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Hong Kong remains the worlds most expensive city for global retailers, outpacing New York, Paris and London.

LOS ANGELES-Hong Kong remains the worlds most expensive city for global retailers, outpacing places like New York, Paris and London, where prime rents also continue to reach record-breaking levels, according to new research from global property advisor CBRE Group, Inc.

CBREs quarterly ranking of 97 prime retail locations/markets across the globe shows that competition in the worlds leading cities is getting even stronger. This demand is being fueled by high-end retailers willing to pay record rents for the most coveted shops, while development levels are at historic lows resulting in a shortage of prime retail space.

Hong Kong (US $4,334 per sq. ft. per annum) is the worlds most expensive location for prime retail rents by a substantial margin, followed by New York (US $3,300 per sq. ft. per annum), Paris (US $1,452 per sq. ft. per annum) and London (US $1,356 per sq. ft. per annum).

There has been a lot of discussion about the strength of luxury retailers versus those that serve the mid-market, says Raymond Toto, global chair of of Research, CBRE. CBREs research provides further evidence that prime retail rents are strong in most markets and rose further in key global markets like New York, London and Tokyo.

In many locations, prime retail rents have been buoyed by a shortage of available space in prime market areas and fervent demand from luxury brands. This lack of prime space has pushed some retailers toward secondary assets and markets. With construction levels at or near their troughs in many locations, this trend will likely continue in 2014.

Retailer demand in Hong Kong is focused on prime locations rather than secondary streets. The most sought-after prime streets are Russell Street inCauseway Bay, Canton Road in Tsim Sha Tsui, and Queens Road Central in Central. These locations which all recorded very tight vacancy continue to attract both global and local retailers.

New Yorks Fifth Avenue continued its ascent into record territory during Q4 2013, with the luxury thoroughfares average asking rent rising 4.8% quarter-over-quarter to an all-time high of US $3,300 per sq. ft. per annum. For a 5,000-sq.-ft. space, that would translate to US $16.5 million per year in rent. Other prime luxury streets in the northeast US also saw strong growth, including Newbury Street in Boston (up 6.7% quarter-over-quarter) and Walnut Street in Philadelphia (up 5.8% quarter-over-quarter) reporting the largest increases.

The retail market in France was characterized by heavy polarization, with substantial demand focused on prime space, especially in and around Paris. Significant interest from international retailers for the limited amount of available prime locations in Paris has resulted in steady rent growth over the past two years, with Paris average prime asking rent up 80% since Q1 2012. Sustained demand from international retailers will continue to support high street rents in 2014.

Strong demand for prime retail locations in London has pushed rents to record levels. The luxury sector is a huge driver of exponential rental and key money growth. The limited availability of space compared to demand for prime streets has led to increased demand for space in secondary locations in central London. However, the U.K. market is heavily polarized with poorer secondary shopping centers and high streets suffering increasing levels of vacant space and falling rents.

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Hong Kong Still the Priciest Retail Market

STORRS Buoyed by their successes so far, the developers of the Storrs Center at the University of Connecticut will begin construction this summer on the next major phase of the $120 million project, adding 200 apartments, a daycare center and more storefront space.

And marketing will begin this spring on the last phase of townhomes and condominiums, with construction possible next year.

"We're running to the finish now," Howard Kaufman, managing member of the Tuxedo Park, N.Y.-based LeylandAlliance, the project's master developer, said Monday. "We're going to finish this."

Similar plans dating to as early as the 1950s and '60s collapsed in the face of recession, lack of financing or construction restraints.

All of the 300 apartments built so far in the first phase are leased, said Jeffrey Resetco, vice president of construction and development at Education Realty Trust Inc. of Memphis, Tenn., which is heading up construction of the rentals.

The first phase will wrap up this summer, with the addition of an additional 92 apartments. Those units are already 98 percent pre-leased, Resetco said.

All the commercial space in the first phase is now leased and has drawn high-profile tenants such as UConn women's basketball coach Geno Auriemma, who opened a restaurant there. Commercial space has been leased to more than two dozen stores and professional offices, plus attractions such as the Ballard Institute & Museum of Puppetry, scheduled to open Saturday.

The Mansfield town council Monday night was expected to get an update on the progress of Storrs Center.

Storrs Center is being privately developed in conjunction with the Mansfield Downtown Partnership, a coalition of town, university, business and community members that formed more than a decade ago to guide the project through the planning and permitting process.

The next phase was once named Village Street but has been rechristened "Wilbur Cross Way," a nod to the former Connecticut governor. Wilbur Cross Way now incorporates a building that LeylandAlliance had once hoped would become a hotel. Those plans were rejected by the town last year.

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Storrs Center Ready For Next Phase

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However, Mr Beblawi gave no indication that his resignation was in any way an act of protest against the hard-line military and intelligence figures currently controlling much of Egypt's politics from behind the scenes.

"The Cabinet has, in the last six or seven months, responsibly and dutifully shouldered a very difficult and delicate burden and I believe that, in most cases, we have achieved good results," he said.

"But like any endeavor, it cannot all be success but rather within the boundaries of what is humanly possible."

He said Egypt was in a "narrow tunnel in terms of security, economic pressures and political confusion".

His replacement was widely expected to be Ibrahim Mahlab, the housing minister, according to Egyptian media, but it was also suggested that Mr Beblawi might be asked to stay on for an interim period - presumably until Field Marshal Sisi is ready to make a formal announcement of his candidacy, which would require him to stand down as defence minister.

Mr Beblawi, an economist who followed a "technocratic" route to office like many Egyptian cabinet ministers after a career in banking, was previously finance minister and deputy premier during the period of interim military rule following the fall of ex-President Hosni Mubarak three years ago.

He resigned in October 2011 in protest at the military's killing of more than 20 Christian protesters outside the state television building, but remained in office for a further two months.

Mr Mahlabs appointment would reinforce the widespread sense that the military is overseeing a return to the Mubarak era shorn of the man himself. A member of Mr Mubaraks National Democratic Party, he ran the state-owned construction company, Arab Contractors, and was appointed to the upper house of parliament directly by Mr Mubarak in 2010.

He is seen as close to the army but also as more dynamic than Mr Beblawi.

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Egyptian cabinet quits

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