Fifth Avenue in New York stays the costliest procuring avenue on the earth
Translated by
Cassidy STEPHENS
Revealed
Nov 21, 2023
New York’s Fifth Avenue nonetheless holds the highest spot within the rating of the world’s most costly procuring streets, in response to a Cushman & Wakefield examine. Whereas By way of Monte Napoleone in Milan, Italy, has moved up from third to second place because of a pointy 20% rise in retail rents in only one 12 months, growing costs to €18,000 per sq. metre. The rental worth of Hong Kong’s Tsim Sha Tsui Road, nonetheless, has elevated by solely 4% since 2022 (-39% in contrast with earlier than Covid).
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Other than these adjustments within the rating, the highest 10 stay unchanged this 12 months. Fourth place continues to be held by New Bond Road in London, whereas the the Champs-Elysées in Paris is fifth, with rents equal to 2022 at 11,414 euros per sq. metre.
Istiklal Avenue in Istanbul, Turkey, has moved up from thirty first to twentieth place in 2023. Conversely, the Biblioteksgatan thoroughfare in Stockholm, Sweden dropped barely as a result of native foreign money, with the Swedish krona falling to a document low towards the greenback.
“Vacancies stay restricted in prime retail places, which results in aggressive strain that’s handed on to rents when uncommon places develop into obtainable. While considerations over decreased shopper spending have affected the financial system, retailers have secured and consolidated the presence of their flagship outlets of their goal markets,” feedback Rob Travers, retail director EMEA at Cushman & Wakefield.
Rating in Europe 2023 – Cushman & Wakefield
Specializing in Europe alone, the examine reveals that France occupies half of the highest 10 most costly procuring streets, due to the Parisian luxurious arteries “which have been very lively in latest months, boosted by the prospect of the Olympic Video games,” notes the examine.
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