London's New Bond Street has been crowned the world's most expensive retail destination for the first time, while Budapest's Fashion Street posted the biggest gain in CEE, according to Cushman & Wakefield's Main Streets Across The World report.
Rents on the street rose 22% over the past year to €1,707 per sqm monthly, overtaking Milan's Via Montenapoleone and New York's Upper Fifth Avenue.
The report tracks rental levels across 141 premium urban locations globally, many linked to the luxury segment. "The rental growth on New Bond Street is driven by strong demand, limited supply and continued investment in public realm, which has further strengthened its position as a global retail destination," said Duncan Gillard, Head of Central London Retail at Cushman & Wakefield. "The premium jewellery zone between Clifford Street and Burlington Gardens has become one of the most sought-after addresses in the global market."
Globally, rents grew an average of 4.2%, with 58% of markets recording rental increases. The Americas led regional performance with 7.9% average growth, supported by currency effects in South America. Europe grew steadily at 4% year-on-year, with the strongest results in Budapest and London. Asia-Pacific rental growth slowed to 2.1%, with strong growth in India and Japan offset by unfavourable economic conditions in China and Southeast Asia.
London led European market recovery, with New Bond Street's 22% growth joined by double-digit increases on Oxford Street and Regent Street. Budapest's Fashion Street was the regional star with 33% growth, overtaking Váci utca as the city's main shopping destination. Milan and Paris maintained their global status with stable rents on Via Montenapoleone (€1,667 per sqm monthly) and Champs-Élysées (€1,043 per sqm monthly).
"Premium retail corridors benefit from several converging factors: resilient economic growth, easing cost-of-living pressures, and renewed consumer appetite for discretionary spending," said Dr Dominic Brown, Head of International Research at Cushman & Wakefield. "We expect this trend to strengthen further as global economic conditions gradually improve."
