Ask Chris: I’ve Heard That Retail Space on Broadway Was Once as Pricey as That in Beverly Hills. How Do They Compare Now?

Our in-house historian has the answer

Tenants like the Gap Factory Store and Urban Outfitters pay far less to be on Broadway than did the swap meet vendors that once filled the street. Landlords took in as much as $20 per square foot a decade ago; lessors charge closer to $5 per square foot today. There are currently no vacancies on Rodeo Drive, but rents on Brighton Way a few steps over start at $20 per square foot. So while there may have been a moment when the two markets aligned, Broadway, for all its improvements, is still no Beverly Hills.