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Tuesday, September 4, 2007

Commercial rents highest on Ku'damm, Tauentzienstrasse

Western Berlin's main shopping area around the Ku'damm and Tauentzienstraße (the eastwards extension of the Ku'damm ending on Wittenbergplatz near KaDeWe) retains the title of most expensive retail real estate location in Berlin, according to a report by realtor Grupe.

Stores can expect to pay premium prices of up to 190 Euros / m² along these two streets, well ahead of the nearest rivals. Around eastern Berlin's less prestigious but very much up-and-coming Alexanderplatz typical rents vary between 80 and 110 Euros, while in the more up-market Friedrichstraße they're around 10 Euros less (70 - 100 Euros). The vibrant young shopping district around Hackescher Markt will cost commercial tenants similar amounts (70 - 110 Euros, depending on proximity to the busiest streets). Given that landlords on the city's famous Unter den Linden can only demand between 60 and 80 Euros per square metre of retail space, it's clear that in Berlin - as anywhere - location is everything, but quantity - in terms of passers-by - counts more than quality (as in prestigious location).

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