Every year Colliers International, a major international consulting company, conducts a study of the real estate market in Europe and the Middle East in order to determine the average rental rate on the main shopping streets of the largest cities. Last year, Moscow confidently took the second place in this rating — the owners of the capital’s boutiques were ready to pay much more for rent than their counterparts in most European capitals..
The results of the study show that this year the situation has changed radically. Having recovered from the crisis, the European real estate market has taken off, and luxury non-residential rental has become one of the fastest growing market segments. In 2011, London became the most expensive city, overtaking the capital of France in terms of the cost of renting retail space.
According to the results of the first quarter of this year, the rental rate for retail space on the central streets of London was $ 15,070 per square meter per year. Paris, which has dropped to second place, «pleases» the owners of boutiques with a rental rate of $ 13,700 per square meter. Next on the list are Zurich ($ 10,000), Milan ($ 9,870) and Geneva ($ 7,910).
Moscow, which has lost five positions, is in seventh place in the ranking — the cost of renting commercial space in the capital today is estimated at $ 7200 per square meter per year..
