Romania’s Victory Avenue (Calea Victoriei) climbs four positions compared to 53rd place last year in Cushman & Wakefield’s annual Main Streets Across the World report.
Calea Victoriei has entered the first 50 most expensive retail streets around the globe in terms of the rent perceived for spaces. This year, Calea Victoriei ranks 49th, with a rent of EUR 564/sqm/year. In 2006, the annual rent for a sqm of commercial space on Calea Victoriei was EUR 1,080, and in ten years it was halved.
However, Romania ranks last positions among the European countries in terms of commercial spaces density, with 104 sqm per thousand inhabitants, while Norway has the highest value of 921 sqm.
New York’s Upper 5th Avenue remains the world’s most expensive retail street, narrowly ahead of Hong Kong’s Causeway Bay, but rental values have decreased in both as brands balance the demands of physical and online presences, according to Cushman & Wakefield.
Paris’ Avenue des Champs Élysées, where annual rents are USD 1,368 per square foot, is third, London’s New Bond Street is fourth (USD 1,283) with Tokyo’s Ginza leapfrogging into fifth place with annual rents totaling USD 1,249.
London’s New Bond Street – second most expensive street in EMEA – saw rents rise by 14.3 percent over the last 12 months, although this was outstripped by Covent Garden at 31.6 percent over the same period, followed by Sloane Street (27.3 percent).
Milan’s Via Montenapoleone recorded 20 percent growth over the year to June, solidifying its third position in the EMEA ranking, reaffirming the allure of the city for both mass market and luxury retailers.
The annual Main Streets Across the World report tracks 462 of the top retail streets around the globe, ranking them by their prime rental value utilising Cushman & Wakefield’s proprietary data. Now in its 28th edition, the report also includes a ranking of the 71 most expensive streets – the top one per country. This year’s report showed that 36 percent of all streets analysed saw rental gains.