Milan’s Via Montenapoleone at €1,212 sq. m/month is Europe’s most expensive shopping street for the first time, climbing above New Bond Street in London and Avenue des Champs Elysees in Paris, according to Cushman & Wakefield.
New York’s Fifth Avenue has reclaimed its position as the world’s most expensive retail street, with average rents of 1.756 euro/sq. m/month above Hong Kong’s Tsim Sha Tsui at €1,261/sq. m/month.
Rents across global prime retail destinations declined by 13% on average at the peak of the Covid-19 pandemic but have subsequently rebounded to just 6% below pre-pandemic levels. Global rental growth over the past year averaged 2% but has varied tremendously.
At the peak of Covid-19, rents in Europe fell by an average 11% although varied considerably according to the severity of rolling lockdowns. Ireland, the UK, Spain and France experienced significant impacts as rents fell by up to 28% on average.
Prime rents have rebounded in the region to just 8% below pre-pandemic levels and at the beginning of 2022 the EU region recorded retail sales volumes 4.1% higher relative to levels when Covid-19 first emerged.