Are you surprised?
Only 12 streets in the world are more expensive when it comes to renting retail space than Grafton Street in Dublin, according to a global flagship report by Cushman & Wakefield, a commercial real estate company.
Grafton Street ranked in 13th place in the 29th edition of the company’s annual report, Main Streets Across the World, which tracks 451 of the top retail streets around the globe, ranking the most expensive in each country by their prime rental value.
According to the report, the average rent per square metre on Grafton Street is $3,653 (approximately €3,095) per annum, which put it one place above Portal de L’Angel in Barcelona and one spot below Kaufinger/Neuhauser in Munich.
Not surprisingly, Upper Fifth Avenue in New York was out on its own in top spot with an average rent of $28,262 (approximately €24,000) per square metre per year, with Causeway Bay in Hong Kong, New Bond Street in London, Via Montenapoleone in Milan and Avenue des Champs Elysees in Paris making up the top five.
The report also details the rental costs for retail premises on Henry Street in Dublin, Patrick Street in Cork, Shop Street in Galway and O’Connell Street in Limerick, with Grafton Street (9.8%) and Patrick Street (2.3%) the only Irish streets to see an increase in the cost of renting retail premises this year compared to 2016.
You can read the report in full here.
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