West End rents on rise

Booming business in the West End has pushed retail rents higher this year despite the global recession which has battered many of the world's most prestigious shopping streets.

Property agent Cushman & Wakefield today said retail rents have risen by 6.9% on New Bond Street and 2.9% on Oxford Street this year, although they fell 4.3% in Covent Garden.

It compared with falls of between 6% and 13% on other main shopping streets in the UK, a slump of 8.1% on 5th Avenue in New York, and 15.1% on Causeway Bay in Hong Kong. Rents were unchanged on the Champs Elysees in Paris and up 1.5% on the Via Montenapoleone in Milan.

Peter Mace, head of central London retail at Cushman & Wakefield, said: "Despite the downturn, London's West End continues to perform well with limited availability in major thoroughfares such as Oxford Street, Regent Street and New Bond Street .

"The strong trading performance of the West End, caused primarily by tourists capitalising on the weak pound, has helped boost demand for representation in the capital. The signs are therefore encouraging for 2010."