A shopping street in Latvia’s capital city has the cheapest retail space among the world’s most expensive, according to a study by an international commercial real estate company.

In its annual report Main Streets Across the World 2002, the New York-based Cushman & Wakefield found that Krasta Street in Rīga is 44th among the 44 priciest places to rent retail space. Rents there average USD 39 per square foot, or USD 419 per square meter.

Topping the list are East 57th Street and 5th Avenue in New York, where retail space rents for an average of USD 700 per square foot.

The rental rates were current as of June.

Krasta Street is home to a number of retail developments, including the 30,000 square meter shopping center Mols. In all, according to the development company Linstow Warner, Latvia has about 1.2 million square meters of retail space, half of that in Rīga.

Also on the list at 38th most expensive is Gediminas Avenue in Vilnius, Lithuania, where the rent averages USD 61 per square foot, the same as Linking Road in Mumbai, India. Viru Street in Tallinn, Estonia, ranks 43rd with average rent of USD 41 per square foot.