The publication cushmanwakefield.com released a list of the most expensive streets in the world for commercial real estate rental per square meter. Traditionally, New York’s Fifth Avenue ranks high with an average rent of $21,295 per year per square meter.
1 Causeway Bay, Hong Kong – $25,965
Causeway Bay, a district on the northern shore of Hong Kong Island, has topped the ranking of the most expensive commercial real estate three times in the last 10 years. Tenants pay an average of $27,450 per year per square meter.
2 Fifth Avenue, New York – $21,295
Fifth Avenue is a street in central Manhattan, New York. One of the most famous, prestigious, and expensive streets in the world, it is home to numerous shops. The average annual rent is $21,295 per square meter.
3 New Bond Street, London – $16,222
New Bond Street is a street of luxury shops in the Mayfair district of London. The street is named after Thomas Bond, the head of a development syndicate. The rental fee is $16,222 per year per square meter.
4 Champs-Élysées, Paris – $13,922
The Champs-Élysées is a central street in Paris, stretching from Place de la Concorde to the Arc de Triomphe. The rental cost is $13,922 per year.
5 Via Montenapoleone, Milan – $13,700
Via Montenapoleone is one of the central streets of Milan, running through the Fashion Quarter. The street is home to boutiques of renowned high fashion houses, resulting in a high rental cost of $13,700 per year.
6 Ginza, Tokyo – $11,838
Ginza is a shopping district and cultural center of the city. It has a high concentration of shops, making it attractive for shoppers and expensive for sellers. Renting one square meter costs $11,838 per year.
7 Pitt Street Mall, Sydney – $10,185
Pitt Street Mall is a pedestrian zone on Pitt Street in Sydney, Australia. Located in the city’s business center, it commands a high rental cost of $10,185 per year.
8 Bahnhofstrasse, Zurich – $8,195
Bahnhofstrasse is the central street of Zurich, Switzerland, and one of the most famous and expensive shopping streets in the world. The rental fee for one square meter is $8,195 per year.
9 Myeongdong, Seoul – $8,163
Myeongdong is the main shopping street in Seoul, popular among both residents and foreigners due to the large number of shops selling global brands. It is the most expensive street in Seoul in terms of rental fees, costing $8,163 per year.
10 Kohlmarkt, Vienna – $4,860
Kohlmarkt is a shopping street in Vienna, connecting Michaelerplatz with Graben. Due to the presence of boutiques and jewelry shops, it is considered the most expensive shopping street in Austria. On average, it costs $4,860 per year per square meter.
