ECONOMY

Athens high on list of global rental fees

Ermou Street in central Athens is the 12th most expensive place in the world in which to rent retail space, having fallen one place from last year, according to a study on the international property sector. Real estate broker Cushman & Wakefield said in a report that renting retail property space on Ermou Street costs 3,120 euros per square meter per year, down from 3,600 euros last year. The general market sentiment in the Greek retail property sector remains negative, the report said, adding that many major chain store retailers are taking advantage of the depressed leasing market to renegotiate rental levels. «At the prime end, however, demand is reasonable for key high streets, with interest from a number of large international players still undiminished,» it added. The most expensive street in the world for retail space rental is in New York’s Fifth Avenue, where the average cost per square meter per annum is 13,027 euros, followed by Hong Kong’s Causeway Bay where the correspondent going rate is 11,687 euros. The global retail property market is likely to show a modest rise in activity soon but uncertainty will remain for the next six to 12 months, the report said. «There is unlikely to be a significant resumption of rental growth in the short term in most countries,» it added.