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NYC Retail Rents Clobber LA, Chicago, Honolulu ...

Premierretail_1After attending a real estate investment trust conference a few years back, I seem to remember that 40% of the real estate value in the United States is locked up in a mere half percent (0.5%) of the actual land mass. Looking at a page from a recent Grubb & Ellis presentation, I could see how this might be true.

The full slide (Adobe Acrobat required) ranks the ten most productive retail locations as follows:

1. Fifth Avenue (New York, NY)
2. Rodeo Drive (Los Angeles, CA)
3. Kalakaua Avenue (Honolulu, HI)
4. Newbury Street (Boston, MA)
5. Union Square (San Francisco, CA)
6. Connecticut/Pennsylvania Avenue (Washington, DC)
7. South Beach (Miami, FL)
8. Walnut Creek (Oakland, CA)
9. Olive to University (Seattle, WA)
10. Michigan Avenue (Chicago, IL)

Indeed a pretty penny.

Link: National Real Estate Investor web site

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