Shanghai Nanjing Road West listed in Global Top 50 Most Expensive Retail Rents

KUALA LUMPUR: Shanghai Nanjing Road West has been ranked in the Global Top 50 of the Most Expensive Retail Rents for two consecutive years, according to Colliers International’s Spring 2010 Global Retail Highlights, which features rents of 127 premier retail streets around the world

The retail rent on Shanghai Nanjing Road West, according to a report on Shanghai Morning Post in March this year, had increased 3.33% year-on-year (y-o-y) to US$252.87 (RMB18,618.20) psf per year. In terms of worldwide premier street-front rent rates, it has moved from last year’s 37th position to 41st position.

Compared with the retail rent on Russell Street in Hong Kong’s Causeway Bay area, ranked third in the world, there is a gap of over US$952.59 psf per year.

Another prime retail area in China that was in the Global Top 50 list is the Mall at China World Trade Center in Beijing, where the retail rent increased 4.17% y-o-y to US$203.93 psf per year. It currently holds the 49th spot, one position higher than in the same period last year.