New York’s Fifth Avenue retains its place as the most expensive shopping street in the world

New York’s Fifth Avenue once again crowned champion. The title that she won for the second consecutive year was awarded to her by the specialized service in commercial real estate Cushman & Wakefield, which reveals that it is the most expensive shopping street in the world, in a study published Wednesday, November 22, cited by The echoes. Commercial rents, stable over twelve months, are estimated at 20,384 euros per square meter per year.

The podium nevertheless varies compared to 2022. Via Monte Napoleone, located in Milan, rises to second place, relegating the popular tourist destination Tsim Sha Tsui, in Hong Kong, to third place. Commercial rents there have lost 39% compared to the period before Covid, but they have regained 4% over one year, to 15,219 euros per square meter per year. France will have to settle for fifth place this year, thanks to the Avenue des Champs-Elysées in Paris. The square meter per year being valued at 11,414 euros, the Parisian artery is outstripped by New Bond Street in London, which reaches 14,905 euros.

For all these very popular arteries, commercial vacancy is limited, which implies an increase in rents for “rare locations [qui] are freed” according to the study. The average increase in the amount of rentals over the year 2023 in the streets studied is around 5%.