Mcall.com is reporting that retail rents are rising in some top cities. Improvements in the global economy have lifted consumer and retailer confidence, prompting landlords to push for higher rents because vacancy is low in the best shopping centers and districts. New York kept its title as the most expensive place in the world to lease a store with rents averaging $1,725 per square foot per year. The other two U.S. cities among the world’s 20 most expensive were greater Los Angeles in 12th place, at $500 per square foot per year, and Chicago in 14th place, at $480.
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