It’s old world versus new world in terms of the most-expensive retail markets by highest quoted rents. Princeton, N.J.-based NAI Global, a leading network of commercial real estate firms, found that only one U.S. area —Manhattan — ranks in the top 10.
What’s more important, noted Jeffrey Finn, president and chief operating officer of NAI Global, is the movement of Asian markets into the top 10. “You’ve got these old world, beautiful downtown streets in Europe that are now being transcended by the newer, rapidly rising Asian markets, such as Hong Kong and Seoul,” he said.
“Downtown retail” is defined by NAI Global as “any retail space in the downtown area, excluding space in enclosed malls.”
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