Prime rents buoyant as consumer confidence ticks up
Global consumer confidence improved slightly overall in Q1 2015. The Nielsen survey found confidence increased slightly or remained stable in every major region except Latin America.
Prime retail rents in global markets covered by CBRE were either stable or recorded steady growth this quarter. The period saw a degree of volatility in the rental rankings due to the uneven economic recovery, but retail markets are generally performing well, particularly in the Eurozone.
The list of the 10 most expensive global retail markets saw a number of slight changes from Q4 2014. Paris moved up from fourth to third, swapping places with London, whilst Melbourne moved up a place to seventh, exchanging positions with Sydney.
Hong Kong retained its status as the world’s most expensive retail market. However, leasing activity was sluggish due to changing patterns of tourist consumption and concern over the outlook for visitor arrivals.