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Avenue Louise joins Belgium’s most expensive shopping streets
The Meir in Antwerp and Rue Neuve in Brussels have been joined by Avenue Louise, also in Brussels, at the top of the list of Belgium’s most expensive streets in which to rent retail space. Shops in all three streets paid an average of €1,750 per square metre this year, according to property consultants Cushman & Wakefield.
For Meir and Rue Neuve, the situation was unchanged compared to last year, when they shared first place. Avenue Louise, by contrast, saw rents increase by 3% over the course of June 2014 to June 2015.
Shopping streets in other Belgian cities come further down the list: Veldstraat in Ghent (€1,350), Steenstraat in Bruges (€1,070), Vinâve d'Ille in Liège (€1,050) and Hoogstraat in Hasselt (€1,010). The study points to “weak economic growth, higher energy charges and continuing fiscal reform” as problems facing the retail sector, particularly in the secondary locations.
On a world level, Fifth Avenue in New York City is the most expensive location for the second year in a row. There, retailers can expect to pay €33,812 a square metre a year, just under 20 times the highest rent in Belgium. Causeway Bay in Hong Kong remains in second place (€23,178), followed by the Champs-Elysées in Paris (€13,255).