Rents for retail shops on Nanjing Road W. in Shanghai are the 29th-most expensive in the world, a global real estate service provider said yesterday.
Annual rents for retail shops on the downtown street rose nearly 24 percent year on year to US$325.91 per square foot as of March. That is equal to 63.12 yuan per square meter per day, according to Colliers International's 2011 Global Retail Highlights.
In 2010, rents on Nanjing Road W. were ranked the 42nd-most expensive in the world.
The only other retail corridor on the Chinese mainland to rank in the top 50 was China World Mall at China World Trade Center in Beijing.
With rents of US$229.16 per square foot per year, or 44.38 yuan per square meter per day, it was ranked 48th this year, up one spot from 2010.
New York's Fifth Avenue was the most expensive after registering an annual growth of 72 percent to US$2,150 per square foot per year. Russel Street and Queen's Road Central in Hong Kong, with rents of US$1,509 and US$1,355 per square foot per year, were ranked second and third respectively.
Avenue des Paris' Champs Elysees, the world's most expensive retail corridor in last year's survey, dropped to eighth this year.
