Colliers: Manchester retail space more expensive than Milan

Retail floor space on Manchester's Market Street is more expensive than Via Montenapoleone, the most important street in Milan's fashion district, according to research by agency Colliers CRE.

The Global Retail Highlights Spring 2008 report said rents on Market Street were £185.43/sq ft compared to £184.04/sq ft in Via Montenapoleone.

Manchester's Market Street is also more expensive than many other European cities' retail areas including Rome at £184.04/sq ft and Amsterdam £158.27/sq ft.

Nick McAllester, associate director retail at the Manchester office of Colliers CRE, said: "Despite the economic downturn and the overall decline in consumer spending, our research shows that Manchester's retail offering remains healthy and competitive. It confirms Manchester's status as a leading European retail, destination.

"Market Street remains 100% prime in Manchester even though rents have remained fairly stationary over recent years due to nearby areas such as the Arndale extension, New Cathedral Street and The Triangle, soaking up demand."