By Madeline O’Connor
PRIME retail rents on Dublin’s main shopping street are on the up again, according to a survey by Cushman & Wakefield, which stated that costs were €214 (£169.20) per square foot on Grafton Street last year.
That makes it over ten times more costly than Hong Kong’s Causeway Bay which came at the top of the table at €3,017 (£2,385) per square foot a year, while a square foot in London’s New Bond Street cost £614 a year.
New York’s Fifth Avenue rates were at $2,500 (£1, 468), with $1,601 (£1189.48) paid in Paris’s Avenue des Champs-Elysees.
Grafton Street came 23rd on the list comparing premier streets in 25 countries, but Dublin on the whole not feature among the top 50 costliest shopping districts worldwide. New York, however, had four of these, Hong Kong had three and London, Paris and Japan had one each.
While business groups are constantly demanding lower rents, they have fallen on Grafton Street, where there are not a huge amount of units available, and are slowly rising again.