|
|
Article: High end, low rent? Rodeo Drive trails on list of world's priciest retail rental rates.(UP FRONT)(Report)(Brief article)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 5, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Rodeo Drive is one of most famous shopping districts in the world, a place where the well-heeled can buy $4,000 Gucci jackets or the notoriously hard-to-get Hermes Birkin handbag, which retails for up to $34,000.
Here's one thing it's not: one of the priciest places to do business.
Annual retail rents on the famed Beverly Hills street don't crack the top 10 worldwide, according to a recent report by brokerage Cushman & Wakefeld. In fact, they place just 20th, at $500 per square foot; that's well below New York's Fifth Avenue, the world rent leader at $1,700 per square foot.
And while Rodeo Drive's rents are the highest in the United States ...