Cushman & Wakefield’s 2024 world ranking is dominated for the first time by a European city, in this case via Montenapoleone in Milan, Italy’s fashion capital. The majority of the 138 thoroughfares surveyed by the real estate specialist posted rising rents.
The old continent has not said its last word when it comes to luxury. Italy in particular. Renowned for its fashion, creativity and expertise, the country now boasts a new gold medal: that of the world’s most expensive shopping street, via Montenapoleone in Milan.
This is the first time that a European street has taken the top step since the professional real estate specialist Cushman & Wakefield began compiling rental rankings for the world’s major cities. For its 34th edition, the “Main Streets Across the World” report looked at 138 shopping streets.
Ahead of 5th Avenue
Thanks to an 11% rise in rents over the last year (+30% over the last two years) to 20,000 euros per square metre per year, via Montenapoleone stole the show from the mythical 5th Avenue in New York, and more precisely the stretch between 49th and 60th Streets, which topped the previous ranking. Its rents (19,537 euros per square meter) have remained unchanged over the last two years.
The report points out, however, that “in addition to strong demand from retailers in a context of limited availability, via Montenapoleone has also benefited from the appreciation of the euro against the US dollar ”.
Although now located outside the European Union, and outside the euro perimeter, another street on the old continent also moved up a notch, taking this year’s bronze medal. With an average rent increase of 13% to 19,537 euros per square metre, London’s New Bond Streetovertook Hong Kong’s Tsim Sha Tsui. Hong Kong’s Tsim Sha Tsui (15,697 euros/sq.m. ), although dynamic, was not as dynamic (+7% ) as London’s New Bond Street.
Olympic Games effect
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Read also > Cushman & Wakefield: New York’s Fifth Avenue, the undisputed luxury shopping street
Front page photos: © Via Montenapoleone
