New York’s Upper 5th Avenue is the most expensive retail street in the world
Welcome to 27th edition of Cushman & Wakefield’s global flagship report, Main Streets Across The World. This report tracks over 500 of the top retail streets around the globe, ranking the most expensive in each country by their prime rental value and thus enabling us to analyse the headline trends in retail real estate performance. Our latest results show that rents have risen in 35% of streets around the world – despite the increased global uncertainty experienced over the last 12 months. Going forward, improving employment prospects, rising real wages and healthier consumer confidence in advanced economies are set to offer positive momentum for the retail sector.
New York’s Upper 5th Avenue is the most expensive retail street in the world with rents rising to US$3,500/sq.ft/yr in 2015 – nearly 50 per cent more expensive than second place Causeway Bay in Hong Kong. Avenue des Champs Élysées in Paris retained its crown as the most expensive retail location in EMEA, followed closely by London’s New Bond Street.