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New Bond Street Overtakes Champs Élysées to Become World’s Third Most Expensive Retail Street

Soaring rents have seen London’s New Bond Street rise to become the world’s third most expensive retail street, while New York’s Upper 5th Avenue and Hong Kong’s Causeway Bay retain their first and second place rankings, according to Cushman & Wakefield.

The annual Main Streets Across The World report, now in its 29th edition, tracks 451 of the top retail streets around the globe and ranks the most expensive in 68 countries by prime rental value utilising Cushman & Wakefield’s proprietary data.

Upper 5th Avenue remains the most expensive main street in the world, with annual rents at an average of €28,262 per square metre per year (psm/yr), while Hong Kong’s Causeway Bay retains its second place position despite a 4.7 pct fall in average rents to €25,673 psm/yr. 

London’s New Bond Street leapt into third place in the global rankings in 2017 as rents increased by over a third (in local currency) on the previous year to €16,200 psm/yr. The increase relative to other global destinations underlines the strength of London’s premium retail offer and strong demand for prime retail space in the West End.

Milan’s Via Montenapoleone, where rents rose 12.5 pct on the year to €13,500 psm/yr, was ranked fourth, while the Avenue des Champs Élysées in Paris, where rents are €13,255 psm/yr, fell to fifth place despite rents remained unchanged over the year.

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