Pařížská Street in Prague is the Most Attractive and Expensive Street in Central and Eastern Europe
- Pařížská is the most expensive street with prime rents of 220 EUR/sq m/a month, followed by Na Příkopě with prime rents of 215 EUR/sq m/a month
- London sees the fastest growing rents worldwide, at nearly 54%
- Rents in New York are the highest in the world, at 3,277 EUR/ sq m/a month
- Despite a 33% fall in rental prices, Hong Kong still has the second highest rents in the world
According to a study by CBRE, the world leader in commercial real estate services, Prague has the most attractive high street in Central and Eastern Europe. Due to a lack of retail space, the high street in Prague has expanded to the adjacent streets of Pařížská, Na Příkopě and others.
Currently, the most expensive street is Pařížská with prime rents of 220 EUR/sq m/a month, followed by Na Příkopě Street with prime rents of 215 EUR/sq m/a month. Due to the lack of retail space in lucrative areas, we expect prime rents to increase by 5% in 2017. The growing number of tourists helps support market development.
We anticipate high activity in 2017 and the arrival of new brands that are looking around Prague's high street. This activity is also supported by the expansion of the Centrum Chodov, meaning that new retailers who come to Centrum Chodov also want to open shops on the high street in Prague. Foot Locker will also open on Wenceslas Square next year, which will be its Central European flagship store. Some reconstruction projects are underway in 2017, such as Palac ARA.
And what about rent in other markets around the world?
Top 10 global high streets by level of the highest rents in premium locations:
Street / location
Prime Rent Q2 2016
€ 3 277
€ 1 520
New Bond Street
€ 1 379
Avenue des Champs-Elysees
€ 1 119
€ 1 074
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The Company has approximately 75,000 employees and serves real estate investors and occupiers through approximately 450 offices worldwide (excluding affiliates). CBRE offers a broad range of integrated services including project management; property management; investment management; valuation; property leasing; strategic consulting and research and consulting. In the Czech Republic, CBRE has almost 350 employees and manages nearly 70 commercial premises with a total area nearly 1.2 mil. sq. m. Read more at www.cbre.cz.