In retail, location is everything—pick the wrong corner and your brilliant concept can fail. But it’s not always easy to understand the nuances of a city you’re not in. So, JLL’s laid the groundwork for you.
High streets have been top targets for investors and retailers for years. But, shopping districts now stretch beyond a linear street, creating corridors with mixes of retail, restaurants and entertainment. Some are established with a large concentration of high-credit tenants. Others have emerged with a vibrant mix of tenants. Corridors to watch include:
Meatpacking, New York City: Notorious for late night restaurants, but now boutique retailers are migrating in from the West Village and Chelsea. The redevelopment of the High Line and completion of Hudson Yards will support Meatpacking’s growth. Averaging prime retail rent is $400 p.s.f., with annual rent growth of 0.4 percent.
Fulton Market, Chicago: Once an industrial hub, Fulton Market in the West Loop submarket is known for its restaurant scene, but now garners attention from apparel retailers and investors as it becomes a growth market for corporate headquarters. Average prime retail rent is $75 p.s.f., with annual rent growth of 8.9 percent.
University Avenue, Silicon Valley: Palo Alto’s tech boom is creating a retail sea change with more non-chain boutiques and home goods stores moving in to the University Avenue corridor. The average prime retail rent is $90 p.s.f., with annual rent growth of 7.9 percent.
Explore 37 prime urban retail corridors across 12 North American cities in our City Retail report.
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