- In the 35th edition of the report, New Bond Street, with rents at USD 2,231/sq ft/year, has overtaken Milan’s Via Montenapoleone and New York’s Upper Fifth Avenue, moving to the top of the global ranking.
- Some 58% of the shopping streets analysed recorded rent increases, indicating that demand clearly exceeds the availability of space.
- Cushman & Wakefield’s flagship report Main Streets Across the World is based on an analysis of prime base rents in the most prestigious locations – typically associated with the luxury brands sector.
According to data presented in the 35th edition of the firm’s flagship report Main Streets Across the World, New Bond Street surpassed Milan’s Via Montenapoleone (USD 2,179/sq ft/year) – which last year became the first European street ever to reach the top of the global ranking – as well as the iconic Upper Fifth Avenue in New York (USD 2,000/sq ft/year).
The Cushman & Wakefield report, based on proprietary data, analyses base rents in 141 of the world’s most prestigious locations – often linked to the luxury segment – and lists the most expensive shopping streets in each market.
“The rent increase on New Bond Street is driven by strong demand, limited supply and continued investment in upgrading the public realm, all of which have reinforced its position as a global retail destination. One of the most hotly contested stretches anywhere in the world is currently the section of New Bond Street housing ultra-luxury jewellery stores between Clifford Street and Burlington Gardens. As a result, many tenants are opting for long-term leases at high rent levels to secure their presence in this highly coveted location,”
says Duncan Gillard, Head of Central London Retail at Cushman & Wakefield.
The World’s Most Expensive Shopping Streets in 2025
Source: Cushman & Wakefield
Global ranking, 2025 vs 2024
| Global Rank 2025 | Global Rank 2024 | Location | Rent (USD/sq ft/year) | Rent (EUR/sq ft/year) | Y/Y (local currency) |
|---|---|---|---|---|---|
| 1 | 3 | New Bond Street, London | 2,231 | 20,482 | 22% |
| 2 | 1 | Via Montenapoleone, Milan | 2,179 | 20,000 | 0% |
| 3 | 2 | Upper Fifth Avenue (49th–60th Streets), New York | 2,000 | 18,359 | 0% |
| 4 | 4 | Tsim Sha Tsui (prime street-front shops), Hong Kong | 1,515 | 13,907 | -6% |
| 5 | 5 | Champs-Élysées, Paris | 1,364 | 12,519 | 0% |
| 6 | 6 | Ginza, Tokyo | 1,257 | 11,538 | 10% |
| 7 | 7 | Bahnhofstrasse, Zurich | 1,051 | 9,644 | 0% |
| 8 | 8 | Pitt Street Mall, Sydney | 795 | 7,294 | 4% |
| 9 | 9 | Myeongdong, Seoul | 653 | 5,997 | 1% |
| 10 | 10 | Kohlmarkt, Vienna | 601 | 5,520 | 2% |
“The enduring appeal of the world’s top shopping streets stems from their unique mix of heritage, recognisability and cultural prestige. These iconic streets are not just retail locations – they are a global stage for brand storytelling, architectural expression and customer engagement. Securing space in such locations is extremely challenging and requires an unconventional strategy that can open the door to new opportunities,”
adds Robert Travers, Head of EMEA Retail at Cushman & Wakefield.
Globally, average rents increased by 4.2%, with 58% of monitored markets recording growth. The strongest increase – 7.9% – was seen in the Americas, driven largely by currency movements in South America. In Europe, annual rent growth reached 4%, with the strongest dynamics recorded in Budapest and London. At the same time, despite rapidly rising rents in India and Japan, the pace of rental growth across the Asia-Pacific region slowed to 2.1%, mainly due to economic headwinds in China and Southeast Asia.
Nowy Świat Maintains a Stable Position
Once again, the only Polish shopping street included in the ranking is Nowy Świat in Warsaw, which recorded a 7% year-on-year increase in rents. The rate in this prime Warsaw location now stands at EUR 1,104/sq m/year (USD 120/sq ft/year), placing Nowy Świat in 35th position among the world’s most expensive streets. Last year, Nowy Świat also ranked 35th for the second time in a row. However, the historical data in the latest report have been updated to include the United Arab Emirates, which were not covered in Main Streets Across the World 2024. As a result, Dubai has taken 11th place in this year’s list. The inclusion of this new market also required recalculating the 2024 ranking, meaning that all locations ranked below Dubai moved down one position to accommodate its presence.
“A 35th place in the global ranking of the world’s most expensive shopping streets confirms the stable, predictable situation on Warsaw’s Nowy Świat. At the same time, it clearly shows that the potential of this part of the city is far from fully realised. The scale of footfall and tourism – according to our data, visitor numbers in Warsaw last year exceeded pre-pandemic levels – strengthens the case for further development and diversification of retail and service functions on Nowy Świat,”
comments Michał Masztakowski, Head of Retail Agency Poland, Cushman & Wakefield.
From the perspective of effective urban planning and commercial attractiveness, it is crucial to properly balance functions along the street. Street-front units should be primarily dedicated to retail, while spaces located in passageways and in the interior courtyards of buildings are better suited to gastronomy and complementary services, which together create a more intimate and relaxing environment.
“This layout supports the natural way consumers use the space – shopping is typically followed by a break over coffee or a meal – which extends the time spent in the location. This model is already working successfully on Chmielna Street and should be consistently developed on Nowy Świat as well. Cities across Europe are increasingly behaving like shopping centre managers – actively shaping the offer of shopping streets, supporting tenant mix strategies and investing in the attractiveness of the public realm. Warsaw should follow the same path,”
adds Michał Masztakowski.
The current situation shows that Warsaw’s most prestigious street needs a coherent commercialisation strategy – with a clearly defined vision, tenant structure and a focus on attracting compelling concepts, including premium and luxury brands. This will not only increase the attractiveness of this part of the city, but also boost property values and rental returns – including for public owners such as the city itself.
“Warsaw needs a shopping street that can serve as a benchmark for other promising retail locations in the city. There are already good examples in the capital – Mokotowska Street, Plac Trzech Krzyży – but it is Nowy Świat, with its high recognition and symbolic importance, that should set the standard for others,”
says Ewa Derlatka-Chilewicz, Head of Research, Cushman & Wakefield.
Situation in Individual Regions
Europe
London led the way in Europe, with double-digit rental growth on New Bond Street (+22%), Oxford Street and Regent Street. Within the region, Budapest’s Fashion Street stands out with a 33% increase, which has allowed it to overtake Váci utca as the city’s most sought-after shopping location. Milan and Paris have maintained their global standing, with stable rents on Via Montenapoleone (USD 2,179/sq ft/year) and the Champs-Élysées (USD 1,364/sq ft/year).
North and South America
The largest regional rent increases were recorded in North and South America – an average of 7.9%. Rents on Oscar Freire Jardins in São Paulo, Brazil, surged by as much as 65%, pushing the street seven places up in the global ranking. In North America, rent growth was more moderate – in the United States, it averaged 2.5%. Rents on Upper Fifth Avenue in New York remained stable, while nearby Madison Avenue and SoHo recorded increases of more than 8%, offering attractive spaces at rents that are roughly 30–50% lower. Another noteworthy trend reversal can be seen in Canada, where rents on Robson Street in Vancouver rose by 20% in 2025, following a 25% decline the previous year.
Asia-Pacific
In Asia-Pacific, the rate of rental growth slowed from 2.8% last year to 2.1% in 2025, although with significant variation between markets. Higher rents were driven by India’s major cities – for example, rents on Galleria Market in Gurgaon rose by 25%, on Connaught Place in New Delhi by 14%, and on Kemps Corner in Mumbai by 10%. Ginza and Omotesando in Tokyo saw rents increase by 10% and 13% respectively, while retail rents in Hong Kong’s Tsim Sha Tsui fell by 6% to USD 1,515/sq ft/year. At the same time, rents on Pitt Street Mall in Sydney rose by just 4% to USD 795/sq ft/year, indicating a return to growth after years of stagnation.
Outlook
The most prestigious retail locations continue to outperform the wider market, demonstrating resilience amid economic uncertainty and changing consumer behaviour. Interest rates remain elevated, but inflationary pressures are easing and central banks have room for further cuts. These factors – combined with stabilising consumer confidence, real wage growth and a rebound in global tourism – are expected to support the health of the retail sector over the coming year.
“Top retail locations are benefitting from a combination of factors, including robust economic growth, slowing increases in the cost of living and renewed interest in non-essential shopping. The pace of rental growth will vary by market, but the pull of flagship locations is undeniable. Some cities have recorded exceptional double-digit increases, while others are under pressure. Brick-and-mortar retail continues to play a crucial role – especially in building deep, meaningful interactions with brands in places where consumers want to spend time – and this underpins the rising attractiveness of the world’s leading shopping streets. We anticipate this trend will strengthen further as global economic conditions improve,”
concludes Dr Dominic Brown, Head of International Research at Cushman & Wakefield and author of the report.
Source: ceo.com.pl – “New Bond Street the Most Expensive Shopping Street in the World, Nowy Świat in 35th Place”
