Rents in prime retail centers and markets throughout the U.S. have risen by 15% this year, according to Anthony Buono, CB Richard Ellis Group's executive managing director for retail services. He points to Rodeo Drive in Beverly Hills, Calif., and Michigan Avenue in Chicago as examples. Secondary markets such as Seattle and Miami also are starting to rebound, which suggests suburban markets might be next. "There is the sense that demand is improving quickly" in prime shopping areas, agrees Robert Taubman, chairman and CEO of Taubman Centers.
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