Destination Europe 2013 - Jones Lang LaSalle
Destination Europe 2013 - Jones Lang LaSalle
Destination Europe 2013 - Jones Lang LaSalle
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Paris commands<br />
top international<br />
retailer rents<br />
25<br />
Retail Sales Growth Forecast vs. International Prime Rent<br />
Source: <strong>Jones</strong> <strong>Lang</strong> <strong>LaSalle</strong>, Oxford Economics (Belgrade data unavailable)<br />
Paris, Zurich and London clearly command<br />
the highest international retailer rents<br />
for prime, mainstream retail space,<br />
on the Avenue des Champs-Élysées,<br />
Bahnhofstraße and Oxford Street respectively.<br />
The core cities of Munich and<br />
Milan, as well as the growth powerhouse<br />
market of Moscow, are also commanding<br />
high rents, and lead the following pack.<br />
The graph on the previous page also clearly<br />
identifies the regional clusters, whereby UK<br />
regional, Scandinavian, French regional,<br />
German, Benelux, Eastern <strong>Europe</strong>an and<br />
Southern <strong>Europe</strong>an cities are generally<br />
grouped together. Whilst not surprising,<br />
this illustrates that there are useful reference<br />
points and commonalities between cities in<br />
the same country or region.<br />
The maturity of the retail market clearly<br />
influences prime rental levels. The growth<br />
markets of Istanbul, St Petersburg, Warsaw,<br />
Prague and Kiev are all commanding<br />
relatively low rental levels, relative to their<br />
international retailer presence. These<br />
markets are also forecast to benefit from<br />
some of the strongest medium-term retail<br />
sales growth in <strong>Europe</strong>. Clearly as these<br />
markets mature, retail sales grow, and the<br />
number of international retailers present<br />
increases, rents are likely to rise further.<br />
| 22 | <strong>Jones</strong> <strong>Lang</strong> <strong>LaSalle</strong><br />
20<br />
Bucharest<br />
15<br />
-5<br />
-10<br />
-15<br />
-20<br />
Malmõ<br />
Nottingham<br />
Retail Sales Growth Forecast (5 yr %)<br />
Ankara<br />
Stockholm<br />
Seville<br />
Warsaw<br />
Turin<br />
Valencia<br />
Dublin<br />
Bilbao<br />
Kiev<br />
Oslo<br />
Athens<br />
St Petersburg<br />
Edinburgh<br />
Manchester<br />
Istanbul<br />
Madrid<br />
Barcelona<br />
Liverpool<br />
Hamburg<br />
Rome<br />
Milan<br />
Moscow<br />
Gothenburg<br />
Glasgow<br />
10 Luxembourg<br />
Birmingham<br />
Lille<br />
Prague<br />
Helsinki<br />
Cardiff<br />
Budapest<br />
Belfast<br />
Lyon<br />
Cologne<br />
Leeds<br />
Amsterdam<br />
Munich<br />
Bratislava<br />
5<br />
Marseille<br />
Vienna<br />
Copenhagen<br />
Frankfurt<br />
Bordeaux<br />
Zagreb<br />
Antwerp<br />
Brussels<br />
Stuttgart<br />
0<br />
Lisbon<br />
Berlin<br />
Düsseldorf<br />
London<br />
Zurich<br />
1000 2000 3000 4000 5000 6000 7000 8000<br />
Key:<br />
core markets<br />
growth markets<br />
Paris<br />
International Prime Rent (€/sq m/year)
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