Let’s look at this a little more closely with some data from the report…

Newbury Street rents dropped 10.7%
Rodeo Drive rents dropped 25.4%
Madison Avenue dropped 27.1%
In Chicago, East Oak Street and State Street dropped 17.6% and 14.3%, respectively
In SF, Post Street dropped 12.5%
In Washington, DC, Georgetown and Chevy Chase dropped 15.4%, and 21.4% respectively

Of all the streets Cushman & Wakefield surveyed in the report, only North Michigan Avenue (Chicago), Lincoln Road (Miami), 5th Avenue (NYC), Worth Avenue (Palm Beach) and Union Square (SF) dropped at a rate less than Newbury Street.  None of these streets posted an increase in rents.

Total street surveyed in the US 16, total streets where rent dropped at a greater rate than Newbury Street, 10. (63%)

Maybe the headline should read “Newbury Street holds up better than most retail streets”  Oops, that might be too positive to sell papers.

This entry was posted on Thursday, September 24th, 2009 at 7:25 pm and is filed under What were they thinking, google. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.