Massive rent rises in Dublin, Cork and Limerick have pushed them into the top 10 fastest rising retail rent locations in Europe.
With the River Island outlet on Grafton Street hitting a world record €15,000 per square metre (psm) per year in September, rents in other key shopping locations in Irish cities are also on the increase.
Grafton Street remains Ireland’s most expensive retail location with averages rents now at €3,372 but following a 46.8% rise to June of this year, new entrants can expect to pay an average of €6,000 psm.
Grafton Street is now the fifth most expensive place for retailers to trade in the world with New York’s Fifth Avenue between 50th and 59th Street paying an average annual rent of €8,406 psm.
The Main Streets Across the World 2004, an annual report published by Cushman & Wakefield Healey & Baker (C&W/H&B), which operates the European division of international real estate consultant Cushman & Wakefield shows that Dublin’s Henry Street is second in the Irish league with average rents of €2,637 and new entrants facing bills of €5,200.
Cork’s Patrick Street is the most expensive location outside Dublin with a 41.8% hike in rents from January to June pushing the price for new entrants to €3,900 psm to give an average €1,978.
The survey, which tracks retail rents in 229 shopping locations across 45 countries, found that rents on Cork’s prime shopping street now outstrip any prestige shopping area in Belgium (top €1,250), Germany, Italy and Holland.
Average rents on Galway’s shopping street at €1,268 are slightly ahead of Limerick’s O’Connell Street’s €1,243 psm but rent increases mean new entrants in Galway face bills of €2,500 and €2,450 psm in Limerick
Rents on Waterford’s Broad Street have jumped by 26.7% since the start of the year to bring rates for new entrants to €1,900 with the average rent being paid €1,172 psm.