Grafton Street is the 13th most expensive retail location in the world

With rents up, Dublin's leading retail thoroughfare climbs the annual list....

Grafton Street is the 13th most expensive retail location in the world

Christmas decorations and lights on Dublin's Grafton Street | Image: RollingNews.ie

Dublin's Grafton Street is the 13th most expensive in the world for renting a retail space.

That's according to the latest Main Streets Across the World report, which tracks 462 of the top retail streets around the globe.

The leading retail thoroughfare on Dublin's Southside was up from 16th position last year. It placed as high as sixth in the rankings a decade ago.

It saw rental growth of 4.8% in the year to June, with annual rent costing an average of $343 per square foot (or €3,327 per square metre) in the second quarter of 2016. The was up from $329 per square foot (€3,176 per square metre) last year.

The report stated:

"Rising demand from new entrants such as Victoria’s Secret and Other Stories is seeing the traditional pitch extend beyond the core to the surrounding streets to include Suffolk Street, Nassau Street and Dawson Street.

"Demand in the regional cities of Cork, Galway and Limerick is driven largely by domestic and UK operators, with slow, but rising appetite from international brands. There are some bespoke outlet villages such at the Kildare Village outside Dublin which is operated by Value Retail, but evidence indicates that this is not detracting from the attractiveness of the city centre."

Fifth Avenue in New York remains the most expensive street in the world. With rents priced at an annual $3,000 per square foot in 2015, it is nearly 50% more expensive than the second-placed Causeway Bay in Hong Kong.

Avenue des Champs Élysées in Paris retained its crown as the most expensive retail location in Europe, the Middle East and Africa (EMEA), followed closely by London’s New Bond Street.

Rents are down this year for the four streets at the top of the list.

The figures were compiled by international property experts Cushman and Wakefield.