The Most Expensive Shopping Streets in the World: Rating 2022
The global pandemic has taken a significant economic toll on the retail industry. Nearly three years after the start of the pandemic, the retail industry still cannot fully recover. However, not all properties were affected. There are many locations in the world where real estate has even been able to strengthen during this time.
The analytical company Cushman & Wakefield has prepared a report according to which the “Main Streets of the World” for 2022 were named.
How was the ranking of the most expensive shopping streets for 2022 compiled? To do this, analysts analyzed the cost of renting for first-class real estate in 92 cities around the world.
The most expensive shopping streets in the world in 2022
|City, country||Location||Monthly rental price per 1 square meter|
|1. New York (USA)||Upper 5th Avenue||€21 076|
|2. Hong Kong (China)||Tsim Sha Tsui||€15 134|
|3. Milan (Italy)||Via Montenapoleone||€14 547|
|4. London (UK)||New Bond Street||€14 346|
|5. Paris (France)||Avenue de Champs Elysees||€11 069|
|6. Tokyo (Japan)||Ginza||€9 956|
|7. Zurich (Switzerland)||Bahnhofstrasse||€8 927|
|8. Sydney (Australia)||Pitt Street Mail||€7 624|
|9. Seoul (South Korea)||Myeongdong||€5 973|
|10. Shanghai (China)||West Nanjing Road||€5 225|
- On the world’s main shopping streets, rental prices fell by an average of 13% during the height of the pandemic. Since then, rental rates have failed to fully recover to pre-pandemic levels. Now rents on the main shopping streets are 6% lower compared to pre-pandemic levels.
- The Americas region proved to be the most resilient due to the strong US economy. Average rental prices in America are now 15% higher compared to the peak of the pandemic. We can say that the retail rental market in the United States has recovered from the pandemic.
- The Asia-Pacific region was hit hardest, with rents down 17% on average. This is due to the closure of international borders. As a result, the tourist flow has fallen significantly in prestigious areas, which has affected the reduction in rental rates.