New Bond Street has kept its title of world’s fourth most expensive shopping location in the world, according to new report.
With rents of $1,321(£868) a year per square foot, up 12 per cent from last year, the coveted location came fourth in a list of over 500 top retail streets around the globe ranked according to their prime rental value.
Covent Garden recorded some of biggest rent rises, up 25 per cent year on year to $762 a square foot. Brompton Road, home to Harrods in Knightsbridge, climbed 25.9 per cent to yearly rates of $682, according to the report by property agent Cushman & Wakefield.
New Bond Street’s good performance was boosted by London’s status as one of the most visited cities in the world. The street benefitted from a predicted 18.82 million international visitors in 2015, along with high consumer expenditure and strong competition for space among retailers.
New York’s Fifth Avenue has kept its crown as the most expensive shopping location in the world with rents of $3,500 (£2,238) per square foot, followed by Causeway Bay in Hong Kong.
Paris’s Avenue des Champs Elysee came third but remained the most expensive high street in the Europe Middle East & Africa region (EMEA).
Overall the survey found that rent for reteailers has risen 35 per cent around the world.
“Looking ahead, despite any economic and political uncertainties in certain nations, the EMEA retail market is expected to see further improvements.
“Indeed, a strong retail sales growth forecast, robust occupier demand and a continued lack of supply in many locations will sustain an upward pressure on the rents in the most popular high streets across Europe,” said Justin Taylor EMA Head of retail.
The 10 most expensive shopping streets in the world:
1. USA, New York, Upper 5th Avenue (49th - 60th Sts) - New York’s Fifth Avenue has kept its crown as the most expensive shopping location in the world with rent of $3,500 a year per square foot
2. Hong Kong, Hong Kong, Causeway Bay - Causeway Bay in Hong Kong maintained its position as the most expensive retail location in the Asia Pacific region and second on the global list with rents of $2,399.2 a year per square foot
3. France, Paris, Avenue des Champs Elysees - With rents of $1,372.1 a year per square foot Paris’s Avenue des Champs Élysées remains the most expensive high street in the EMEA region
4. United Kingdom, London, New Bond Street - The world’s fourth most expensive shopping location in the world with rents of $1,321 a year per square foot it is up 12 per cent from last year
5. Italy, Milan, Via Montenapoleone - Up from the sixth place last year, Milan's most famous shopping street rents are of $1,035.1 a year per square foot
6. Switzerland, Zurich, Bahnhofstrasse - Up from eight last year, Bahnofstrasse rents are now of $894.6 a year per square foot
7. Japan, Tokyo, The Ginza - The Ginza is down to seven from fifth position last year with rents of $881.9 a year per square foot.
8. South Korea, Seoul, Myeongdong - The street is down from 7 to 8 position with rents of $881.8 a year per square foot.
9. Austria, Vienna, Kohlmarkt - The street kept the same position as last year on the global list with rents of $478.2 a year per square foot.
10. Germany, Munich, Kaufinger/Neuhauser - Munich's shopping streets made the top ten this year up from the eleven's position last year with rents of 459.6 a year per square foot.
