Proving the resilience of retail
In our 33rd edition of Main Streets Across the World, we explore the near-term outlook for the retail sector and headline rents and ranking changes for the best-in-class urban locations across the world. In addition, we will share key indicators and trends to watch, including the cost-of-living crunch and changes in e-commerce.As the world continues to emerge from the impacts of the global pandemic, prime retail destinations have continued their rebound, recording mostly positive rental growth over the past year.
- Globally, rents rose by an average of 4.8% over the past 12 months, an increase over the 3.7% growth shown in the previous year.
- Asia Pacific led the world in 2023 at 5.3%, which was a strong improvement on the 1.1% growth experienced the previous year.
- Europe also accelerated from experiencing growth of 0.9% YOY in Q3 2022 to 4.2% YOY in Q3 2023, albeit this higher rate was driven by exceptional uplift in Türkiye (without which growth in Europe averaged 2.1% for the year).
- U.S. slowed from 17.0% last year, which was driven by supportive fiscal policies, to a more sustainable 3.2%.
We hope you find the report informative. To further discuss your retail opportunities and challenges, don't hesitate to reach out to your local contacts via your country page below:
AUTHORS
Research
Real Estate Strategies for Retail Evolution
Barrie Scardina
President of Americas Retail Services, Agency Leasing & Alliances
New York, United States
PREVIOUS ISSUES
MAIN STREETS 2022
View the 2022 Main Streets Across the World ranking and report.
