- Cushman & Wakefield’s flagship global retail report Main Streets Across The World focuses on headline rents in best-in-class urban locations, many linked to luxury sector
- In its 35th edition, rents on New Bond Street ($24,008 per square meter per year) have leapfrogged Milan’s Via Montenapoleone and New York’s Upper Fifth Avenue to top the global rankings
- 58% of tracked retail streets saw rent increases, reflecting demand for space far exceeding availability
- Vietnam’s luxury retail corridors, notably Trang Tien in Hanoi, have shown strong rental growth, while main street shops have experienced a decrease, reflecting local market dynamics.
VIETNAM – 27 February 2026 – London’s New Bond Street, where rents have risen by 22% in the past year to $24,008 per square meter per year (psqm/yr), has been crowned the world’s most expensive retail destination for the first time, according to Cushman & Wakefield (NYSE: CWK).
New Bond Street has leapfrogged Milan’s Via Montenapoleone ($23,446 psqm/yr), which last year became the first European street to top the global rankings, and New York’s iconic Upper Fifth Avenue ($21,520 psqm/yr), in the 35th edition of the firm’s flagship retail report ‘Main Streets Across the World’.
New Bond Street’s rental growth has been fuelled by strong demand and limited supply, with the prime jewellery section between Clifford Street and Burlington Gardens becoming one of the most fiercely contested locations in global retail.
Globally, rents grew on average at 4.2% with 58% of markets experiencing rental growth. The Americas led regional rental growth at 7.9%, driven by currency effects in South America. Europe experienced steady 4% year-on-year (y-o-y) growth, with standout performances in Budapest and London. Meanwhile rents in Asia Pacific slowed to 2.1%, with strong growth in India and Japan offset by economic headwinds in Greater China and Southeast Asia.
Report author and Cushman & Wakefield’s Head of International Research, Dr. Dominic Brown, said:
“Prime retail corridors are benefiting from a convergence of factors including resilient economic growth, easing cost of living pressures, and a renewed appetite for discretionary spending. While growth trajectories will vary by market, the strength of flagship locations is clear. We’ve seen exceptional double-digit rental growth in select cities, even as others face pressure. The continuing importance of physical retail, particularly for deep and meaningful brand engagement in places where consumers want to be, reinforces the enduring appeal of the world’s premier shopping streets and we expect this momentum to strengthen as global conditions improve.”
Table 1: Main Streets Across the World – Global Ranking by Market 2025
Source: Cushman & Wakefield
Rental growth in Asia Pacific slowed from 2.8% in 2024 to 2.1% in 2025, though performance varied widely across markets. India’s Tier 1 cities led the region, with Gurgaon’s Galleria Market recording a 25% increase, followed by Connaught Place in New Delhi (14%) and Kemps Corner in Mumbai (10%). Japan’s Ginza and Omotesando in Tokyo saw strong growth of 10% and 13% respectively, while rents in Hong Kong’s Tsim Sha Tsui declined by 6% to $16,292 psqm/yr. Sydney’s Pitt Street Mall recorded modest growth of 4%, reaching $8,552 psqm/yr, marking a return to positive momentum after years of stagnation.
Cushman & Wakefield’s Asia Pacific Head of Retail Sales & Strategy Sona Aggarwal, said:
“Asia Pacific retail is demonstrating resilience despite economic challenges. India, Korea and Japan are leading growth with strong demand and premiumisation. Confidence is picking up in Singapore and Sydney, with rents inching higher. Vietnam and parts of Greater China remain a little soft due to geo-political and economic headwinds. On balance, shifting shopper habits and highly adaptive retailer strategies driving innovation in “phygital” experiences keep our dynamic region poised for long-term growth."
Table 2: Main Streets Across the World – Asia Pacific Ranking by Location 2025
While Vietnam’s street‑front shops saw an overall decline in rents, the luxury retail market continues to demonstrate resilience and growth as brands expand selectively. This contrast reflects luxury retailers’ selective site choices, with retail rents reaching record highs in spaces within luxury hotels. Both Hanoi and Ho Chi Minh City’s luxury segments show comparable revenue momentum, reinforcing Vietnam’s rising status within Asia Pacific retail.
Amidst limited availability of prime floor plates, Hanoi’s luxury retail landscape is becoming increasingly bifurcated. While average street rents on Trang Tien have seen a tactical adjustment of -7% YoY, high-spec shopping mall and luxury hotel retail podiums within the same district (Hoan Kiem) continue to command a premium and have increased 4% yoy. Driven by robust demand from international brands, these prime institutional-grade spaces have seen rents trend upward, reflecting a flight-to-quality among luxury occupiers.
Minh Hoang, Country Head, Vietnam, said: “Vietnam’s luxury retail sector is experiencing a period of dynamic growth, especially in Hanoi and Ho Chi Minh City. Amid the limited supply of prime retail space in both cities, demand from luxury brands—especially major labels from France, Italy, and South Korea—continues to rise as they seek new openings in the Vietnamese market. This supply-demand imbalance has driven rental rates upward across prime locations, including both high-street shophouses and shopping malls.”
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