Grafton Street: can it recover from the short, sharp shock of Covid-19? – The Irish Times

Although much is made each year of Grafton Street’s appearance in annual ranking of the world’s most expensive main streets by commercial real estate adviser Cushman & Wakefield, the story behind the headline is, unsurprisingly, a little more complex.

For while luxury brands and other high-end retailers continue to pay a premium to showcase their merchandise on the country’s most celebrated thoroughfare, rents on the street remain far below the levels achieved before the 2008 crash.

Having fallen sharply during the recession and bottomed out in a range between €232 and €278 per sq ft (€2,500-€3,000 per sqm) in 2012 – down from a pre-crash high of €743 per sq ft (€8,000 per sq m) – the numbers had climbed back to the point where several pre Covid-19 rent settlements reached €576 per sq ft (€6,200 per sqm), according to BNP Paribas Real Estate.

While that’s still some way off

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