Prague,
25
January
2017
|
13:00
Europe/Amsterdam

Pařížská Street in Prague is the Most Attractive and Expensive Street in Central and Eastern Europe

Summary
  • 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.

Tomáš Beránek, Head of High Street Retail and Tenant Representation at CBRE
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.
Tomáš Beránek, Head of High Street Retail and Tenant Representation at CBRE

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: 

Market

Street / location

Prime Rent Q2 2016

New York

Fifth Avenue

€ 3 277

Hong Kong

Russell Street

€ 1 520

London

New Bond Street

€ 1 379

Paris

Avenue des Champs-Elysees

€ 1 119

Tokyo

Chuo Dari

€ 1 074

Sydney

Shopping center

€ 822

Zurich

Bahnhofstrasse

€ 742

Singapore

Shopping center

€ 702

Peking

Shopping center

€ 677

Guangzhou

Shopping center

€ 659

About CBRE

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.