Soaring rents have seen London’s New Bond Street rise to become the world’s third most expensive retail street, according to a report by Cushman & Wakefield.

The annual Main Streets Across The World report, now in its 29th edition, tracks 451 of the top retail streets around the globe and ranks the most expensive in 68 countries by prime rental value using Cushman & Wakefield’s proprietary data.

Upper Fifth Avenue remains the most expensive main street in the world, while Hong Kong’s Causeway Bay retains its second-place position despite a 4.7 percent fall in average rents.

London’s New Bond Street leapt into third place in the global rankings in 2017 as rents increased by over a third (in local currency) on the previous year to €16,200 (US$19,200) per square meter per year. The increase relative to other global destinations underlines the strength of London’s premium retail offer and strong demand for prime retail space in the West End.

Milan’s Via Montenapoleone, where rents rose 12.5 percent on the year to €13,500 (US$16,000) per square meter per year, was ranked fourth, while the Avenue des Champs-Élysées in Paris, where rents are €13,255 (US$15,700) per square meter per year, fell to fifth place despite rents remained unchanged over the year.

Report author Darren Yates, head of Europe, Middle East, and Asia retail research at Cushman & Wakefield, said: “Despite a lot of negative headlines, global retail remains as dynamic and vibrant as ever in response to technological and demographic change across the world. Premium retail destinations, including New York’s Upper Fifth Avenue, Hong Kong’s Causeway Bay, and London’s New Bond Street, are highly sought after by international brands seeking to create engaging retail experiences that offer something new and exciting. The most innovative retailers are combining their online and physical platforms to create a seamless omni-channel experience for the customer, but profile and location play such a crucial role in the premium retail experience.”

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