3 Maja St. remains fifth most expensive street in Poland

According to the latest Cushman & Wakefield report on the main streets across the world, 3 Maja St. in Katowice is ranked the fifth most expensive street in Poland. 3 Maja, that is currently under redevelopment, keeps its position when compared to the ranking’s 2011 edition.

Rents remained stable (0,0% change) in comparison to the last year and reach EUR 696 per one square meter yearly. At the same time, marginal declines were observed across Poland (-1,8%). Nowy Świat in Warsaw (EUR 1 020 sq.m/year) remains the most expensive street in the country.

If we compare other locations across the globe, similar rents to 3 Maja St. are observed in Mexico City on Madero St., on Rue Hamra in Beirut (Lebanon), on Jaffa Street in Jerusalem (Israel) and in the city center of Turku (Finland), Vilnius (Lithuania) and Malmo (Sweden).

The research was conducted in June 2012. Data for retail rents relates to analysts’ opinion of the rent obtainable on a standard unit in a prime pitch of 326 locations across 62 countries around the world. Services charges such as building insurance, local taxes and costs of repair payable by the tenant are not included. For the purposes of this survey, the standard main street unit is defined as a unit with 150-200 sq. meters of sales area and a typical show window’s width of 6-8 meters.

According to Cushman & Wakefield, many retailers are actively looking for new space around Poland, and several new brands have recently entered the market. Selected luxury retailers are expanding, albeit slowly and primarily through multi-brand stores. Overall, interest remains focused on units in the best locations, with the possibility of downward pressure on rents in secondary streets.

The world’s most expensive commercial avenue is Causeway Bay in Hong Kong, where annual rent exceeds EUR 22 307 per one square meter. The rent grew there by 34,9% year on year. The street overtaken Fifth Avenue in New York as the most expensive retail destination in the world – the first time Fifth Avenue has not been top in 11 years.