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| Ramat Aviv Mall |
Fifth Avenue commercial real estate, between 49th and 59th Streets, ranks first at a cost of $1,560 per square meter per month. Rents in the Ramat Aviv Mall were less than 10% of Fifth Avenue: $140 per square meter per month.
The most expensive stores in the world − to rent, that is − are on Fifth Avenue in Manhattan, but not far behind is a location closer to home: Ramat Aviv Mall. Global real estate consultant Cushman & Wakefield’s annual edition of the world’s most expensive shopping destinations puts the Ramat Aviv Mall in north Tel Aviv in 35th place worldwide.
Fifth Avenue commercial real estate, between 49th and 59th Streets, costs $1,560 per square meter per month.
Second was Hong Kong’s Causeway Bay, followed by Tokyo’s Ginza, New Bond Street in London and the Champs Elysees in Paris.
Rents in the Ramat Aviv Mall were less than 10% of Fifth Avenue: $140 per square meter per month. Shopping districts in Taipai and Warsaw came in just before and after Tel Aviv, respectively.
Tel Aviv actually fell in the rankings from 2009, when it came in 29. Beirut was the only Middle Eastern city more expensive than Tel Aviv this past year.
The Ramat Aviv Mall is owned by the Ofer Holding’s Melisron.
The Ramat Aviv Mall is owned by the Ofer Holding’s Melisron.
“The Ramat Aviv Mall very much surprised Cushman and Wakefield,” said Yoram Blumenthal of Inter Israel, which represents Cushman and Wakefield in Israel. “They did not believe Israel was so expensive. It is not just [the Ramat Aviv Mall]. All the malls in Israel are relatively expensive compared to the world,” said Blumenthal.
The report reported prime rents either rising or remaining steady from June 2009 to June 2010. The findings paint a brighter outlook than those of 2009, which revealed the biggest global fall in rents in the report’s 25 year history. But rents increased in general only in Latin America and Asia and rents fell in 20 of the 59 countries surveyed.
The Cushman and Wakefield survey tracks rents in the world’s top 269 shopping locations across 59 countries. The ranking table is drawn up by taking the most expensive location in each of the countries monitored.
