Emerging markets around the world are continuing to outperform their more established rivals in the real estate sector, the latest research has suggested. According to the latest Global Retail Market View from CB Richard Ellis (CBRE), the ongoing growth of the region's middle class is contributing to this success.
Indeed, the consultant highlights Sao Paulo as one location which has seen some of the fastest growing retail rents in the past 12 months with a 30 per cent increase year-on-year. Rio de Janeiro also features in the top five fastest growing markets with 23 per cent annual growth.
"Retailers continue to target the best stores in the best locations and this is exacerbating the polarization of the market between the best and rest. Whilst vacancy levels are low in most prime retail destinations, many secondary locations are at record highs," said Peter Gold, head of Cross-Border Retail EMEA at CBRE.
US cities continue to lead the most expensive retail rents in the Americas region, while Asian retail markets have benefited from the regional economic upswing and retail property performance, CBRE noted.
- Monday 22 November 2010