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New York’s Fifth Avenue has reclaimed its position as the world’s most expensive retail street, with average rents of 1.756 euro/sq. m/month according to a new global ranking from real estate services firm Cushman & Wakefield. Pegging the Hong Kong dollar to the U.S. dollar has helped Hong Kong maintain a high-ranking position in 2022 in second, with Tsim Sha Tsui at €1,261/sq. m/month displacing Causeway Bay as the territory’s representative in the rankings. In third, Milan’s Via Montenapoleone at €1,212 sq. m/month is Europe’s most expensive shopping street for the first time, climbing above New Bond Street in London and Avenue des Champs Élysées in Paris.
Cushman & Wakefield’s flagship ‘Main Streets Across the World’ report, first launched in 1988, tracks the top retail streets across 92 cities and ranks the most expensive by prime rental value utilising Cushman & Wakefield’s proprietary data. An annual report until 2019, this is the first since then – allowing insight into comparative performance pre- and post-pandemic.
