A street is deemed "expensive" if its rental costs for retail stores are especially high. The world’s major cities such as New York, Paris, London, Tokyo, Milan, Moscow, and Istanbul are home to the bulk of the most expensive streets. Data released by Cushman & Wakefield ranked the streets below as the world's most expensive.
The Most Expensive Streets In the World
The rental cost per square foot on New York's Fifth Avenue stands at $3,500, granting it the title of the world’s most expensive commercial rent. Fifth Avenue stretches for 6.2 miles and serves as the dividing line between the east and west sides of Manhattan. High-end brands like Gucci, Prada, Versace, Louis Vuitton, and Saks Fifth Avenue can all be found along the avenue. Fifth Avenue is much more than a shopping haven, however, as it is also home to residential homes as well as historical buildings. Iconic landmarks along the avenue include the New York Public Library, Rockefeller Center, and the Empire State Building. The Avenue even hosts most of New York’s celebratory parades such as St. Patrick’s Day Parade.
Causeway Bay ranks as Asia’s most expensive street and second most expensive in the world. The cost per square foot along the street is $2,399. It is hailed as Hong Kong’s shopping mecca. Sogo is the most popular store in the district and its 13 stores stock consumer items from cosmetics to electronics. The Regal Hong Kong Hotel, Lanson Place Honk Kong, the Excelsior, and the Rosedale Hong Kong are some of the hotels situated along the street, which contribute to its high-end reputation.
Avenue des Champs-Élysées
The rent on the Avenue des Champs-Élysées will set shopkeepers back $1,372 per square foot. This comes as no surprise as the city of Paris is home to the highest number of expensive streets in Europe. The Avenue des Champs-Élysées is 1.2 miles long and features high-end stores, restaurants, night clubs, theaters, and cafés. Parisians congregate on the avenues to celebrate major holidays and parades including Christmas, New Year’s Eve, Bastille Day, and the last leg of the Tour de France. Many international brands have set up shop on the avenue. The Grand Palais, Petit Palais, and the Palais de la Découverte are some of the museums found along the avenue.
(New) Bond Street
The second most expensive street in Europe is Bond Street in London, UK, particularly the northern section that is technically called New Bond Street (although the "new" designation is not generally used). The cost per square foot in this street is valued at $1,321. The street has a strong history, having been popular with retailers since the 18th century. It is characterized by exclusive retail brands, restaurants, art galleries, antique stores, and designer fashion boutiques. Some of the most notable brands include Ralph Lauren, Chanel, Dolce Gabbana, and Tiffany Co. The Royal Academy of Art, as well as the world-famous Ritz Hotel, are also located along the artery.
Retail rents continue to rise in many parts of the world. Growth in international tourism and the growing middle class have increased the customer base and seen consumers willing to spend more. Although most of the expensive streets are situated in the main cities, new ones are also beginning to emerge in smaller resort destinations in various locations, a trend that is sure to continue as the world economy develops.