The world's most expensive street is deserted

New York's Fifth Avenue (USA) is the most expensive retail area in the world , followed by Milan's Via Montenapoleone (Italy) and Tsim Sha Tsui, Hong Kong (China) is the third most expensive in the world .

The newly released World Retail Avenues 2023 report by Cushman & Wakefield said that the rental price on Dong Khoi Street is equivalent to 350 USD/ ^m2 /month. This figure increased by 17% over the same period and increased by 40% compared to before the pandemic. Thus, the rental price on Dong Khoi Street is higher than the most expensive streets in Munich (Germany), Amsterdam (Netherlands) or Bangkok (Thailand), bringing this street to 13th place in the ranking of the most expensive retail avenues in the world. However, the current reality on Dong Khoi Street is that there are more and more closed premises with for rent signs.

Many premises on Dong Khoi Street are closed and have signs for rent.

In addition to Dong Khoi Street, Trang Tien Street (Hanoi) is also in the group of most expensive retail space for rent in the Asia- Pacific region. The rental price here has increased by 20% compared to the same period and 50% compared to before the pandemic, reaching nearly 300 USD/ ^m2 /month. This figure brings Trang Tien Street up 3 places to 17th in the region compared to last year.

According to Dr Dominic Brown, Director of International Markets Research, Asia Pacific, Asia Pacific’s leading bricks-and-mortar retail destinations continue to command high rents, accounting for four of the top 10 most expensive locations globally. The region recorded average rent growth of 5.3% year-on-year, which, combined with a relatively strong economic outlook for 2024, bodes well for a continued recovery in the retail sector in key luxury markets.

Across retail, Cushman & Wakefield sees positive growth in luxury sales, albeit at a slower pace. More than 95% of luxury brands are reporting profit growth in 2022 and into early 2023. Despite the challenges ahead, luxury retail is expected to continue to perform well, thanks to its core customer base, which is less affected by rising living costs.

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