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While Sydney and Melbourne once again both made the top ten in CBRE’s quarterly ranking of the world’s prime global retail markets, the NSW capital lost ground.
Retail rents in the world’s most expensive markets are expected to rise further in 2014 due to a shortage of available prime locations and a lack of new development, according to recent research by CBRE.
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The group's quarterly ranking of the world’s prime global retail markets saw little change in the third quarter of 2013, with global and hot-growth markets continuing to lead the list.
While still in the top ten cities in the world, a slight decrease in rents saw Sydney drop from fifth place to sixth in the rankings.
However, Adelaide recorded the highest third-quarter rental growth in the Asia Pacific region, with rents rising eight per cent underpinned by international retailer interest linked to the rejuvenation of Rundle Mall and the completion of Rundle Place.
CBRE’s Australian director, retail services, Alistair Palmer said the level of offshore retailer interest was changing the dynamics of the major CBD retail markets in Australia.
“While Sydney still has the highest rentals of any of the Australian CBD markets, it is very difficult for the large international retailers to secure locations as they generally require [more] space,” Mr Palmer said.
