Cushman & Wakefield: New York’s Fifth Avenue, the undisputed commercial artery of luxury

The 33rd edition of Cushman & Wakefield’s annual survey once again crowns New York’s Fifth Avenue as the world’s most expensive shopping street. The American commercial real estate consultancy also notes the rise of Milan’s Via Montenapoleone, which overtakes London’s New Bond Street in second place.

 

Since the globalization of contemporary luxury, competition for what Cushman & Wakefield calls “the best urban locations” has become increasingly fierce.

 

In its latest annual study, entitled “Main Streets Across The World”, the market leader in commercial real estate highlights current developments in the luxury physical retail sector.

 

Since 1988, Cushman & Wakefield has been scrutinizing the rental values of the main commercial arteries – the preferred playground of luxury brands – in some 100 cities across the globe.

 

In an age of digitalization and the advent of generative artificial intelligence, the physical boutique and, above all, the brand flagship still have something to say.

 

Big Apple First and Milanese aggiornamento

 

At $2,000 a year per square foot (20,384 euros per square meter) in 2023, Fifth Avenue on the island of Manhattan proves to be the most desirable drop-off point, in first place in the ranking, a position that remains stable compared to the 2022 and 2021 editions.

More precisely, it’s the upper Fifth Avenue between 49th and 60th Streets in New York.

 

It was this strategic location – at number 727 – that the LVMH Group chose to renovate its Landmark Tiffany, which reopened at the end of April. The address has been an integral part of the New York jeweller’s DNA for 80 years.

 

Milan’s Via Montenapoleone is now the second most expensive luxury shopping street. Rents in the Lombardy metropolitan area rose by 20% this year to $1766 per square foot (€18,000 per square metre).

 

Hong Kong’s Tsim Sha Tsui Avenue came third, with rents up 4% to $1,493 per square foot (15,219 euros per square meter).

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Featured Photo: © OMA/Tiffany

Victor Gosselin
Victor Gosselin
Victor Gosselin is a journalist specializing in luxury, HR, tech, retail, and editorial consulting. A graduate of EIML Paris, he has been working in the luxury industry for 9 years. Fond of fashion, Asia, history, and long format, this ex-Welcome To The Jungle and Time To Disrupt likes to analyze the news from a sociological and cultural angle.

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