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Insights

Retail Rebound: How Retail Real Estate Fared During the Great Pandemic Stress Test

Almost three years after the onset of the global pandemic, the retail industry has been through one the biggest stress tests imaginable, but best-in-class real estate has remained robust – and even emerged stronger in some markets.

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Our flagship Main Streets Across the World report tracks the top retail districts across 92 cities and ranks the most expensive by prime rental value. An annual report until 2019, this year’s report is the first since then, allowing insight into comparative performance pre- and post-pandemic.

Rent Growth Highlights

  • Rents across global prime retail destinations declined by 13% on average during the depth of the pandemic but have rebounded to just 6% below pre-pandemic levels.
  • The Americas, thanks largely the to the U.S., was the most resilient region - on average rents now sit at a 15% premium to pre-pandemic levels.
  • In Asia Pacific rents fell on average by 17%, impacted by international border closures, which curbed tourism in prime locations.

Global Rankings

  • New York’s Upper Fifth Avenue moves up one spot to number one, now ranks as the most expensive retail destination in the world.
  • Hong Kong has slipped to second place, with Tsim Sha Tsui overtaking Causeway Bay as the most expensive precinct in the city-state.
  • Via Montenapoleone in Milan has jumped two positions to achieve third place, followed by London’s New Bond Street and The Avenues des Champs Elysees in Paris rounding out the top five.

Global Rankings 2022: Most Expensive Retail Districts by City

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+Causeway Bay held the #1 ranking for Hong Kong pre-COVID
Source: Cushman & Wakefield

PREVIOUS ISSUES

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Main Streets Across the World 2018

View the 2018 Main Streets Across the World ranking and report.
Main Streets Across the World 2017 Hong Kong
Main Streets Across the World 2017

View Main Streets Across the World 2017 ranking and report.

Main Streets Across the World 2017

Insights

Luxury hotel room with double bed and flowers
Research • Hospitality

Hotels & Business December 2022

some ten months ago we began the year with the uncertainty generated by the Omicron variant delaying exit from the pandemic. Easter marked the beginning of the recovery, speeding up and  consolidating over the summer season. In such an unpredictable year, caution understandably tempers optimism when considering what is to come in 2023.
Bruno Hallé • 12/22/2022
Main-Streets-2022-web-card
Research • Retail

Main Streets Across the World

Almost three years after the onset of the global pandemic, the retail industry has been through one the biggest stress tests imaginable, but best-in-class real estate has remained robust – and even emerged stronger in some markets.
Robert Travers • 11/23/2022
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Research • Topical Report

The Edge Magazine | Volume 8

Cushman & Wakefield’s global thought leadership magazine covers the influential trends and ideas impacting the commercial real estate (CRE) industry and more.
5/10/2022

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