New Bond Street in London is home to luxury brands such as Burberry, Chanel, Chloé, Dior, Gucci, Hermès, Louis Vuitton and Ralph Lauren. It was named the most expensive retail location in the world for the first time. It overtook Milan’s Via Montenapoleone, last year’s winner, and New York’s Upper Fifth Avenue.
US commercial real estate firm Cushman & Wakefield’s global retail report ‘Main Streets Across The World’ examines prime rents in 141 prime urban locations worldwide. Rents on London’s New Bond Street rose by 22 percent last year. They reached $2,231 per square foot (about 0.09 square meters) per year.
Milan’s Via Montenapoleone came in second at $2,179 per square foot per year. Last year it was the first European street to top the global ranking. Upper Fifth Avenue in New York was at $2,000 per square foot per year. Completing the top five were Tsim Sha Tsui in Hong Kong in fourth place and Avenue des Champs Élysées in Paris in fifth place.
Other streets in the top ten included: Ginza in Tokyo, Bahnhofstrasse in Zurich, Pitt Street Mall in Sydney, Myeongdong in Seoul and Kohlmarkt in Vienna.
“New Bond Street’s rental growth has been fueled by strong demand, limited supply and continued investment in public space, all of which has reinforced its status as a global retail destination,” said Duncan Gillard, Head of Central London Retail at Cushman & Wakefield. “In particular, the high-end jewelry section between Clifford Street and Burlington Gardens has become one of the most competitive locations in global retail. This has resulted in many tenants opting for long-term leases at strong terms to secure their position in this sought-after location.”
Globally, the report shows that rents have increased by an average of 4.2 percent. 58 percent of the markets recorded rental growth. The Americas region led regional rental growth with 7.9 percent, driven by currency effects in South America. Europe recorded steady growth of four percent year-on-year, with “outstanding performances” in Budapest and London. In the Asia-Pacific region, rent growth slowed to 2.1 percent. Here, strong growth in India and Japan was offset by economic headwinds in Greater China and Southeast Asia.
London is leading the resurgence of luxury retail
In Europe, London led the resurgence in rents. New Bond Street (up 22 per cent), Oxford Street (eleven per cent) and Regent Street (ten per cent) all recorded double-digit increases. This confirms London’s dominance in European luxury retail and the competition for the right location. Just last week, French jewelry and watch house Cartier bought 18-19 Albemarle Street for 67.5 million British pounds.
Fashion Street in Budapest was also a standout performer in the region, with an increase of 33 percent. It overtook Váci utca as the city’s most important shopping street. Milan and Paris maintained their global status with stable rents on Via Montenapoleone and the Champs-Élysées – $1,364 and around 1,296 euros per square foot per year, respectively.
Brazil sees retail rent growth and India leads the Asia Pacific region The Americas remained the strongest region overall, with average rental growth of 7.9 percent, according to Cushman & Wakefield. The Oscar Freire Jardins in São Paulo, Brazil, reported a 65 percent increase. This means they climbed seven places in the global ranking.
In North America, rental growth was “more muted,” with the U.S. averaging 2.5 percent. While Upper Fifth Avenue in New York stagnated, neighboring Madison Avenue and SoHo experienced growth of over eight percent. They offer attractive values with rents that are 30 to 50 percent lower.
For the Asia-Pacific region, the report shows that rental growth slowed from 2.8 percent in 2024 to 2.1 percent in 2025. However, performance varied widely between markets. Tier 1 cities in India led the region. Galleria Market in Gurgaon saw an increase of 25 percent, followed by Connaught Place in New Delhi (14 percent) and Kemps Corner in Mumbai (10 percent).
Ginza and Omotesando in Tokyo, Japan, recorded strong growth of 10 percent and 13 percent, respectively. Meanwhile, rents in Tsim Sha Tsui in Hong Kong fell by six percent to $1,515 per square foot per year. Sydney’s Pitt Street Mall experienced four per cent growth, reaching $795 per square foot per year. This marks a return “to positive momentum after years of stagnation.”
Looking ahead, Cushman & Wakefield notes that premier retail destinations continue to outperform overall market trends. They show resilience amid economic uncertainty and changing consumer behavior. “While interest rates remain high, inflationary pressures are easing and central banks retain scope for further rate cuts. This, along with stabilizing consumer sentiment, real wage growth and a recovery in international tourism, is expected to support retail performance in the coming year,” the report added.
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