- In its 35th edition, New Bond Street surpassed Via Montenapoleone in Milan and Upper Fifth Avenue in New York, taking the lead in the global ranking.
- 58% of the retail streets monitored recorded rent increases, reflecting demand far exceeding available supply.
- In Portugal, Chiado maintains 30th place in the global ranking.
New Bond Street in London, where rents rose 22% in the past year to €20,482 per square meter per year, has been elected for the first time as the world’s most expensive retail destination, according to Cushman & Wakefield (NYSE: CWK). The London street overtook Via Montenapoleone in Milan (€20,000/sq m/year), which last year became the first European street to lead the global ranking, and the iconic Upper Fifth Avenue in New York (€18,359/sq m/year), in the 35th edition of the company’s benchmark retail report, Main Streets Across the World.
Based on exclusive Cushman & Wakefield data, the study analyzes the highest rents in 141 premium urban locations worldwide, many linked to the luxury sector, and includes a global index ranking the most expensive destinations by market.
“The growth in rents on New Bond Street has been driven by strong demand, limited supply, and continued investment in public space, reinforcing its status as a global retail destination,” says Duncan Gillard, Head of Retail at Cushman & Wakefield for Central London. “The jewelry zone between Clifford Street and Burlington Gardens, in particular, has become one of the most coveted spots, leading many tenants to secure long-term leases with favorable conditions to guarantee their position there.”
Robert Travers, Head of Retail EMEA at Cushman & Wakefield, adds: “The enduring appeal of the world’s main streets lies in their unique combination of heritage, visibility, and cultural prestige. These iconic corridors are more than shopping destinations; they are global stages for brand storytelling, architectural expression, and consumer engagement. Securing space on these streets is a challenge that demands innovative approaches to unlock new opportunities.”
Chiado consolidates its position as Portugal’s leading retail street and remains among the world’s top 30
In this year’s edition of the report, Chiado strengthens its position as Lisbon and Portugal’s most important retail artery, maintaining 30th place in the global ranking of main shopping streets. This historic and emblematic area of the capital continues to be one of the most visited tourist spots and one of the busiest pedestrian zones, uniquely combining tradition and modernity.
High demand for retail spaces and limited supply have driven the rehabilitation and repositioning of historic buildings. An example is the recent opening of Well’s Chiado on Rua Garrett, the country’s largest beauty and wellness store, with 1,500 m² spread over three floors. This wave of renovation has responded directly to growing demand, especially on streets perpendicular to Rua Garrett, reflected in rent appreciation since 2022.
According to João Esteves, Partner and Head of Retail at Cushman & Wakefield in Portugal: “Located in the heart of Lisbon, Chiado stands out as Portugal’s most iconic retail destination. The prestigious Rua Garrett and Rua do Carmo, the most sought-after by retailers, host most leading national and international brands. This area has 42% of spaces dedicated to fashion and offers a concept designed for a young, cosmopolitan audience. Between culture, leisure, and style, Chiado emerges as a trendy and vibrant zone where fashion, sophistication, and Lisbon authenticity meet, offering a unique experience and consolidating itself as the country’s main shopping and lifestyle destination.”
Global trends
Globally, rents recorded an average growth of 4.2%, with 58% of markets showing increases. The Americas led regional growth with a rise of 7.9%, driven mainly by currency effects in South America. Europe maintained solid growth of 4% compared to last year, with notable performances in Budapest and London. In Asia-Pacific, growth slowed to 2.1%, with strong gains in India and Japan offset by economic challenges in Greater China and Southeast Asia.
Regional highlights
Europe
London stood out as the engine of rent recovery in Europe, with New Bond Street posting a 22% increase, while Oxford Street and Regent Street also saw double-digit growth. In Central Europe, Fashion Street in Budapest was the big surprise, with a 33% increase, overtaking Váci Utca as the city’s main retail destination. Milan and Paris maintained their global status, with stable rents on Via Montenapoleone (€20,000/sq m/year) and Champs-Élysées (€12,519/sq m/year), reinforcing their position among the world’s most prestigious locations.
Americas
The Americas remained the best-performing region, with average rent growth of 7.9%. The biggest highlight was Oscar Freire Jardins in São Paulo, which posted an impressive 65% increase, climbing seven positions in the global ranking. In North America, growth was more moderate, with the U.S. averaging 2.5%. While Upper Fifth Avenue in New York remained stable, Madison Avenue and SoHo saw increases above 8%, offering an attractive alternative with rents 30% to 50% lower.
In Canada, there was a significant recovery: Robson Street in Vancouver reversed a 25% drop in 2024 to achieve a 20% increase in 2025.
Asia-Pacific
Rent growth in Asia-Pacific slowed from 2.8% in 2024 to 2.1% in 2025, although results varied significantly across markets. India’s Tier 1 cities led the region, with Galleria Market in Gurgaon posting a 25% increase, followed by Connaught Place in New Delhi (14%) and Kemps Corner in Mumbai (10%). In Japan, Ginza and Omotesando in Tokyo recorded robust growth of 10% and 13%, respectively. Conversely, rents in Tsim Sha Tsui, Hong Kong, fell 6% to €13,907/sq m/year. In Australia, Pitt Street Mall in Sydney saw a modest 4% increase, reaching €7,294/sq m/year, marking a return to growth after years of stagnation.
Outlook
Prime retail destinations continue to outperform general market trends, showing resilience amid economic uncertainty and changing consumer behavior. Despite interest rates remaining high, inflationary pressure is easing, and central banks signal possible cuts. This scenario, combined with stabilizing consumer confidence, rising real wages, and recovering international tourism, should support strong sector performance next year.
