a major target for international retailers.

Retail Property

Malaysia

Economy

The year to June saw healthy rental growth on Kuala

Lumpur's main retail pitches, resulting largely from a strong

economic performance and increasing number of tourist

arrivals. Looking ahead to the short term, new supply

should be quickly absorbed and rents are expected to

remain stable.

Retail Property

Mexico

Economy

Increasing prosperity and a stable economy are attracting a

growing number of foreign retailers, although this has not

yet led to rental growth in many of the large cities. Overall

retailer demand is good and the current development in

Santa Fe is expected to generate more activity.

Retail Property


COUNTRY SUMMARIES

The Netherlands

Economy

There has been a good level of occupier interest in the best

high street property over the last year. A sort of "Golden

Class" is beginning to emerge, whereby visible, medium-

sized properties in good locations are highly sought-after.

As a result, rental levels for such units have risen sharply.

Retail Property

New Zealand

Economy

Vacancy rates in Auckland and other major cities have

increased slightly but remain below 4% and high street rents

are largely stable. Trading conditions are now slightly less

favourable than 6-12 months ago and secondary locations

may be more affected by the recent slowdown in consumer

spending.

Retail Property

Norway

Economy

Occupier demand has remained healthy, most notably in

Oslo where domestic and Swedish retailers have been

active. Vacancy levels are low and competition for quality

stock in the prime retail areas has been increasing, particu-

larly with more international brands entering the market.

Retail Property

Philippines

Economy

The retail market is buoyant and seeing a significant level of

activity. Improved economic sentiment has prompted the

arrival of more foreign retailers and this trend is set to con-

tinue over the next 12 months. Overall, rents were up 5.6%

over the year to June.

Retail Property

Poland

Economy

The retail market has continued to perform well on the

back of good retail sales growth. Strong occupier demand

and continuing lack of quality supply on the high streets has

created upward pressure on rental levels, leading to 21.5%

growth over the year to June.

Retail Property

Portugal

Economy

There are signs of a recovery in the in-town market, with

growing interest from retailers, reinforced by shopping cen-

tre occupiers not yet present on the high street. In addi-

tion, foreign retailer interest shows no sign of diminishing

and there are a number of active players undertaking expan-

sion or market entry.

Retail Property

Romania

Economy

The retail market remains buoyant, driven by strong eco-

nomic growth. Bucharest recorded solid rental uplift over

the year to June. Demand from international retailers is

expected to continue and this will be fuelled by the comple-

tion of more high quality retail accommodation.

Retail Property

Russia

Economy

Russia is currently a hotbed of activity and there is strong

demand across all the retail sub-sectors. Competition for

prime space is increasing and the current vacancy rate in

Moscow has reached a record low of around 1%. Significant

further growth and modernization is expected for the fore-

seeable future.

Retail Property

Singapore

Economy

Rents recorded a moderate increase over the year to June,

with retailer demand for limited supply remaining strong.

The anticipated increase in tourism, refurbishment of older

malls and development of Airport Terminal 3 will boost the

market.

Retail Property

Slovakia

Economy

Slovakia has only recently emerged as a real contender for

retail expansion in Central Europe after years of being over-

shadowed by its more advanced neighbours. Bratislava has

remained the focus of development and growth opportuni-

ties, but patterns will shift away from the capital to second-

ary cities.

Retail Property

South Africa

Economy

Whilst annual rental growth registered a modest 5%, the

South African retail market is currently at its strongest for

many decades. Vacancy rates for quality retail premises are

at a historic low, putting further upward pressure on rental

levels.

Retail Property

South Korea

Economy

Overall rents were up 7.7% over the year to June. The mar-

ket is buoyant and is seeing considerable leasing activity. The

positive trend in the retail sector has continued in terms of

sales growth and it is expected to accelerate further once

the Korea-US FTA is finalized.

Retail Property

11



COUNTRY SUMMARIES

12

Spain

Economy

Rental growth on the high street has continued, with rents

rising by 17%. Despite lower sales growth and recent inter-

est rate hikes, retailer demand in Spain has not been too

adversely affected. A range of domestic and foreign retail-

ers are active and the high street remains a key part of the

retail hierarchy.

Retail Property

Sweden

Economy

The retail sector has continued to grow strongly, with an

increasing number of international retailers entering the

Swedish market. Vacancy rates have dropped to 4% on

Stockholm's main high streets, indicating the tight supply of

high quality space in central locations.

Retail Property

Switzerland

Economy

Rental growth over the year to June was 22.4%. Retailer

demand has been sustained, with low levels of availability in

the major cities. Geneva's Rue de Rhône recorded good

growth, with very low vacancy rates. A limited development

pipeline will ensure minimum growth in supply.

Retail Property

Taiwan

Economy

Low vacancy rates in the prime locations have led to healthy

rental growth in the year to June. Occupier demand has

been strong and availability is still low, with some occupiers

starting to look at some non-traditional shopping areas. A

growing tourist industry should give a boost to the retail

sector.

Retail Property

Thailand

Economy

Following the political uncertainty of the past 12-18 months,

the market has softened slightly. However, rents in Bangkok

recorded modest increases. Areas within close proximity to

the sky-train and subway routes including Phaholyothin

Road, Ladproa Road and Ratchadaphisek Road have seen

significant interest from occupiers.

Retail Property

Turkey

Economy

A combination of its size, anticipated EU entry and vast

under-provision of modern property have made Turkey a

major target for property developers and investors. The

expanding and increasingly sophisticated consumer base has

boosted occupier demand across all retail property sub-sec-

tors.

Retail Property

United Kingdom

Economy

Retail sales growth has been maintained, despite five succes-

sive interest rates rises over the last 18 months. Rental

growth has continued at annual rate of around 3.4%, but

there are concerns that higher interest rates will increasing-

ly filter through to consumers in 2008, which may impact on

trading conditions.

Retail Property

USA

Economy

Whilst trends have varied across the country, the overall

tone of the market has been positive. Retail property con-

tinues to enjoy a period of good growth, with annual rental

uplift amounting to 20.1%. Retailer demand has remained

firm and key money is still commonplace in the most

sought-after locations.

Retail Property

Down Up Stable Stable/Down Stable/Up

KEY INDICATORS

Key Indicator arrows show the anticipated trend for the coming 12 months,relative to recent performance.


GLOBAL RETAIL RENTS

Latin America

Argentina Buenos Aires Florida US$/sq.m/month 100 25.0% 8.8% 111 891Argentina Buenos Aires Avenue Cabildo US$/sq.m/month 36 20.0% 8.8% 40 321Argentina Buenos Aires Avenue Santa Fe US$/sq.m/month 41 20.6% 8.8% 46 365Argentina Buenos Aires Av Rivadavia (Cabillito/Flores) US$/sq.m/month 23 21.1% 8.8% 26 205Brazil Rio de Janeiro Rio Sul Shopping US$/sq.m/year 1,778 8.7% 4.9% 165 1,320Brazil Rio de Janeiro Visconde de Pirajá (Ipanema) US$/sq.m/year 1,389 53.8% 4.9% 129 1,031Brazil São Paulo Oscar Freire Jardins US$/sq.m/year 761 24.5% 4.9% 71 565Brazil São Paulo Direita/Itapetininga US$/sq.m/year 425 54.0% 4.9% 39 315Brazil São Paulo Iguatemi Shopping US$/sq.m/year 2,150 12.6% 4.9% 200 1,596Brazil São Paulo Morumbi Shopping US$/sq.m/year 1,665 27.2% 4.9% 155 1,236Brazil São Paulo Shopping Patio Higienopolis US$/sq.m/year 2,032 24.2% 4.9% 189 1,508Brazil São Paulo Rua Estados Unidos US$/sq.m/year 190 -13.2% 4.9% 18 141

Mexico Mexico City Mazaryk US$/sq.m/month 62 4.0% 4.0% 70 556Mexico Mexico City Santa Fe US$/sq.m/month 52 4.0% 4.0% 58 463Mexico Mexico City Perisur US$/sq.m/month 62 4.0% 4.0% 70 556Mexico Mexico City Madero St US$/sq.m/month 52 4.0% 4.0% 58 463Mexico Mexico City Altavista ST US$/sq.m/month 47 4.0% 4.0% 52 417

Canada & The USA

Canada Toronto Bloor Street C$/sq.ft/year 210 0.0% 2.2% 198 1,584Canada Toronto Queen Street West C$/sq.ft/year 125 13.6% 2.2% 118 943Canada Montreal Saint-Catherine W - Street Level C$/sq.ft/year 180 2.9% 2.2% 170 1,357Canada Ottawa Sussex Drive C$/sq.ft/year 50 11.1% 2.2% 47 377Canada Calgary 17th Avenue SW C$/sq.ft/year 65 30.0% 2.2% 61 490Canada Vancouver Robson Street C$/sq.ft/year 210 0.0% 2.2% 198 1,584USA Boston Newbury Street US$/sq.ft/year 150 25.0% 2.7% 150 1,198USA Chicago North Michigan Avenue US$/sq.ft/year 425 30.8% 2.7% 425 3,395USA Chicago East Oak Street US$/sq.ft/year 350 100.0% 2.7% 350 2,796USA Chicago State Street US$/sq.ft/year 160 45.5% 2.7% 160 1,278USA Los Angeles Rodeo Drive (Beverly Hills) US$/sq.ft/year 600 71.4% 2.7% 600 4,793USA New York East 57th Street US$/sq.ft/year 900 12.5% 2.7% 900 7,190USA New York 5th Avenue US$/sq.ft/year 1,500 11.1% 2.7% 1,500 11,983USA New York Madison Avenue US$/sq.ft/year 1,200 9.1% 2.7% 1,200 9,586USA Palm Beach Worth Avenue US$/sq.ft/year 165 4.8% 2.7% 165 1,318USA San Francisco Union Square US$/sq.ft/year 400 6.7% 2.7% 400 3,195USA San Francisco Post Street US$/sq.ft/year 350 16.7% 2.7% 350 2,796

Asia Pacific

Australia Adelaide Rundle Mall Australian $/sq.m/year 2,250 12.5% 2.1% 177 1,417Australia Brisbane Queen Street Mall Australian $/sq.m/year 4,800 9.1% 2.1% 378 3,023Australia Brisbane Indooroopilly Australian $/sq.m/year 2,400 9.1% 2.1% 189 1,512Australia Melbourne Bourke Street Australian $/sq.m/year 6,000 33.3% 2.1% 473 3,779Australia Perth CBD Australian $/sq.m/year 3,500 16.7% 2.1% 276 2,204Australia Sydney Oxford Street Australian $/sq.m/year 1,900 0.0% 2.1% 150 1,197Australia Sydney Pitt Street Mall Australian $/sq.m/year 6,200 12.7% 2.1% 489 3,905China Beijing CBD US$/sq.m/month 150 -6.3% 2.9% 167 1,336China Beijing Wanfujing US$/sq.m/month 240 26.3% 2.9% 268 2,137China Shanghai Huaihai Road (Middle) US$/sq.m/month 150 3.4% 2.9% 167 1,336China Shanghai Nanjing Road (East) US$/sq.m/month 215 17.8% 2.9% 240 1,915Hong Kong Hong Kong Causeway Bay HK $/sq.ft/month 790 7.5% 1.4% 1,213 9,688India Mumbai Linking Road, Western Suburban Rs/sq.ft/month 675 50.0% 6.7% 199 1,589India Mumbai Kemps Corner, South Mumbai Rs/sq.ft/month 490 78.2% 6.7% 144 1,153India Mumbai Fort/Fountain, South Mumbai Rs/sq.ft/month 225 55.2% 6.7% 66 530India Mumbai Colaba Causeway Rs/sq.ft/month 340 51.1% 6.7% 100 800India New Delhi Ansal Plaza Rs/sq.ft/month 450 87.5% 6.7% 133 1,059India New Delhi Connaught Place Rs/sq.ft/month 750 87.5% 6.7% 221 1,765India New Delhi Karol Bagh Rs/sq.ft/month 400 25.0% 6.7% 118 941India New Delhi South Extension Rs/sq.ft/month 775 40.9% 6.7% 228 1,824India New Delhi Khan Market Rs/sq.ft/month 950 35.7% 6.7% 280 2,236India New Delhi Greater Kailash I Rs/sq.ft/month 825 57.1% 6.7% 243 1,942Japan Tokyo Ginza Yen/Tsubo/month 250,000 11.1% -0.2% 683 5,459Japan Tokyo Shibuya Yen/Tsubo/month 150,000 50.0% -0.2% 410 3,275Japan Tokyo Omotesando Yen/Tsubo/month 200,000 21.2% -0.2% 547 4,367South Korea Seoul Myeongdong Won/Pyeung/year 14,114,940 6.2% 2.5% 428 3,420South Korea Seoul Gangnam Station Won/Pyeung/year 14,203,380 11.5% 2.5% 431 3,441South Korea Seoul Apgujeong Won/Pyeung/year 6,138,860 2.6% 2.5% 186 1,487Malaysia Kuala Lumpur Bukit Bintang RM/sq.ft/month 50 25.0% 1.4% 173 1,386Malaysia Kuala Lumpur Suria KLCC RM/sq.ft/month 60 20.0% 1.4% 208 1,663Malaysia Kuala Lumpur Mid Valley Megamall RM/sq.ft/month 36 20.0% 1.4% 125 998New Zealand Auckland Queen Street NZ$/sq.m/year 2,100 0.0% 2.0% 150 1,201New Zealand Wellington Lambton Quay NZ$/sq.m/year 2,500 8.7% 2.0% 179 1,430New Zealand Christchurch Cashel Mall NZ$/sq.m/year 1,000 0.0% 2.0% 72 572Philippines Manila Makati CBD Php/sq.m/month 1,200 1.3% 2.3% 29 230Philippines Manila Ortigas CBD Php/sq.m/month 1,033 11.1% 2.3% 25 198Singapore Singapore Orchard Road S$/sq.ft/month 42 7.8% 1.3% 325 2,597Thailand Bangkok City Centre Baht/sq.m/month 2,500 8.7% 1.9% 87 696Taiwan Taipei ZhongXiao E. Road NT$/ping/month 13,500 12.5% 0.1% 139 1,106Korea: 1 Pyeung = 3.306 sq.m/Japan: 1 Tsubo = 35.6 sq.ft/Taiwan: 1 ping = 3.306 sq.m

Europe

Austria Graz Herrengasse €/sq.m/month 85 6.3% 2% 128 1,020Austria Innsbruck Maria Theresienstraße €/sq.m/month 50 11.1% 2% 75 600Austria Linz Landstraße €/sq.m/month 70 7.7% 2% 105 840Austria Salzburg Getreidegasse €/sq.m/month 85 10.4% 2% 128 1,020Austria Vienna Kärntnerstraße €/sq.m/month 200 17.6% 2% 300 2,400Austria Vienna Mariahilferstraße €/sq.m/month 120 20.0% 2% 180 1,440Belgium Antwerp Meir €/sq.m/year 1,500 13.2% 1.3% 188 1,500Belgium Bruges Steenstraat €/sq.m/year 1,050 5.0% 1.3% 131 1,050Belgium Brussels Rue Neuve €/sq.m/year 1,580 1.3% 1.3% 198 1,580

Rent Annual Rent (p.a)

Country Cities Location Local measure June 2007 Growth % Inflation% US$/sq.ft €/sq.m

13



GLOBAL RETAIL RENTS

14

Belgium Brussels Avenue Louise €/sq.m/year 1,350 8.0% 1.3% 169 1,350Belgium Ghent Veldstraat €/sq.m/year 1,250 1.2% 1.3% 156 1,250Belgium Hasselt Hoogstraat €/sq.m/year 950 2.7% 1.3% 119 950Belgium Liège Vinave d'ile €/sq.m/year 975 5.4% 1.3% 122 975Bulgaria Sofia Vitosha Blvd €/sq.m/year 1,200 -16.7% 5.6% 150 1,200Bulgaria Sofia Graf Ignatiev Str. €/sq.m/year 1,020 -5.6% 5.6% 128 1,020Bulgaria Plovdiv Alexander Batenberg €/sq.m/year 780 -7.1% 5.6% 98 780Bulgaria Varna Kniaz Boris I €/sq.m/year 960 -15.8% 5.6% 120 960Bulgaria Burgas Alexandrovska €/sq.m/year 900 0.0% 5.6% 113 900Czech Republic Brno Svobody Square €/sq.m/month 75 25.0% 2.4% 113 900Czech Republic Prague Na Prikope (Wenceslas Square) €/sq.m/month 170 6.3% 2.4% 255 2,040Denmark Aarhus Søndergade DKr/sq.m/year 5,000 0.0% 1.4% 84 675Denmark Copenhagen Strøget DKr/sq.m/year 16,500 3.1% 1.4% 279 2,227Denmark Copenhagen Østerbrogade DKr/sq.m/year 2,500 13.6% 1.4% 42 337Denmark Copenhagen Købmagergade DKr/sq.m/year 14,500 3.6% 1.4% 245 1,957Denmark Copenhagen Lyngby DKr/sq.m/year 2,600 -13.3% 1.4% 44 351Denmark Odense Vestergade DKr/sq.m/year 4,000 0.0% 1.4% 68 540Finland Helsinki City Centre €/sq.m/month 125 0.0% 2.5% 188 1,500Finland Tampere City Centre €/sq.m/month 75 0.0% 2.5% 113 900Finland Turku City Centre €/sq.m/month 70 0.0% 2.5% 105 840France Bordeaux Rue St Catherine Zone A €/sq.m/year 1,600 3.2% 1.2% 147 1,178France Lille Rue Neuve Zone A €/sq.m/year 2,000 11.1% 1.2% 184 1,473France Lyon Rue de la République Zone A €/sq.m/year 2,000 17.6% 1.2% 184 1,473France Marseille Rue St Ferréol Zone A €/sq.m/year 1,600 2.6% 1.2% 147 1,178France Nice Rue Jean Médecin Zone A €/sq.m/year 1,700 13.3% 1.2% 157 1,252France Paris Avenue des Champs Elysées Zone A €/sq.m/year 10,000 8.7% 1.2% 922 7,364France Paris Boulevard Haussmann Zone A €/sq.m/year 4,600 0.0% 1.2% 424 3,387France Paris Rue du Faubourg St Honoré Zone A €/sq.m/year 6,000 13.2% 1.2% 553 4,418France Paris Avenue Montaigne Zone A €/sq.m/year 6,000 20.0% 1.2% 553 4,418France Paris Rue de Rivoli Zone A €/sq.m/year 3,500 0.0% 1.2% 323 2,577France Paris Boulevard St Germain Zone A €/sq.m/year 3,500 9.4% 1.2% 323 2,577France Strasbourg Place Kléber Zone A €/sq.m/year 1,400 0.0% 1.2% 129 1,031France Toulouse Avenue Alsace-Lorraine Zone A €/sq.m/year 1,600 14.3% 1.2% 147 1,178Germany Berlin Tauentzienstraße (south) €/sq.m/month 200 11.1% 1.8% 300 2,400Germany Cologne Schildergasse €/sq.m/month 205 5.1% 1.8% 308 2,460Germany Dresden Pragerstraße €/sq.m/month 100 0.0% 1.8% 150 1,200Germany Düsseldorf Königsallee €/sq.m/month 200 8.1% 1.8% 300 2,400Germany Frankfurt Zeil €/sq.m/month 225 2.3% 1.8% 338 2,700Germany Hamburg Mönckebergstraße €/sq.m/month 195 2.6% 1.8% 293 2,340Germany Leipzig Peterstraße €/sq.m/month 115 6.5% 1.8% 173 1,380Germany Munich Kaufingerstraße €/sq.m/month 260 4.0% 1.8% 391 3,120Germany Stuttgart Königstraße €/sq.m/month 210 2.4% 1.8% 315 2,520Greece Athens Ermou €/sq.m/month 300 20.0% 2.6% 451 3,600Greece Athens Tsakalof €/sq.m/month 200 11.1% 2.6% 300 2,400Hungary Budapest Váci utca €/sq.m/month 120 0.0% 5.7% 180 1,440Hungary Debrecen Kossuth utca €/sq.m/month 28 0.0% 5.7% 42 336Hungary Gyór Baross utca €/sq.m/month 26 0.0% 5.7% 39 312Hungary Miskolc Széchenyi István út €/sq.m/month 23 0.0% 5.7% 35 276Ireland Cork Patrick Street Zone A €/sq.m/year 4,200 5.0% 4.9% 267 2,130Ireland Dublin Grafton Street Zone A €/sq.m/year 9,500 18.8% 4.9% 668 5,340Ireland Dublin Henry Street Zone A €/sq.m/year 6,000 2.6% 4.9% 381 3,043Ireland Galway Shop Street Zone A €/sq.m/year 3,000 0.0% 4.9% 190 1,521Ireland Limerick O’Connell Street Zone A €/sq.m/year 2,600 0.0% 4.9% 165 1,319Ireland Waterford Broad Street Zone A €/sq.m/year 2,000 0.0% 4.9% 127 1,014Italy Bologna Galleria Cavour €/sq.m/year 1,500 11.1% 1.7% 188 1,500Italy Milan Via Montenapoleone €/sq.m/year 2,700 20.0% 1.7% 338 2,700Italy Milan Via della Spiga €/sq.m/year 2,150 30.3% 1.7% 269 2,150Italy Milan Corso Vittorio Emanuele €/sq.m/year 2,200 29.4% 1.7% 275 2,200Italy Naples Via Toledo €/sq.m/year 1,000 25.0% 1.7% 125 1,000Italy Rome Via Condotti €/sq.m/year 2,700 20.0% 1.7% 338 2,700Italy Rome Via del Corso €/sq.m/year 2,100 23.5% 1.7% 263 2,100Italy Rome Via Cola di Rienzo €/sq.m/year 1,900 26.7% 1.7% 238 1,900Italy Turin Via Roma €/sq.m/year 1,100 22.2% 1.7% 138 1,100Netherlands Amsterdam Kalverstraat €/sq.m/year 2,000 17.6% 1.7% 250 2,000Netherlands Eindhoven Demer €/sq.m/year 1,300 18.2% 1.7% 163 1,300Netherlands Maastricht Grote Straat €/sq.m/year 1,500 25.0% 1.7% 188 1,500Netherlands Rotterdam Lijnbaan €/sq.m/year 1,650 22.2% 1.7% 207 1,650Netherlands The Hague Spuistraat €/sq.m/year 1,100 4.8% 1.7% 138 1,100Netherlands Utrecht Lange Elisabethstraat €/sq.m/year 1,400 21.7% 1.7% 175 1,400Norway Oslo Karl Johan Gate €/sq.m/year 2,000 6.7% 0.4% 250 2,000Norway Oslo Bogstad street €/sq.m/year 1,600 0.0% 0.4% 200 1,600Poland Gdynia ul. Swietojanska €/sq.m/month 31 3.3% 2.6% 47 372Poland Katowice ul. 3 Maja €/sq.m/month 47 34.3% 2.6% 71 564Poland Krakow ul. Florianska €/sq.m/month 65 18.2% 2.6% 98 780Poland Lodz ul. Piotrkowska €/sq.m/month 31 3.3% 2.6% 47 372Poland Poznan ul. Polwiejska €/sq.m/month 45 12.5% 2.6% 68 540Poland Szczecin Al. Niepodleglosci €/sq.m/month 37 5.7% 2.6% 56 444Poland Warsaw ul. Chmielna €/sq.m/month 80 33.3% 2.6% 120 960Poland Warsaw ul. Nowy Swiat €/sq.m/month 75 25.0% 2.6% 113 900Poland Warsaw ul. Marszalkowska €/sq.m/month 60 50.0% 2.6% 90 720Poland Warsaw ul. Jerozolimskie €/sq.m/month 43 7.5% 2.6% 65 516Poland Wroclaw ul. Swidnicka €/sq.m/month 45 28.6% 2.6% 68 540Portugal Lisbon Baixa €/sq.m/month 75 -6.3% 2.4% 113 900Portugal Lisbon Av. Liberdade €/sq.m/month 75 -11.8% 2.4% 113 900Portugal Porto Rua de Santa Catarina €/sq.m/month 60 0.0% 2.4% 90 720Romania Brasov Strada Republicii €/sq.m/month 40 0.0% 3.8% 60 480Romania Bucharest Bulevardul Magheru €/sq.m/month 115 4.5% 3.8% 173 1,380Romania Bucharest Calea Victoriei €/sq.m/month 100 11.1% 3.8% 150 1,200Romania Constanta Stefan cel Mare, Rascoala din 1907 €/sq.m/month 40 0.0% 3.8% 60 480Romania Iasi Stefan cel Mare, Cuza Voda €/sq.m/month 40 0.0% 3.8% 60 480Romania Timisoara Victoriei €/sq.m/month 40 0.0% 3.8% 60 480Romania Cluj Memorandumului, Napoca, Eroilor €/sq.m/month 60 0.0% 3.8% 90 720




GLOBAL RETAIL RENTS

Russia St Petersburg Nevsky Prospekt US$/sq.m/year 1,000 81.8% 8.5% 93 742Russia Moscow Tverskaya US$/sq.m/year 3,000 6.8% 8.5% 279 2,226Russia Moscow Novy Arbat US$/sq.m/year 3,000 36.4% 8.5% 279 2,226Slovakia Bratislava Downtown €/sq.m/month 75 25.0% 2.5% 113 900Spain Barcelona Portal de l'Angel €/sq.m/month 200 11.1% 2.4% 300 2,400Spain Barcelona Paseo de Gracia €/sq.m/month 175 9.4% 2.4% 263 2,100Spain Barcelona Rambla Catalunya €/sq.m/month 100 25.0% 2.4% 150 1,200Spain Barcelona Diagonal €/sq.m/month 80 0.0% 2.4% 120 960Spain Bilbao Gran Via €/sq.m/month 115 10.6% 2.4% 173 1,380Spain Madrid Preciados €/sq.m/month 240 11.6% 2.4% 361 2,880Spain Madrid Serrano €/sq.m/month 210 20.0% 2.4% 315 2,520Spain Malaga Marques de Larios €/sq.m/month 130 44.4% 2.4% 195 1,560Spain Palma de Mallorca Jaime III €/sq.m/month 80 37.9% 2.4% 120 960Spain Seville Tetuan €/sq.m/month 120 15.4% 2.4% 180 1,440Spain Valencia Colon €/sq.m/month 130 14.0% 2.4% 195 1,560Spain Zaragoza Pl de la Independencia €/sq.m/month 105 31.3% 2.4% 158 1,260Sweden Gothenburg Kungsgatan SKr/sq.m/year 7,300 0.0% 1.9% 99 792Sweden Malmo Södra Förstadsgatan SKr/sq.m/year 5,800 0.0% 1.9% 79 629Sweden Stockholm Biblioteksgatan SKr/sq.m/year 12,000 9.1% 1.9% 163 1,302Switzerland Basle Freiestrasse SF/sq.m/year 2,800 12.0% 0.7% 212 1,691Switzerland Bern Marktgasse/Spitalgasse SF/sq.m/year 2,500 25.0% 0.7% 189 1,510Switzerland Geneva Rue de Rhone SF/sq.m/year 3,500 40.0% 0.7% 265 2,114Switzerland Zurich Bahnhofstrasse SF/sq.m/year 6,500 18.2% 0.7% 491 3,926Turkey Ankara Centre US$/sq.m/year 840 16.7% 8.6% 78 623Turkey Istanbul Bagdat Caddesi (Asian side) US$/sq.m/year 1,344 12.0% 8.6% 125 997Turkey Istanbul Abdi Ipekci (European side) US$/sq.m/year 1,584 10.0% 8.6% 147 1,176Turkey Istanbul Valikonagi Caddesi (European side) US$/sq.m/year 1,080 12.5% 8.6% 100 802Turkey Istanbul Rumeli Cadesi (European side) US$/sq.m/year 720 33.3% 8.6% 67 534Turkey Izmir Alsancak US$/sq.m/year 1,020 21.4% 8.6% 95 757UK Birmingham High Street Zone A/£/sq.ft/year 320 0.0% 2.4% 327 2,612UK Cardiff Queens Street Zone A/£/sq.ft/year 300 1.7% 2.4% 307 2,449UK Croydon North End Zone A/£/sq.ft/year 270 1.9% 2.4% 276 2,204UK Edinburgh Princes Street Zone A/£/sq.ft/year 235 6.8% 2.4% 324 2,586UK Glasgow Buchanan Street Zone A/£/sq.ft/year 268 7.2% 2.4% 369 2,949UK Leeds Commercial Street Zone A/£/sq.ft/year 305 0.0% 2.4% 312 2,490UK London Brompton Road Zone A/£/sq.ft/year 480 0.0% 2.4% 490 3,918UK London Covent Garden Zone A/£/sq.ft/year 570 6.5% 2.4% 582 4,653UK London Oxford Street Zone A/£/sq.ft/year 525 0.0% 2.4% 631 5,042UK London New Bond Street Zone A/£/sq.ft/year 725 11.5% 2.4% 813 6,498UK Manchester Market Square Zone A/£/sq.ft/year 325 0.0% 2.4% 332 2,653UK Newcastle Northumberland Street Zone A/£/sq.ft/year 325 0.0% 2.4% 332 2,653UK: Zoning practices differ between locations.

The Middle East

Israel Haifa Mount Carmel US$/sq.m/year 350 11.1% -0.7% 33 260Israel Jerusalem Ben Yehuda US$/sq.m/year 500 4.2% -0.7% 46 371Israel Jerusalem King George Street US$/sq.m/year 600 0.0% -0.7% 56 445Israel Tel Aviv Ayalon Shopping Centre US$/sq.m/year 1,100 10.0% -0.7% 102 816Israel Tel Aviv Ramat Aviv US$/sq.m/year 1,440 20.0% -0.7% 134 1,069Israel Tel Aviv Dizengoff Shopping Centre US$/sq.m/year 550 31.0% -0.7% 51 408Israel Tel Aviv Dizengoff Street US$/sq.m/year 500 38.9% -0.7% 46 371Lebanon Beirut Rue Verdun US$/sq.m/year 1,000 0.0% 2.7% 93 742Lebanon Beirut Rue Hamra US$/sq.m/year 700 0.0% 2.7% 65 520Lebanon Beirut Kaslik US$/sq.m/year 650 0.0% 2.7% 60 482Lebanon Beirut ABC Centre Achrafieh US$/sq.m/year 1,250 0.0% 2.7% 116 928Lebanon Beirut City Centre (BCD) US$/sq.m/year 1,200 0.0% 2.7% 111 891

Africa

South Africa Cape Town V&A Waterfront R/sq.m/year 6,037 5.0% 6.4% 79 633South Africa Johannesburg Sandton City R/sq.m/year 6,195 5.0% 6.4% 81 650South Africa Durban The Pavillion R/sq.m/year 5,292 5.0% 6.4% 69 555South Africa Pretoria Menlyn Park R/sq.m/year 4,620 5.0% 6.4% 61 485



15

Argentina US $ 1.00

Australia Australian $ 1.1784

Austria Euros 0.742

Belgium Euros 0.742

Brazil US $ 1.00

Bulgaria Euros 0.742

Canada Canadian $ 1.0593

China US $ 1.00

Czech Republic Euros 0.742

Denmark Danish Krona 5.4987

Finland Euros 0.742

France Euros 0.742

Germany Euros 0.742

Greece Euros 0.742

Hong Kong Hong Kong $ 7.8172

Hungary Euros 0.742

India Rupees 40.735

Ireland Euros 0.742

Israel US $ 1.00

Italy Euros 0.742

Japan Yen 123.318

Lebanon US $ 1.00

Malaysia Malaysian Ringgit 3.4589

Mexico US $ 1.00

Netherlands Euros 0.742

New Zealand New Zealand $ 1.2974

Norway Euros 0.742

Philippines Philippine Peso 46.44

Poland US $ 1.00

Portugal Euros 0.742

Romania Euros 0.742

Russia US $ 1.00

Singapore Singaporean $ 1.53

Slovakia Euros 0.742

South Africa Rand 7.076

South Korea Won 926.269

Spain Euros 0.742

Sweden Swedish Krona 6.842

Switzerland Swiss Francs 1.229

Thailand Baht 32.00

Taiwan Taiwan Dollar 32.86

Turkey US $ 1.00

UK Pound Sterling 0.4991

USA US $ 1.00

Country Rent Quoted 1US$= Country Rent Quoted 1US$= Country Rent Quoted 1US$= Country Rent Quoted 1US$=

EXCHANGE RATES



RESEARCH SERVICES

Technical Specification

The information contained in this report has been collected as at June 2007, in a comprehensive survey of Cushman &

Wakefield's international offices. Our representation is designed to facilitate the rapid flow of information across bor-

ders and is supported by a comprehensive database of market information and regular liaison meetings. This allows for

the exchange of local market knowledge and expertise and for the co-ordination of strategy for international investment

and locational decision-making.

Retail Rental Survey

For each location a standard definition of a prime unit is employed. This is to endeavour to make the results as compara-

ble as possible, given varying local market practices. Professional agency teams provide their opinion of the prevailing rent

for such a property in the light of recent evidence and trends in the market.

Data for retail rents relates to our professionals’ opinion of the rent obtainable on a standard unit in a prime pitch of 231

locations across 44 countries around the world. The figures relate to rent only. Key monies and service charges such as

building insurance, local taxes and costs of repair payable by the tenant are not included.

In the dynamic international retailing sector, local market characteristics, technological advancements and the evolution of

new retail formats are just several of the forces that impact on the size and configuration of retail units. As a result occu-

pation costs vary from one country to another. For the purposes of this survey, the standard unit is defined, where pos-

sible, as having a frontage of 6 metres and a depth of 25 metres.

Information on rental levels relates to prime property and the figures reflect our opinion on the tone of the market for the

best properties and do not merely track the highest rent that has been achieved.

This report was written by Darren Yates and Anthea To of the European Research Group at Cushman & Wakefield, London.

Further Information

For further details please contact:

Louise Yewdall - Research Co-Ordinator

Email: [email protected]

Tel: +44 (0) 207 152 5761

Research provides a strategic advisory and supporting role. Consultancy projects are undertaken on a local and internation-

al basis, providing in-depth advice and analysis, detailed market appraisals and location and investment strategies. Typical

projects include:

� Reliable and comparable data and market intelligence

� Site specific, location analysis, ranking and targeting for occupation or investment

� Analysis of future development activity and existing supply/competition

� Market research and demand analysis by retail/industry sector

� Rental analysis, forecasts & investment & portfolio strategy

For further information on our services in Europe and worldwide please contact:

David Hutchings - Head of the European Research Group

Tel: +44 (0) 207 152 5029

Email: [email protected]

This report has been produced by Cushman & Wakefield for use by those with an interest in commercial property solely for information purposes and is available at the price stated below. It is not intend-

ed to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources which Cushman & Wakefield believe to be reliable, but we

have not verified such information and cannot guarantee that it is accurate and complete. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the

information contained herein and Cushman & Wakefield shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change.

Our prior written consent is required before this report can be reproduced in whole or in part.

Should you not wish to receive information from Cushman & Wakefield or any related company, please email [email protected] with your details in the body of your email as they appear

on this communication and head it "Unsubscribe".

© 2007 Cushman & Wakefield

All Rights ReservedPlease visit our website at www.cushmanwakefield.com


www.cushmanwakefield.com

© 2

007

Cus

hman

& W

akef

ield

All

righ

ts r

eser

ved

Main streets World.indd 2 5/11/07 13:29:03

12/07/08 20:07Oviedo, la ciudad más limpia; Jaén, la más sucia

Página 1 de 1http://www.elpais.com/articulo/sociedad/Oviedo/ciudad/limpia/Jaen/sucia/elpepusoc/20070329elpepusoc_8/Tes?print=1

ImprimirVersión para imprimir

Oviedo, la ciudad más limpia; Jaén, la más suciaUn informe de la OCU alerta del aumento de suciedad en las calles españolas en losúltimos seis añosELPAIS.com - Madrid - 29/03/2007

Oviedo puede presumir de ser la ciudad más limpia de España, frente a Jaén, la que tiene las calles mássucias, según un estudio realizado por la Organización de Consumidores y Usuarios sobre la recogida selectivade basura. Siguen a la ciudad asturiana, tres localidades vascas -San Sebastián, Bilbao y Getxo- y Pamplona. Ala cola, aunque un poco más limpias que Jaén, está Sevilla, Toledo, Badajoz, Alicante o Guadalajara.

Los excrementos, las pintadas y las obras son, según los ciudadanos encuestados por la OCU, los problemasmás graves de limpieza viaria. La suciedad en las zonas donde se practica el botellón y la poca atención a losbarrios periféricos son otros problemas señalados en la encuesta. El 78% cree que las campañas deconcienciación serían más eficaces que el aumento de los medios materiales destinados a la limpieza.

La OCU ha observado un esfuerzo por parte de todas las capitales de provincia españolas para poner enmarcha la recogida selectiva de residuos; sin embargo, la cruz está en el aspecto de su área urbana: la limpiezade calles y jardines ha empeorado en los últimos seis años. La Organización ha realizado el estudio a través deun cuestionarios enviado a 59 ayuntamientos españoles y una encuesta a 30.000 socios repartidos por toda elárea geográfica española.

Kilo y medio de basura por cabeza

Cada ciudadano español genera casi un kilo y medio de basura al día, según los datos recabados por laorganización de consumidores. En cuanto a la recogida selectiva, sólo en el 27% de los Ayuntamientos tienensistemas a domicilio. El papel y el vidrio se recogen de forma separada en todas las ciudades, aunque enmuchas se ha superado el objetivo de un contenedor por cada 500 habitantes. Los contenedores amarillos,destinados a envases ligeros, también se han extendido a todas las ciudades, con la excepción de Teruel yCeuta.

Sin embargo, los residuos no se acaban con la materia orgánica, el papel o el vidrio. Otros muchos residuosforman parte de la basura doméstica y, por sus características o peligrosidad, requieren de una recogidaespecial. Según la OCU, los puntos limpios -aquellos en los que se han de depositar los residuos voluminososo peligrosos- son todavía poco conocidos.

Los Ayuntamientos destinan de promedio 35 euros por habitante y año a la recogida de residuos. Respecto dela limpieza viaria, el presupuesto medio es de 41 euros. Para sufragar estos gastos los Ayuntamientos cobranun impuesto que se suele aplicar a cada vivienda y cuyo promedio es de 65 euros al año.

© Diario EL PAÍS S.L. - Miguel Yuste 40 - 28037 Madrid [España] - Tel. 91 337 8200© Prisacom S.A. - Ribera del Sena, S/N - Edificio APOT - Madrid [España] - Tel. 91 353 7900

http://www.elpais.com/

http://www.elpais.com/corporativos/elpais/elpais.html

http://www.elpais.com/espana/madrid/

http://www.elpais.com/todo-sobre/pais/Espana/ESP/

http://www.prisacom.com/