Sydney’s most popular high street maintained its premium position with relatively flat rental growth and an ongoing uplift in online retail sales.
Consistent foot traffic and the increased demand for experiential shopping is further supporting rents with most retailers trading strongly within the precinct, particularly in the high-end luxury category.
“Australia has firmly maintained its position as host to one of the world’s top ten most expensive retail streets, as rents in higher footfall locations such as Pitt and Bourke Street have remained steady over the past 12 months,” Cushman & Wakefield director of retail leasing Matt Hudson said.
Melbourne’s Bourke Street Mall lifted in the Asia Pacific rankings from 6th to 5th at $7,000 per square metre per year, benefiting from 22 million visitors annually.
Brisbane’s Queen Street has held its position as the 8th most expensive in the region, with retail rents averaging $4,500 per square metre per year.