5 U.S. Streets Where Retail Rents Have Shown the Greatest Growth

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Union Square in San Francisco

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San Francisco’s Union Square posted retail rent growth of 13.0 percent between June 2014 and June 2015, ending up at $650 per sq. ft. per year. Strong tourism numbers and a healthy economy, no doubt due to the city’s tech sector, have led to more demand for space from international retailers, Cushman reports.

State Street in Chicago

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Chicago’s State Street experienced a 16.7 percent annual growth in rents, leading to an average of $175 per sq. ft. per year as of June 2015. This is happening as retailers opt to open more flagship stores outside the current core of Michigan Avenue.

Worth Avenue in Palm Beach, Fla.

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Rents on Worth Avenue in Palm Beach rose 20.0 percent on an annual basis, to $150 per sq. ft. per year. The city’s appeal as an international hot spot and an existing base of affluent local residents were the primary reasons behind the increase, according to the researchers.

Rodeo Drive in Los Angeles

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LA’s Rodeo Drive continues to show strong rental growth, at 23.1 percent, even though retail rents on the street are already quite high, at $800 per sq. ft. per year.

Seattle

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At $70 per sq. ft.., retail rents on High Street in Seattle may seem modest compared to average rents on some of the other streets on this list, but annual rental growth here has been phenomenal, at 27.3 percent.

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