Via Montenapoleone in Milan moved up to second place and improved on the previous year, followed by New Bond Street in London (4th place), Avenues des Champs-Élysées in Paris (5th place) as well as Bahnhofstrasse in Zurich (7th place).
The Kohlmarkt in Vienna has also improved by one place and is now in the top 10 of the world rankings, making it the only Austrian shopping street in the top 50. The rental price on Kohlmarkt is 5,160 euros / sq m, which represents an increase of 6 % compared to pre-pandemic times.
According to the annual report “Main Streets Across the World” by commercial real estate service provider Cushman & Wakefield, Upper 5th Avenue in New York City tops the list of the world’s most expensive shopping streets with a rental price of 20,384 euros per square meter. Tsim Sha Tsui in Hong Kong is in third place at around 5,000 euros less per square meter than in New York City.
The biggest leap forward, from 31st to 20th place, was made by Istiklal Street in Istanbul. Compared to the previous year, rents have increased by 120% and now stand at 2,500 euros. In Milan’s Via Napoleone, the increase was 20% in comparison.
The sharpest fall in rents compared to the previous year was recorded in Helsinki city center with a drop of 14 %. Compared to the times before the pandemic, this is a decrease of 24 %.
The situation is different in the 2023 European ranking compared to the previous year: here, the top 10 shopping streets include Italy three times, France five times, Switzerland and the UK.
Milan’s Via Montenapoleone remains in the lead with a price per square meter of 18,000 euros, followed by New Bond Street in London and Via Condotti in Rome. Vienna’s Kohlmarkt has moved down one place in this ranking and is currently in 17th place, while Kärntnerstrasse / Graben in Vienna has moved up to 23rd place.
According to the report by Cushman & Wakefield, the lowest prices per square meter in Europe are in Skopje on Makedonija Street at around 336 euros.