New York’s Upper Fifth Avenue is the most expensive retail street in the world with rents at $3,500/SF per year in 2015, nearly 50% more expensive than the second most expensive street, Causeway Bay in Hong Kong, according to a study by Cushman & Wakefield.
Paris’s Avenue des Champs Élysées was the third most expensive - and first in Europe- followed by London’s New Bond Street, where retailers paid a smidge more than £1,321/SF per year.
The record for the highest rent ever paid in the UK was set on New Bond Street recently when Hublot paid £2k/SF for 1,800 SF.
New Bond Street retail rents doubled in the past six years. Overall, the UK high street retail market benefited from a year of positive growth. London’s healthy rental performance was supported by a wide selection of offerings, high consumer expenditures and strong competition for space among retailers.
Demand has continued to outstrip supply, with an ever-growing requirement from international brands from the US, Europe, Asia and the Middle East.
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