Thus, high street rents on Magheru boulevard dropped 16.67% over the past year, the second-highest decline, after 18.18% on Nezavisimosti Avenue, in Minsk (Belarus).
Among the 48 EMEA countries analyzed by the latest Colliers report, 19 posted declines in high street rents, with Ulica Nowy Swiat in Warsaw (14%) and Vitosha Blv in Sofia (13.33%) ranking third and fourth after Bucharest.
On the other 35 EMEA markets, rents mostly stagnated, and on several occasions they even rose.
On a global level, the Magheru boulevard ranks in the middle of the chart, with a rent of $117.92 per square foot, namely EUR75 per sqm per month.
In EMEA, the Bucharest boulevard is one of the least expensive, after significant declines in rent under the economic crisis.
By comparison, rents on Prague’s main street reaches EUR200 per sqm, in Budapest the average rent stands at EUR110 per sqm per month and in Warsaw it reaches EUR86 per sqm per month.
Colliers has 512 offices in 61 countries, including Romania.