Miami’s real estate remains strong
According to Cushman & Wakefield's latest Main Streets Across the World report, which tracks 462 of the top retail streets around the globe and ranks them by their prime rental value, Miami's Lincoln Road remained the fourth most expensive retail street in the Americas with average rents of $325 per square foot per year. These rents matched those reported one year ago. The report, now in its 28th edition, also includes a ranking of the 71 most expensive streets -- one per country. This year's report showed that 36 percent of all streets analyzed saw rental gains. Lincoln Road has enjoyed a long upward trend in both taking rents and demand from global retailers," said Senior Director Greg Masin. "While the street remains a highly relevant and necessary touch point for the retailer to the customer, pressure to manage fixed costs and re-evaluation by retailers of their models and how they most effectively reach the consumer has become an issue. "Thus, we have seen a slowing of velocity of transactions on Lincoln Road and flattening, and in some cases reduction, of asking rents," added Masin. "We expect this trend to continue in the near term."
Tags : INTERNATIONAL