Main Streets Across the World 2025 - 35th Edition
A NOTE FROM OUR AUTHORS When we first released Main Streets Across the World back in 1988, none of us could have imagined how much the retail landscape, and this report, would evolve. What began as a data-dense snapshot of a handful of shopping destinations has grown into a living chronicle of 140+ streets globally within an industry in constant motion. We’re proud to mark this milestone, and we are deeply grateful to our readers, clients, and the broader retail community whose insights and collaboration have shaped every edition along the way. We’ve witnessed retail reinvent itself time and time again. From the rise of globalisation and e-commerce to the transformative role of technology and shifting consumer values, through economic downturns, pandemics, and new sustainability imperatives, the sector’s resilience endures.
Looking ahead, we see another wave of change on the horizon—AI-driven experiences, sustainable innovation, and a renewed focus on the human connection that defines main streets everywhere. As we celebrate this legacy edition, we hope this report continues to serve as both a guide and an inspiration for those shaping the next era of retail. The best chapters, we believe, are still to come. With gratitude and optimism, we welcome you to the 35th edition of Main Streets Across the World .
Some of us still recall those early days—Yvonne reminds us how the team painstakingly compiled rent data by fax and phone calls, long before global connectivity was a given. Today, from London to Brisbane, New York to Barcelona and beyond, we write from cities around the world, reflecting the truly global nature of our team and the clients we’ve supported for decades.
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CONTENTS 01 INTRODUCTION 02 HEADLINE RENT AND RANKING CHANGES 03 KEY INDICATORS AND GLOBAL RANKINGS 04 GLOBAL MAIN STREETS’ ENDURING APPEAL 05 ECONOMIC OUTLOOK 06 RETAIL’S PACE OF CHANGE 07 DATA AND ANALYTICS IN DECISION MAKING 08 FLEXIBILITY-DRIVEN STRATEGY 09 APPENDIX
Logos shown are property of their respective owners and are used for informational purposes only.
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INTRODUCTION
In our 35th edition of Main Streets Across the World, the retail sector is thriving. Fuelled by data-driven decision making, ongoing demand for physical experiences, and constant customer demand for “what’s next,” the industry is undergoing a dynamic transformation. These factors compel retailers to strike a delicate balance: staying agile to navigate near-term volatility while remaining strategic to sustain long-term growth. The good news? The sector is successfully rising to these challenges and continues to demonstrate its relevance to an increasingly discerning consumer. Amid this wider transformation, uncertainty is at an all-time high. Geopolitical tensions remain taut. Central banks are trying to navigate competing forces that could reignite or deflate inflation, leading to diverse views on interest rates. Businesses and consumers are understandably concerned by these factors, which is weighing on economic growth forecasts as a result. Yet, despite these challenges, the sector continues to demonstrate remarkable resilience, with retail sales across most of the world consistently achieving positive, real growth.
Rather than resist this turbulence, retailers have embraced it, recognising that adaptation is essential to avoid being left behind. Competition to secure space remains intense as increasing numbers of emerging brands challenge legacy names for super- premium spaces. Consequently, rents have surged in select markets, causing the financial repercussions of underperformance to become even more pronounced. This increase in competitive tension has driven the need for change. In recognition of this and as digital adoption accelerates, retailers have modified their approaches to portfolio expansion and associated decision-making processes. Data and analytics are at the forefront, allowing retailers to not only analyse more sites simultaneously, but in more granular detail. This deeper insight allows for a greater understanding of customers—their expectations, preferred experiences, and modes of engagement—empowering retailers to evaluate cities, neighbourhoods, and streets to find the optimal locations.
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This report focuses on headline rents in best-in-class urban locations across the world which, in many cases, are linked to the luxury sector.
Even in the face of this volatility, one constant remains: location. The demand for physical space is as strong now as it ever was and with that comes a sense of stability. Over the past 35 editions of Main Streets Across the World, the world’s premier retail streets have demonstrated remarkable consistency. These iconic corridors continue to anchor global retail, offering an unmatched blend of heritage, foot traffic, and cultural relevance. Securing a presence on these main streets is not just a strategic advantage—it’s a cornerstone of competitive edge and enduring success.
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RENT GROWTH • In global terms, rental momentum slowed marginally from 5% recorded in 2024 to 4.2% this year. • Even with slower global rental growth, more streets saw rents rise over the past year than the year prior—58% (82) compared to 55% (78) of markets. In contrast, just 16% (22) recorded rental decline, with the remainder (37) stable year- on-year (YOY). • While the Americas continues to be the strongest performing region—at 7.9%—this time the strongest growth was recorded in South American cities, though this was primarily driven by changes in foreign exchange rates. Rent growth in Europe accelerated from 3.4% to 4%, while Asia Pacific rents slowed from 2.8% to 2.1% in the past year. HEADLINE RENT AND RANKING CHANGES
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GLOBAL MAIN STREET RANKING CHANGES
• In another tumultuous year, significant changes have occurred at the top of the rankings. The most notable being London’s New Bond Street rising two rankings to overtake both Milan’s Via Montenapoleone and New York’s Fifth Avenue as the world’s most expensive retail destination. This change is the result of two key drivers: 22% rental growth over the past year while rents in the other two locations remained flat; and stronger depreciation of the U.S. dollar against the British pound. • Rankings were more stable for the remainder of the top 10, with no location managing to overtake another. However, gaps between locations continue to adjust. Of note, rents in Vienna’s Kohlmarkt (10th place) have moved considerably closer to Myeondong in Seoul and are now just 8% apart from 24% a year ago. At the same time, Sydney’s Pitt Street Mall has pulled further away from Myeondong, increasing the rent gap from 17% to 22%. • In terms of the largest movers, both up and down the rankings, the most significant changes have been in those moving up the rankings. Oscar Freire Jardin in Brazil moved up seven places from 41st last year to 34th this year. Similarly, Fashion Street in Budapest is a new entry this year having overtaken Váci utca to be the city’s most expensive street. On a comparative basis, Fashion Street would have ranked 31st last year but came in at 26th this year. Movements down the rankings were minimal and limited to three cities: Grand Rue in Luxembourg City, Masaryk in Mexico City, and Jakarta’s prime retail district all dropped three places to 31st, 37th and 40th, respectively.
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KEY INDICATORS AND GLOBAL RANKINGS
AVERAGE REGIONAL RENTAL CHANGE (IN LOCAL CURRENCY)
Q3 2024 YOY
Q3 2025 YOY
The world’s premier retail streets continue to prove their resilience and enduring appeal. Despite a significant spike in global economic uncertainty, these super-prime retail destinations have continued to record robust rent growth. At the global level, rents rose a further 4.2% over the past year, a slight moderation on the 5% recorded in the year prior, but still well ahead of the rate of global inflation. The Americas continues to be a source of strength, though the spotlight has shifted from the U.S. to South American cities, where growth has accelerated rapidly. A key driver of this shift has been the recent appreciation of the U.S. dollar against local currencies, particularly as lease agreements often denominate rents in U.S. dollars. Notwithstanding, it also highlights the required uplift in local sales to cover the effects of local currency depreciation. Moving to the other regions, the picture is clearer. Rents in Europe have generally shown steady growth since early 2023, with a slight acceleration over the past 12 months to reach 4.1%. In contrast, rental growth in Asia Pacific has been moderating to 2.1% in the year leading up to Q3 2025.
APAC
2.8%
2.1%
Americas
11.1%
7.9%
Europe
3.4%
4.0%
U.S.
10.9%
2.5%
Global
5.0%
4.2%
Source: Cushman & Wakefield
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Analysis at the market level reveals a wider range of rental trajectories. After several years of rapid growth, rents in the U.S. accelerated more modestly over the past year, averaging 2.5%. While New York’s Upper 5th Avenue remained flat over the year, the neighbouring locations of Madison Avenue and Soho both recorded growth of over 8%. These locations are both vibrant hubs within the city and attract significant foot traffic but at 30% to 50% rent discounts to Upper 5th, thereby offering an attractive value proposition. Double-digit rental growth was recorded in Georgetown in Washington, DC, Worth Avenue in Palm Beach and Las Olas in Fort Lauderdale, albeit all off considerably lower bases. Both Seattle and Chicago have recently encountered economic headwinds through softer growth and rising unemployment which is reflected in rents softening by approximately 13% over the past year. Shifting focus to Canada, rents have been volatile over the past few years, which is still evident in recent trends. After most locations posted rental declines in 2024, the tide has turned and rents across Montreal, Toronto, and Vancouver all moved into positive territory. The turnaround was especially pronounced for Robson Street in Vancouver which moved from a 25% decline in 2024 to a 20% increase in 2025 as the impacts of tight vacancy have taken effect. As a whole, Europe has continued to demonstrate ongoing strong and steady rental growth, with many markets leading this year’s global growth figures (Figure 1). Budapest has been a standout performer over recent years, and this year is no different. In a notable change, Fashion Street has overtaken Váci utca as the city’s premier retail strip, as rents have increased by over 30%. Such a trajectory reflects the considerable investment into the area.
FIGURE 1: RENTAL GROWTH YOY BY MARKET (Q3 2024 – Q3 2025) 1
Chinese mainland Hong Kong, China Vietnam Mexico Luxembourg
Slovakia Slovenia Finland
Türkiye Ireland Macedonia Netherlands
Belgium Sweden
Malaysia Lithuania Cyprus U.S. South Korea Thailand Singapore France Australia Austria Philippines Denmark Croatia Germany Latvia Serbia Switzerland
Poland Greece Bulgaria India Czech Republic Portugal Indonesia
Brazil Hungary Romania Argentina United Arab Emirates Estonia Japan Norway United Kingdom Canada Italy Spain
-20%
-10%
0%
10%
20%
30%
40%
50%
Source: Cushman & Wakefield
1 Average rent growth is presented for markets with multiple retail locations used in the analysis
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London has also experienced a strong resurgence. While currency strengthening has helped in the global rankings, strong rental growth in local currency has been the primary factor. New Bond Street, Oxford Street, and Regent Street all recorded double-digit rental growth, with Covent Garden very close behind. Several trends are at play, founded upon an enduring desire from retailers to establish a presence in the city. Demand has lowered vacancy rates to around 5%, with public realm investments boosting key streets as prime retail spots. Luxembourg City was the only European market to record a decline over the year. Demand for space has slowed recently, resulting in a 10% decline in rents though they are expected to stabilise in the near term. The picture in Asia Pacific is arguably the most mixed of all three regions. Headline growth of 2.1% hides a range of different trajectories. The standout performers in the region have been the Tier 1 cities in India, led by the Galleria Market precinct in Gurgaon, which recorded an impressive 25% rent growth over the past year. Support was also provided by Connaught in New Delhi and Kemps Corner in Mumbai where rents grew 14% and 10%, respectively. Such growth reflects the premiumisation of retail across India, driven by the rapid rise in household wealth, especially amongst the most affluent households. Retailers are actively seeking to capitalise on the opportunities that this affords. In Tokyo, robust rent growth was recorded in Ginza and Omotesando, rising by 10% and 13%, respectively, while rents remained flat in Shinjuku. More modest growth was recorded for Orchard Road in Singapore and Sydney’s Pitt Street Mall, though both are notable given rents have been largely flat in both locations over recent years. Economic headwinds across Greater China and parts of Southeast Asia had a dampening effect on rents. In the Chinese mainland, subdued domestic consumption has kept inflation in check, while weak tourism in Southeast Asia has compounded challenges, further exacerbated by wider economic uncertainty. Hanoi experienced the steepest declines over the year of almost 7%.
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MAIN STREETS ACROSS THE WORLD RANKINGS BY MARKET 2025
Global Ranking 2025
Global Ranking 2024
Market
City
Location
Rent (USD/sf/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
1
3
UK
London
New Bond Street
$2,231
€20,482
22%
2
1
Italy
Milan
Via Montenapoleone
$2,179
€20,000
0%
3
2
U.S.
New York City
Upper 5th Avenue (49th to 60th Streets)
$2,000
€18,359
0%
4
4
Greater China
Hong Kong
Tsim Sha Tsui (main street shops)
$1,515
€13,907
-6%
5
5
France
Paris
Avenue des Champs Elysées
$1,364
€12,519
0%
6
6
Japan
Tokyo
Ginza
$1,257
€11,538
10%
7
7
Switzerland
Zurich
Bahnhofstrasse
$1,051
€9,644
0%
8
8
Australia
Sydney
Pitt Street Mall
$795
€7,294
4%
9
9
South Korea
Seoul
Myeongdong
$653
€5,997
1%
10
10
Austria
Vienna
Kohlmarkt
$601
€5,520
2%
11
12
U.A.E.
Dubai
Dubai Mall (Fashion Avenue)
$518
€4,759
9%
12
11
Chinese mainland
Shanghai
West Nanjing Road
$517
€4,750
1%
13
13
Singapore
Singapore
Orchard Road
$478
€4,389
2%
14
14
Germany
Munich
Kaufinger/Neuhauser
$418
€3,840
0%
15
16
Greece
Athens
Ermou
$405
€3,720
7%
16
17
Spain
Barcelona
Passeig de Gracia
$373
€3,420
8%
17
15
Vietnam
HCMC
Dong Khoi (main street shops)
$346
€3,172
-6%
18
18
Ireland
Dublin
Grafton Street
$329
€3,024
0%
19
21
Czech Republic
Prague
Parizska Street
$307
€2,820
4%
20
19
Netherlands
Amsterdam
P.C. Hooftstraat
$305
€2,800
0%
21
20
Malaysia
Kuala Lumpur
Suria KLCC
$280
€2,570
3%
22
22
Turkey
Istanbul
Centre - Istiklal Street
$245
€2,251
0%
23
25
Norway
Oslo
Nedre Slottsgate
$224
€2,057
9%
24
23
India
New Delhi
Khan Market
$223
€2,047
3%
25
24
Canada
Toronto
Bloor Street
$217
€1,996
5%
Source: Cushman & Wakefield 2
2 In locations where rental levels are usually reported as Zone A, rents have been standardised so as to be able to compare with other geographies.
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MAIN STREETS ACROSS THE WORLD RANKINGS BY MARKET 2025
Global Ranking 2025
Global Ranking 2024
Market
City
Location
Rent (USD/sf/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
26
31
Hungary
Budapest
Fashion Street
$209
€1,920
33%
27
26
Sweden
Stockholm
Biblioteksgatan
$198
€1,819
0%
28
27
Denmark
Copenhagen
Strøget (including Vimmelskaftet)
$191
€1,749
0%
29
29
Belgium
Antwerp
Meir
$185
€1,700
0%
30
30
Portugal
Lisbon
Chiado
$183
€1,680
4%
31
28
Luxembourg
Luxembourg City
Grande Rue
$170
€1,560
-10%
32
33
Finland
Helsinki
City Centre
$133
€1,224
0%
33
32
Thailand
Bangkok
Central Retail District (CRD)
$130
€1,192
2%
34
41
Brazil
São Paulo
Oscar Freire Jardins
$123
€1,128
65%
35
36
Poland
Warsaw
Nowy Swiat
$120
€1,104
7%
36
35
Serbia
Belgrade
Kneza Mihaila
$118
€1,080
0%
37
34
Mexico
Mexico City
Masaryk
$100
€921
-10%
38
38
Croatia
Zagreb
Ilica Street
$92
€840
0%
39
39
Romania
Bucharest
Calea Victoriei
$92
€840
17%
40
37
Indonesia
Jakarta
Prime
$83
€761
4%
41
42
Bulgaria
Sofia
Vitosha Blvd
$79
€726
6%
42
40
Slovenia
Ljubljana
Čopova
$78
€720
0%
43
43
Slovakia
Bratislava
Obchodná ulica
$59
€540
0%
44
45
Cyprus
Limassol
Anexartisisas Ave
$54
€492
2%
45
46
Lithuania
Vilnius
Gedimino Ave./Pilies St./Didzioji St.
$51
€468
3%
46
44
Philippines
Manila
Makati CBD/BGC (Bonifacio Global City)
$50
€463
1%
47
47
Latvia
Rīga
Kaļķu St./Vaļņu St./Audēju St./Tērbatas St./Kr.Barona St.
$46
€420
0%
48
48
Estonia
Tallinn
Viru Street
$46
€420
9%
49
49
Macedonia
Skopje
Makedonija Street
$37
€336
0%
50
50
Argentina
Buenos Aires
Calle Florida (Av. Cordoba to Av. Corrientes)
$26
€239
17%
Source: Cushman & Wakefield 2
2 In locations where rental levels are usually reported as Zone A, rents have been standardised to be able to compare with other geographies.
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ONGOING ATTRACTION OF THE WORLD’S PREMIER RETAIL STREETS THEN & NOW
1988 (1st Edition)
2025 (35th Edition)
Rank
Market
City
Street
USD/sf/yr
Rank
Market
City
Street
USD/sf/yr
1
U.S.
New York City
East 57th Street
$413
1
UK
London
New Bond Street
$2,231
2
Germany
Munich
Kaufingerstrasse
$273
2
Italy
Milan
Via Montenapoleone
$2,179
Upper 5th Avenue (49th to 60th Sts)
3
Japan
Tokyo
Ginza
$263
3
U.S.
New York City
$2,000
Tsim Sha Tsui (main street shops)
4
UK
London
Oxford Street
$225
4 Greater China
Hong Kong
$1,515
5
France
Paris
Rue du Faubourg St. Honoré $223
5
France
Paris
Avenue des Champs Elysées $1,364
6
Australia
Sydney
Pitt Street
$140
6
Japan
Tokyo
Ginza
$1,257
7
Belgium
Brussels
Rue Neuve
$128
7
Switzerland
Zurich
Bahnhofstrasse
$1,051
8
Canada
Toronto
Bloor Street
$105
8
Australia
Sydney
Pitt Street Mall
$795
9
Ireland
Dublin
Henry Street
$95
9 South Korea
Seoul
Myeongdong
$653
10
Spain
Madrid
Calle de Serrano
$95
10
Austria
Vienna
Kohlmarkt
$601
(Several locations which appear in past ranking are no longer tracked)
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GLOBAL MAIN STREETS’ ENDURING APPEAL
The enduring appeal of the world’s premier main streets lies in their unique blend of heritage, visibility, and cultural cachet. These iconic corridors are more than just retail destinations; they are global stages for brand storytelling, architectural expression, and consumer engagement. For retailers, presence on these streets signals prestige, permanence and proximity to high-spending, trend-sensitive audiences. Their appeal is amplified by tourism, (social) media exposure and compelling foot traffic. In an era of digital saturation, the physical presence on a premier main street remains a powerful differentiator. It’s where luxury meets legacy, and where retail transcends transaction to become a cultural experience. For both established houses and emerging brands, these streets remain the ultimate expression of ambition, relevance, and global reach.
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MOST EXPENSIVE RETAIL LOCATION Upper 5th Avenue (49th-60th Streets) New York City, U.S. US$2,000/sf/yr STRONGEST RENTAL GROWTH (YOY) Oscar Freire Jardins São Paulo, Brazil +65% (US$123/sf/yr) MOST AFFORDABLE RETAIL LOCATION Calle Florida (Av. Cordoba - Av. Corrientes) Buenos Aires, Argentina US$26/sf/yr BIGGEST RENTAL DECLINE (YOY) Oak Street Chicago, U.S. -14% (US$400/sf/yr)
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Upper Fifth Avenue in NYC is in the midst of a transformation, blending its storied heritage with a fresh, modern energy. The stretch between 49th and 60th Streets, once home to icons like Henri Bendel and Lord & Taylor, is redefining luxury. In 2025, Prada opened a men’s-only flagship at 720 Fifth, while Skims took over the former Versace space with a sleek, three- story boutique—marking a shift toward more inclusive, experiential retail. The city’s $400M redesign, featuring wider sidewalks and lush greenery, is turning the avenue into a more pedestrian-friendly destination. Still the most expensive retail corridor in the U.S., Fifth Avenue is evolving beyond prestige. Tourists and locals are staying longer, drawn by immersive brand experiences and a more welcoming streetscape. It’s no longer just about shopping— it’s about connection and storytelling.
President of Americas Retail Services
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AMERICAS
Americas Ranking 2025
Americas Ranking 2024
Market
City
Location
Rent (USD/sf/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
1
1
U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S.
New York City New York City
Upper 5th Avenue (49th to 60th Streets)
$2,000 $1,350 $1,120 $950 $500
€18,359 €12,392 €10,281 €8,720 €4,590 €4,590 €4,590 €4,406 €4,085
0% 8% 2%
2 3 4 5 5 5 8 9
2 3 4 5 5 7
Madison Avenue (57th to 72nd Streets)
Los Angeles
Rodeo Drive (Beverly Hills)
New York City
SoHo (Broadway to West Broadway, West Houston to Canal Streets)
9%
Miami
Design District
0% 0%
Honolulu
Kalakaua Avenue
$500 $500 $480 $445 $400 $350 $250
San Francisco
Union Square
1%
10
Boston
Newbury Street Las Vegas Blvd.
9%
9
Las Vegas
1%
10
8
Chicago Chicago
Oak Street
€3,672
-14%
11
11
North Michigan Avenue South Congress (SoCo)
€3,213
-3% 0% 11% 12% 5% 5% 0% 13% 0% 0%
12 13 14 15 16
12 13 15 14 16
Austin
€2,295 €2,295 €2,065 €1,996 €1,928 €1,836 €1,652 €1,377 €1,164 €1,147
Palm Beach
Worth Avenue
$250
Miami
Lincoln Road
$225
Canada
Toronto
Bloor Street
$217
U.S. U.S. U.S. U.S.
Miami
Brickell Boulevard Corridor
$210
17
17
Houston
River Oaks District
$200 $180 $150 $127 $125 $123 $114 $110 $100 $100
18 19
18 19
Washington, DC
Georgetown
Miami
Wynwood
20
20
Canada
Montreal
Saint-Catherine West
21
21
U.S.
Palm Beach
Delray Beach-Atlantic Avenue
4%
22 23 24 25 25 25 28 29 30
26 25 23 22 28 24 29
Brazil
São Paulo
Oscar Freire Jardins
€1,128
65% 20%
Canada
Vancouver
Robson Street
€1,051 €1,010
U.S.
Fort Lauderdale
Las Olas Masaryk
10%
Mexico
Mexico City São Paulo San Diego
€921
-10%
Brazil
Faria Lima
€920 €918 €821 €784 €450 €399 €239
43%
U.S.
Del Mar Heights Blvd (Suburban Del Mar Heights)
$100
0%
Brazil Brazil
Rio de Janeiro Rio de Janeiro
Visconde de Pirajá
$89 $85 $49 $43 $26
30% 20% -13%
27
Garcia D'avilla (Ipanema)
30
U.S.
Seattle Calgary
CBD/Core
31
31
Canada
17th Avenue
9%
32
32
Argentina
Buenos Aires
Calle Florida (Av. Cordoba to Av. Corrientes)
17%
Source: Cushman & Wakefield
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MOST EXPENSIVE RETAIL LOCATION Tsim Sha Tsui (main street) Hong Kong, Greater China US$1,515/sf/yr STRONGEST RENTAL GROWTH (YOY) Galleria Market Gurgaon, India +25% (US$169/sf/yr) MOST AFFORDABLE RETAIL LOCATION Chennai Anna Nagar 2nd Avenue, India US$25/sf/yr BIGGEST RENTAL DECLINE (YOY) Trang Tien Hanoi, Vietnam -7% (US$312/sf/yr)
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Singapore’s iconic shopping boulevard, Orchard Road, continues to set the standard for luxury and lifestyle retail in Asia Pacific.
Once a colonial-era thoroughfare, Orchard Road anchors the city’s tourism and retail revival. With prime space occupancy above 98% in Tier 1 malls, competitive tension remains fierce.
While Hong Kong is seeing signs of revival, and the growing importance of Ginza and Myeongdong is undeniable, top brands continue to vie for space on Orchard Road —not just to attract footfall, but to establish their presence in the Asia market and position Singapore as the “gateway” to the fastest growing region around the globe. The street is a shining example of how retail is being reimagined to meet the needs of today’s consumers. The district’s focus on sustainability, public space enhancement, and experiential retail is transforming shopping, as well as creating a blueprint for urban communities worldwide. This approach firmly establishes it as a vibrant destination where retail, culture, and entertainment come together.
Head of Retail Sales & Strategy, APAC
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APAC
APAC Ranking 2025
APAC Ranking 2024
Market
City
Location
Rent (USD/sf/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
1
1
Greater China Greater China
Hong Kong Hong Kong
Tsim Sha Tsui (main street shops) Causeway Bay (main street shops)
$1,515
€13,907 €12,610 €11,538
-6% -4% 10% 13% 14%
2 3 4
2 3 4
$1,374 $1,257 $1,028
Japan Japan Japan
Tokyo Tokyo Osaka Sydney
Ginza
Ometesando
€9,441
5
5
Midosuji
$914
€8,392 €7,294 €6,669 €6,294 €5,997 €5,302 €4,750 €4,389 €3,886 €3,742 €3,382
6
6
Australia
Pitt Street Mall
$795 $726 $686 $653
4%
7
7
Greater China
Hong Kong
Central (main street shops)
1%
8
8
Japan
Tokyo Seoul Seoul
Shinjuku
0%
9
9
South Korea South Korea
Myeongdong
1%
10
10
Gangnam Station
$578
4%
11
11
Chinese mainland
Shanghai
West Nanjing Road
$517
1%
12 13 14 15 16
12 13 13 15 16
Singapore
Singapore
Orchard Road
$478 $423 $408 $368 $346 $336
2% 2%
Chinese mainland Chinese mainland Chinese mainland
Shanghai
East Nanjing Road
Beijing
CBD
-2%
Nanjing
Xinjiekou
1%
Vietnam
HCMC
Dong Khoi (main street shops)
€3,172
-6%
17
17
Australia
Melbourne
Bourke Street
€3,086 €2,865 €2,787 €2,720 €2,570 €2,490 €2,087 €2,047
0%
18 19
18 19
Vietnam
Hanoi
Trang Tien & Hang Khay (main street shops)
$312
-7% -3%
Chinese mainland Chinese mainland
Hangzhou
Wulin
$304 $296 $280
20
20
Chengdu
Central Business District
-1%
21
22
Malaysia
Kuala Lumpur
Suria KLCC
3%
22 23 24 25 26 26 28 29
21
Chinese mainland Chinese mainland
Chongqing Guangzhou
Guanyinqiao
$271
-1% 2% 3% 0% 14% 25%
24 23 25 30
Tianhe Sports Centre
$227 $223 $202 $169 $169 $157 $156
India
New Delhi
Khan Market
Australia
Brisbane
Queen Street Mall
€1,851
India India
New Delhi
Connaught
€1,550 €1,550 €1,439 €1,436
31
Gurgaon
Galleria market
26
Chinese mainland Chinese mainland
Shenzhen
Luohu
-5%
27
Qingdao
0%
Source: Cushman & Wakefield
20
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
APAC
APAC Ranking 2025
APAC Ranking 2024
Market
City
Location
Rent (USD/sf/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
30
28 28 32 33 34 36 35 38
Chinese mainland Chinese mainland Chinese mainland
Dalian
$155
€1,425 €1,367 €1,206 €1,192 €1,135 €809 €806
-1%
31
Wuhan
Wuguang
$149
-5% -2%
32 33 34 35 36
Xiamen
SM-Railway Station Area
$131
Thailand
Bangkok
Central Retail District (CRD)
$130 $124 $88 $88 $84 $83 $76 $74 $56 $55 $50 $49 $46 $45 $44 $30 $30 $26 $25
2% 6%
India
Mumbai
Linking Road, Western Suburban
Chinese mainland
Tianjin
-3%
India
Kolkata
Park Street
0%
37
Chinese mainland
Shenyang
€770 €761 €701 €682
-3%
38 39 40
37
Indonesia
Jakarta
Prime
4%
39
India India India India
Mumbai Mumbai
Fort/Fountain, South Mumbai Kemps Corner, South Mumbai
1%
40
10%
41
41
Bengaluru Bengaluru
Brigade Road
€515
4% 8%
42 43 44 45 46
42
Vittal Mallya Road
€509 €463 €447 €422
44 43 45
Philippines
Manila
Makati CBD/BGC (Bonifacio Global City)
1%
India India India
Pune
M G Road
0% 3% 8% -2% 0% 0%
Bengaluru
Indiranagar 100 Feet Road
47
Pune Xi'an
FC Road
€416
47
46 48 48 50
Chinese mainland
€402 €279 €279 €236 €229
48 48 50
India India India India
Hyderabad Hyderabad
Banjara Hills
Himayathnagar
Chennai Chennai
Pondy Bazaar
6% 6%
51
51
Anna Nagar 2nd Avenue
Source: Cushman & Wakefield
LCY = local currency
21
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
EMEA
MOST EXPENSIVE RETAIL LOCATION New Bond Street London, UK US$2,231/sf/yr STRONGEST RENTAL GROWTH (YOY) Fashion Street Budapest, Hungary +33% (US$209/sf/yr) MOST AFFORDABLE RETAIL LOCATION Makedonija Street Skopje, Macedonia US$37/sf/yr BIGGEST RENTAL DECLINE (YOY) Grand Rue Luxembourg City, Luxembourg -10% (US$170/sf/yr)
22
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
New Bond Street has seen remarkable rental growth over the past year, with the biggest increases focused in the prime jewellery section between Clifford Street and Burlington Gardens. This surge is fueled by strong demand from luxury jewellers eager to secure space in this high-performing area. London’s broader retail revival, with double-digit rental growth on Oxford and Regent Streets, has added to the momentum. Meanwhile, major luxury groups acquiring properties for owner occupation have displaced some tenants and driven early lease renewals, as brands look to lock in their presence on this iconic street. With a low vacancy rate of just 5%, ongoing public realm improvements, and its status as the world’s most expensive retail destination, New Bond Street continues to cement its reputation as a global retail powerhouse and a magnet for luxury brands.
Head of EMEA Retail
23
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
EMEA
Europe Ranking 2025
Europe Ranking 2024
Market
City
Location
Rent (USD/sf/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
1
2
UK
London
New Bond Street
$2,231 $2,179 $1,743 $1,364 $1,083 $1,083 $1,051 $923 $872
€20,482
22%
2 3 4 5 5 7
1
Italy Italy
Milan
Via Montenapoleone
€20,000 €16,000 €12,519 €9,941 €9,941
0%
3
Rome
Via Condotti
7%
4 7 5 6
France France France
Paris Paris Paris
Avenue des Champs Elysées
0% 4% 0% 0% 0%
Avenue Montaigne
Rue St. Honoré Bahnhofstrasse
Switzerland
Zurich
€9,644 €8,469 €8,008 €7,600 €7,500 €7,280 €7,000 €6,964
8
8
France France
Paris Paris
Rue du Faubourg St Honoré
9
9
Place Vendôme/Rue de la Paix
1%
10
10 13 12
Italy Italy
Rome
Piazza Di Spagna
$828
0%
11
Milan
Corso Vittorio Emanuele
$817
17%
12 13 14 15 16
UK
London
Covent Garden
$793 $763 $759 $662 $654 $649
10%
18
Italy
Florence
Via Strozzi
30%
11
UK
London
Sloane Street
0%
15
France
Cannes
La Croisette
€6,075
3%
14 16
Italy
Florence
Via Roma
€6,000
0%
17
UK
London
Regent Street Via del Corso Oxford Street
€5,958
10%
18 19
17
Italy
Rome
$632
€5,800 €5,586 €5,520 €4,906 €4,800 €4,608 €3,840 €3,720 €3,420 €3,360 €3,300 €3,024
5%
20
UK
London
$609
11%
20
18 21
Austria
Vienna
Kohlmarkt
$601
2%
21
UK
London
Brompton Road
$534 $523 $502
0% 0% 0% 0% 7% 8% 0%
22 23 24 25 26 27 28 29
22 23 24 25
Austria
Vienna
Karntnerstrasse/Graben
Switzerland
Geneva Munich Athens
Rue de Rhone
Germany
Kaufinger/Neuhauser
$418
Greece
Ermou
$405
27
Spain
Barcelona
Passeig de Gracia
$373
26 28 29
Germany
Munich Madrid
Maximilianstraße
$366 $359 $329
Spain
Calle Serrano
8%
Ireland
Dublin
Grafton Street
0%
Source: Cushman & Wakefield 3
3 In locations where rental levels are usually reported as Zone A, rents have been standardised so as to be able to compare with other geographies.
24
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
EMEA
Europe Ranking 2025
Europe Ranking 2024
Market
City
Location
Rent (USD/sf/yr)
Rent (EUR/sqm/yr)
YOY (LCY)
30 30 30 30 34 35 36
30 30 30 30
Germany Germany Germany Germany
Berlin
Tauentzienstrasse
$327 $327 $327 $327 $307 $305 $245 $224 $209
€3,000 €3,000 €3,000 €3,000 €2,820 €2,800
0% 0% 0% 0% 4% 0% 0%
Frankfurt Hamburg Dusseldorf
Zeil
Spitalerstraße
Konigsallee
35
Czech Republic
Prague
Parizska Street
34 36
Netherlands
Amsterdam
P.C. Hooftstraat
Turkey
Istanbul
Centre - Istiklal Street
€2,251
37
37
Norway
Oslo
Nedre Slottsgate
€2,057
9%
38 39 40
44 38 39
Hungary
Budapest
Fashion Street
€1,920
33%
Sweden
Stockholm
Biblioteksgatan
$198
€1,819
0% 0% 0% 4% 0%
Denmark
Copenhagen
Stroget (including Vimmelskaftet)
$191
€1,749
41
41
Belgium
Antwerp
Meir
$185 $183 $180 $170
€1,700 €1,680 €1,650 €1,560
42 43 44 45 46
43 42 40
Portugal
Lisbon
Chiado
Belgium
Brussels
Rue Neuve
Luxembourg
Luxembourg City
Grande Rue
-10%
45
Finland
Helsinki Warsaw Belgrade
City Centre
$133
€1,224
0%
47
Poland
Nowy Swiat
$120 $118 $92 $92
€1,104
7%
47
46 48 49
Serbia
Kneza Mihaila
€1,080
0% 0% 17%
48 48 50
Croatia
Zagreb
Ilica Street
€840 €840 €726 €720 €540 €492 €468 €420 €420
Romania Bulgaria Slovenia
Bucharest
Calea Victoriei
51
Sofia
Vitosha Blvd
$79 $78 $59 $54
6%
51
50 52 53 54 55 56
Ljubljana
Čopova
0% 0% 2% 3% 0%
52 53 54 55 55
Slovakia
Bratislava
Obchodna ulica
Cyprus
Limassol
Anexartisisas Ave
Lithuania
Vilnius
Gedimino Ave./Pilies St./ Didzioji St.
$51
Latvia
Rīga
Kaļķu St./Vaļņu St./Audēju St./Tērbatas St./Kr.Barona St.
$46 $46
Estonia
Tallinn
Viru Street
9%
57
57
Macedonia
Skopje
Makedonija Street
$37
€336
0%
Source: Cushman & Wakefield 3
4 In locations where rental levels are usually reported as Zone A, rents have been standardised so as to be able to compare with other geographies.
25
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
ECONOMIC OUTLOOK
FIGURE 2A: BUSINESS CONFIDENCE
50
The global economy entered 2025 in comparatively healthy form, with several green shoots emerging. Inflation was under control and central banks across the world had started to pivot from restrictive monetary policy to a more accommodative stance through interest cuts. At the same time, businesses were increasingly optimistic on the outlook and consumer sentiment had started to improve. The hard shift in economic policy announced by the Trump administration in early April, marked by the imposition of tariffs on all of the U.S.’ global trading partners, triggered unprecedented levels of economic uncertainty and a sharp decline in confidence. Given the widespread nature of the tariff announcements, all economies have been impacted—whether they run a trade surplus with the U.S. or not.
40
1st Nov 2024
30
20
10
25th April 2025
0
-10
-20
-30
-40
-50
Source: OECD
26
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
Fast forward to the present—economic growth is slowing around much of the world as the impacts of tariffs and weak consumer sentiment have taken hold. The pace of this slowdown is highly variable. Economies that are particularly trade-exposed and with weak domestic consumption have been impacted the most. Conversely, economies where domestic consumption has remained robust or where it has been supported by tourism expenditure, such as in southern Europe, have performed more strongly. Despite this weaker economic backdrop, positive retail sales growth has been recorded across most of the world. On a more positive note, while the situation remains fluid, there has been some stabilisation in confidence. Near-term economic trajectories are becoming clearer, though downside risks persist. Growth is expected to stay sluggish in the near term, but inflation remains largely under control. In the U.S., a cautious stance on rate cuts has given central banks flexibility to implement further reductions, if needed, to boost growth. As a result, regional economies are forecast to hit their nadir in Q4 2025 or Q1 2026 before experiencing an uptick in growth that is expected to last through the year and into 2027.
FIGURE 2B: CONSUMER SENTIMENT
110
108
106
104
102
100
98
96
94
92
90
AUS
CHN
JPN
KOR
Euro
UK
US
Source: OECD
27
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
TARIFFS AND RETAIL
Global retail supply chains are being reshaped by tariffs, geopolitical uncertainty, and shifting consumer expectations. U.S. retailers, especially, face a turbulent 2025 holiday season as new tariffs have caused cost spikes and forced early decisions on inventory requirements. While most holiday stock is already stateside, price hikes loom for 2026, while seasonal hiring is weak.
Retailers are consequently accelerating supply chain diversification strategies to not only hedge against tariffs, but more broadly improve resilience to shocks. Nearshoring is gaining traction, particularly in Eastern Europe and Latin America, as companies seek shorter lead times and compliance-driven sourcing models. Port congestion adds another layer of complexity. Tariff-driven surges and equipment shortages have created bottlenecks at U.S. gateways, raising detention fees and threatening delivery timelines. For retailers, agility is now non-negotiable: those investing in predictive analytics, micro-fulfillment, and diversified sourcing will outperform peers in “wait-and-see” mode.
28
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
GDP AND CPI FORECAST
GDP (REAL AVERAGE ANNUAL)
CPI (YOY)
2025
2026
2027
2025
2026
2027
3.0%
3.4%
2.4%
North America
1.7%
1.5%
1.8%
9.0%
6.0%
4.4%
South America
2.9%
2.2%
2.9%
2.1%
2.0%
1.9%
Euro Zone
0.8%
1.1%
1.7%
1.7%
1.8%
1.9%
Asia Pacific
3.8%
3.3%
3.6%
3.4%
2.9%
2.5%
Global
2.5%
2.2%
2.7%
Source: Moody’s Analytics; Cushman & Wakefield
29
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
From a retail perspective, consumer sentiment and the labour market remain key indicators. While consumer sentiment has dipped this year, it still remains close to neutral territory. Furthermore, past trends suggest that the combination of improving economic growth and interest rate cuts can generate significant momentum, driving sentiment firmly back into positive territory. This is where the job market remains pivotal. Globally, employment has remained remarkably resilient and whilst a modest amount of softening is expected, its overall strength will support consumer spending, especially as real wage increases are also forecast for the year ahead.
FIGURE 3: REAL RETAIL SALES VALUE GROWTH 2024-27
6%
5%
4%
3%
2%
1%
0%
Source: Moody’s Analytics
30
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
INTERNATIONAL TOURISM
FORECAST INBOUND INTERNATIONAL TOURIST GROWTH BY REGION, 2025-26
In spite of global economic uncertainty and ongoing geopolitical tension, international tourism continues to flourish, with international arrivals forecast to grow by over 8% in 2025 and a further 7.4% in 2026. Asia Pacific is the fastest growing region for inbound tourist arrivals at a forecast 11% in 2025 and is expected to exceed 2019 levels, indicating a full recovery for the region. Inbound travel to China has been especially strong recently, reflecting strategic policy reforms and infrastructure investment such as easing visa regulations, increasing air connectivity, and upgrading accommodations. Travel to Europe has also started 2025 strongly, with growth not only in traditional Southern European destinations, but also destinations in Central and Eastern Europe. In contrast, inbound travel to North America is expected to decline. Recent data has demonstrated that sentiment headwinds are negatively impacting the U.S. tourism sector. Travel from Canada to the U.S. has experienced a significant decline through 2025 so far. A strong U.S. dollar has had a compounding impact. Stronger inbound tourism growth is expected to return in 2026. This underlying level of growth is expected to push global international tourist expenditure to new record levels of US$2.1 trillion (according to WTTC) in 2025, exceeding the current peak of US$1.9 trillion in 2019. The world’s premier retail streets are key beneficiaries of this expenditure, not only as tourists seek new and iconic shopping experiences whilst on their travels, but also as international tourists, especially those travelling long-haul, tend to be less price-sensitive and more experience-driven consumers.
2025
Global
2026
Oceania
North America
Middle East
Europe
Central & South America
Asia & the Pacific
Africa
-5%
0%
5%
10%
15%
20%
Source: Tourism Economics
31
CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
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