As Black Friday approaches, the biggest shopping event on the calendar, Sandton City remains the most expensive shopping space per square metre in South Africa in 2017.
The 29th edition of Cushman & Wakefield’s report: Main Streets Across The World, analyzed the top shopping streets in the world and ranked the most expensive locations in each country by their prime rental value.
New York’s Fifth Avenue has retained its top spot as the world’s most expensive retail area, while Hong Kong’s Causeway Bay has moved up to second. New Bond Street in London ranks third, while Via Montenapoleone in Milan ranks fourth.
Avenue des Champs in Paris, which was the second most expensive retail area in the world in 2016, now ranks fifth.
On an annual basis, is costs renters $3,000 per square foot to set up shop on Fifth Avenue ($28,262 per square metre per year). Hong Kong’s Causeway Bay, despite a 4.7% fall in average rents, still costs $2,725 per square foot per year.
In South Africa, Sandton City retains the most expensive retail spot, having passed the V&A Waterfront in 2016. It costs renters an average of R1,575 per square metre per month to rent at Sandton City – roughly R21,000 per square metre per year.
At the V&A, it’s R1,391 per square metre per month (R18,500 per year).
The table below show the most expensive shopping malls, main streets and areas in South Africa.
South Africa’s richest retail areas
|1||Sandton City||Johannesburg||R1 575||R21 030, (€1 265)|
|2||V&A Waterfront||Cape Town||R1 391||R18 510 (€1 117)|
|3||Eastgate||East Rand||R1 000||R13 300 (€803)|
|4||Umhlanga||Durban North||R360||R4 790 (€289)|
|5||West Street||Durban||R350||R4 655 (€281)|
|6||CBD||Pietermaritzburg||R220||R2 930 (€177)|
|7||St. Georges Mall||Cape Town||R150||R1 990 (€120)|
|8||CBD||Claremont||R130||R1 720 (€104)|