10. Del Mar Heights Blvd in San Diego
Retail rents here average $105 per sq. ft. per year, according to Cushman & Wakefield.
9. Walnut St. in Philadelphia
Walnut St. currently boasts retail rents of $125 per sq. ft. per year.
8. Newbury St. in Boston
Retailers on Boston’s Newbury St. pay an average of $130 per sq. ft. per year in rent.
With a rapidly growing population and strategic location as the gateway to Latin America and the Caribbean, the South Florida industrial market has emerged as a powerhouse fueled by a shift in consumer spending to online retailers and international trade, which has led to heavy investment in infrastructure improvements. These economic drivers, along with high barriers to entry and dwindling land supply, have kept the region’s industrial vacancy low and pushed asking rents to $9.40 per sq. ft., making it a popular market among institutional investors.
8. Washington, D.C.
Developers continue to build new hotels in Washington, D.C. “It’s a good market that you want to be in for the long term,” says Bowers.
Developers have 21 new hotel projects under construction. That makes Washington the market with the fifth largest number of new hotel projects underway, after New York, Houston, Dallas and Miami, according to STR.
5. Lincoln Road in Miami
Miami was another Florida city that made the “most expensive” list this year, with average rents of $300 per sq. ft. per year.
4. North Michigan Ave. in Chicago
Not surprisingly, Chicago’s Magnificent Mile ranked pretty high, with rents of $550 per sq. ft. per year.
3. Union Square in San Francisco
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San Francisco’s Union Square made the top three with average rents of $700 per sq. ft. per year.
2. Rodeo Drive in Los Angeles
LA’s swankiest street boasts retail rents of $875 per sq. ft. in Cushman & Wakefield’s estimates.
1. Fifth Avenue in New York City
The stretch of Fifth Avenue from 49th St. to 60th St. took the triple honors of being the most expensive retail street in the world, North America and the U.S. this year, with average retail rent of $3,000 per sq. ft. per year.