5th Avenue is world’s most expensive retail street
The world’s most expensive retail street is the upper part of the iconic Fifth AvenueCushman & Wakefield
Rents on the upper portion of Fifth Avenue (49th – 60th Sts) now stand at $3,500.00 per sqft. per year, the report found. “Strong footfall in Manhattan has helped keep New York’s position elevated, with overseas tourists attracted to the vibrant retail environment and luxury retailers still dominating the high street – with no slowdown in sight,” said Cushman & Wakefield.
The second highest rent, $2,399.20, can be found in the main street shops on Hong Kong’s Causeway Bay.
Paris’ Avenue des Champs Elysees is the third most expensive retail street but rents are much lower at $1,372.10. In fourth place comes London’s New Bond Street, where the rent is $1,321.20 per sqft. and year. It’s followed by Milan’s Via Montenapoleone in fifth place at $1,035.10.
The strongest rental growth this year was recorded in Dublin’s Grafton Street and Covent Garden in London, as well as in top high streets in Milan and Rome. The report also revealed that despite the increased global uncertainty, rents have risen in 35% of streets around the world.
