New York’s Fifth Ave. still world’s most-expensive street

New York City’s Fifth Avenue — at least, the stretch between 49th and 60th streets — remains the world’s most expensive street, in terms of retail rent, according to Cushman & Wakefield’s latest annual Main Streets Across the World report. Hong Kong’s Causeway Bay has retained its spot as No. 2 on the list, and London’s New Bond Street has moved up from fourth place to third. Milan’s Via Montenapoleone has jumped up two spots to fourth place, while the Avenue de Champs Élysées has dropped two places to fifth. Tokyo’s Ginza is in sixth place, down from fifth last year, followed by Sydney Australia’s Pitt Street Mall; Seoul’s Myeongdong; Zurich’s Bahnhofstrasse; and Vienna’s Kohlmarkt, respectively.

Annual rents on the swanky Fifth Avenue average $3,000 per square foot, while those on Causeway Bay fetch $2,725. New Bond Street rents are at $1,725, having risen by a third in local currency terms.

“Despite a lot of negative headlines, global retail remains as dynamic and vibrant as ever in response to technological and demographic change across the world,” said Darren Yates, head of EMEA Retail Research at Cushman & Wakefield. “Premium retail destinations … are highly sought after by international brands seeking to create engaging retail experiences that offer something new and exciting. The most innovative retailers are combining their online and physical platforms to create a seamless omni-channel experience for the customer, but profile and location play such a crucial role in the premium retail experience.”

The report may be accessed here