Buying real estate on Tverskaya Street is practically impossible, realtors say.
Photo: Ludmila Zinchenko
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Tverskaya Retail Space 3rd Costliest
Colliers International has looked at Russian cities for the first time for its rating of the most expensive shop rentals. Moscow’s Tverskaya St., where a shop rents for $16,307 per sq. m. per year, is exceeded in price only by Fifth Avenue in New York ($18,333) and the Champs Elysees in Paris ($16,313). Buying real estate there is practically impossible. Nevsky Prospect in St. Petersburg has the eighth most expensive shop rentals in the world at $7830. The top ten is rounded out by Bond St. in London ($15,475), Oxford St. in London ($11,667), Grafton St. in Dublin ($10,604), Central St. in Hong Kong ($8611), Ginza in Tokyo ($7529) and Graben-Kohlmarkt in Vienna ($6852).
Jones Lang LaSalle has determined Moscow’s leading position in the cost of shop rentals. Fifth Avenue tops its list as well ($17,000), followed by Causeway Bay in Hong Kong ($14,000), then the Champs Elysees and Tverskaya St. ($12,000-14,000). Dmitry Khechumov of DTZ objects that Colliers counts only the most desirable objects in its rating. He says the remaining parts of Tverskaya St. cost about ˆ6000 per sq. m. per year. That information is confirmed by a representative of Apple, which rented part of the premises over the Arina Kramer House of Fashion at 28 Tverskaya St. for about ˆ5000 per sq. m. per year.
Retail banks and restaurants have the greatest presence on Tverskaya, according to Colliers. The managers of the two Shokoladnitsa coffeehouses on the street say that the rent for them is considerably lower than the figures cited by Colliers. One renter says that rent near Mayakovskaya Metro station is closer to $4000 per sq. m. Evgeny Chichvarkin, owner of the Evroset chain of communications salons, says that the figures cited by Jones Lang LaSalle match his costs. He noted that the Evroset stores on Tverskaya were nonetheless profitable.
www.kommersant.com
All the Article in Russian as of May 27, 2008
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