Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

New Yorks Fifth Avenue Crowned Worlds Most Expensive Shopping Street


Best in class physical retail passes Covid-19 ‘stress test’ with global rebound in rents
Luxury brands showing resilience and cities experience increase in leasing activity
Cushman & Wakefield’s global report tracks 92 cities


New York’s Fifth Avenue has reclaimed its position as the world’s most expensive retail street, with average rents of $2,000 USD/sq ft/yr (€21,076/sq m/yr) 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 $1,436 USD/sq ft/yr (€15,134/sq m/yr) displacing Causeway Bay as the territory’s representative in the rankings.

In third, Milan’s Via Montenapoleone at $1,380 USD/sq ft/yr (€14,547/sq m/yr) 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.

table 1

Source: Cushman & Wakefield

Robert Travers, Head of EMEA Retail at Cushman & Wakefield, said: “The industry has been through one of the biggest stress tests imaginable over the past few years, but best in class retail real estate has remained robust. While we now face new economic challenges, the conversation has shifted from pessimism to retail´s omnichannel evolution.

“Many brands are playing the long game and seeking to secure prime opportunities to adapt to ever demanding customer needs. With further investment in high-quality in-store experiences and advances in omnichannel approaches, we are confident in the resilience of the sector, particularly at the luxury end, and in key global destination cities.”

The Road to Recovery  

Rents across global prime retail destinations declined by 13% on average at the peak of the Covid-19 pandemic but have subsequently rebounded to just 6% below pre-pandemic levels. Global rental growth over the past year averaged 2% but has varied tremendously.

APAC was the most impacted region during the pandemic period with rents falling 17% on average, mainly due to border closures affecting prime international tourist destinations. In EMEA, rental declines averaged 11%, while the decline in the Americas was just 7%, thanks in part to supportive fiscal policies and domestic migration patterns boosting buying power.

Since the pandemic nadir, global retail market rents have recouped approximately 50% of their losses. Much of that improvement has occurred through 2021 and into early 2022 before global economic headwinds started to negatively impact markets over the past six months. 

Pandemic Retail Rental Change by Region

  Pre-Pandemic to Pandemic low Pandemic-low to present  Pre-pandemic to present
APAC -17% 7% -12%
 AMERICAS -7% 23% 15%
 EMEA -11%  4% -8%
World  -13% 8% -6%

Source: Cushman & Wakefield

Spotlight on EMEA 

At the peak of Covid-19, rents in EMEA fell by an average 11% although varied considerably according to the severity of rolling lockdowns. Ireland, the UK, Spain and France experienced significant impacts as rents fell by up to 28% on average. Meanwhile, changes were minimal in parts of Eastern Europe such as Slovakia and Slovenia. 

Prime rents have rebounded in the region to just 8% below pre-pandemic levels and at the beginning of 2022 the EU region recorded retail sales volumes 4.1% higher relative to levels when Covid-19 first emerged. However, recovery has and will continue to be challenged by inflation, impacting consumer demand and retailers alike. 

Despite the challenging near-term economic outlook, Cushman & Wakefield has witnessed a wave of newcomers entering the market, exploring physical retail. Over the last 18 months, 75% of the retail transactions Cushman & Wakefield represented in EMEA were new leases, highlighting the value retailers place on a physical presence.  

Media Contact

Zuzana Gurová

Head of Marketing • Bratislava

Recent News

office fit out cost guide 2023
The Race For The Best Office Space: Fit Out Costs Across Europe Rise 9%

The UK and Germany top the list of most expensive regions to fit out an office with costs expected to remain high in the near term before falling in 2024.


Slovakia ranks among top twelve manufacturing destinations
Slovakia ranks among top twelve manufacturing destinations

The Slovak Republic achieved top twelve in global ranking this year in the annual Manufacturing Risk Index (MRI) compiled by Cushman & Wakefield, which assesses criteria such as operating costs, labour, and economic and political risk.


New Yorks Fifth Avenue
New Yorks Fifth Avenue Crowned Worlds Most Expensive Shopping Street

New York’s Fifth Avenue has reclaimed its position as the world’s most expensive retail street, with average rents of $2,000 USD/sq ft/yr (€21,076/sq m/yr) according to a new global ranking from real estate services firm Cushman & Wakefield. 


Jozeg hero card
euromoney CW
Cushman & Wakefield Named World’s Best Real Estate Advisor and Consultant by Euromoney for Fifth Consecutive Year

Cushman & Wakefield, a leading global real estate services firm, has been named the world’s best commercial real estate advisor and consultant overall for the fifth consecutive year by Euromoney’s 2022 Real Estate Survey.


Twin city tower 750x450
Cushman & Wakefield first in Slovakia to join WiredScore accredited professionals programme

Global real estate services firm Cushman & Wakefield is WiredScore Occupied Accredited Professional partner – the first in Slovakia.


Marian Fridrich
Fridrich Appointed Head of Slovakia

Marian Fridrich appointed to lead Cushman & Wakefield in Slovakia.

Zuzana Gurová • 14/05/2020

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All