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CBRE: Demand will push rents higher in 2014
Los Angeles — Retail rents in the world’s most expensive markets will rise further in 2014 due to a shortage of available prime locations combined with a lack of new development, according to CBRE Group’s third quarter report on the world’s prime global retail markets.
Hong Kong (US$4,333 per sq. ft.) remains the world’s most expensive retail market by a substantial margin. Hong Kong houses the highest representation of luxury retailers among all global cities. With a healthy tourist market and a lack of available space. -
Levin to lease Stafford Park in Manahawkin, N.J.
North Plainfield, Manahawkin, N.J. — The Stafford Park shopping center in Manahawkin, N.J. has named Levin Management as its exclusive leasing agent. The 350-acre mixed-use redevelopment project includes 400,000 sq. ft. of retail space, including anchor tenants Costco and Target. The site has received approval to add another 195,000 sq. ft. The new retail space includes several pad sites.