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Magheru Boulevard in the top of the 63 most expensive commercial areas in the world
Magheru Blv. occupies position 46 in a ranking of the most expensive 63 commercial areas at world level, made by Cushman&Wakefiled on the basis of rent value, and is kept among the cheapest in Central and Eastern Europe with Sofia and Bratislava with lower rents, Magheru being placed last year on 47 out of 59 analysed markets.
The annual rent of the same location in Bucharest was in June of 780 eurosquare meter, slightly growing against the value of 777 euro from the same period of last year, according to the study Main Streets Across the World 2011 made by the company of real estate consultancy.
Commercial areas in cities in Central and Eastern Europe which were placed before Magheru are, Moscow ( 14 with 3,104 eurosqmyear), Prague ( 28th, 2,040 eurosqmyear), Budapest (40th, 1,200 euro), Warsaw ( 41st, 1020 euro). Following Romania, in Central and Eastern Europe were Sofia and Bratislava among other areas in Buenos Aires, Cairo and Abu Dhabi.
« Although the retail sales were kept dissapointing and the increase over the last 12 months was
negative, the renting activity benefits from the opening of so many new projects. The economic fundamentals are expected to improve the next year, so that Romania starts to come back after two years after two years of contraction » the study Cushman&Wakefield says.
The ranking at world level is led by the 5th Avenue in New York which was kept the leader with a rent of 16,704 eurosqm, followed by Causeway Bay in Hong Kong, with 14,426 eurosqm, Ginza in Tokyo with 7,750 euro sqm and Pitt Street Mall in Sydney with 7,384 eurosqm. The fifth is Avenue des Champs Elysees in Paris with 7,364 eurosqm.
The study analysed 278 retail locations in the whole world, in Romania were included Calea Victoriei in Bucharest and areas in Brasov, Constanta, Cluj-Napoca, Iasi and Timisoara. Only the rent on Calea Victoriei are slightly comparable with those on Magheru with an average of 660 eurosqmyear. Otherwise, in the other cities, the rent is half that of the locations on Magheru. Thus, on Strada Republicii in Brasov the rent is 360 eurosqmmonth, in Stefan cel Mare, Rascoala din 1907 –Constanta space is rented with 324 eurosqmyear, in Iasi with 276 euro, in Timisoara ( Victoriei area) and Cluj ( Memorandumului, Napoca, Eroilor) with 420 euro.
Against 20092010, out of the 278 analysed locations 141 had increase in rent, while 45 reported drops. In Europe, after a notable decline in 2009 – 2010, rent increased by 1.9% and only five out of the 27 analysed markets had drops, and 16 were recorded with rent increase.