FM newsroom – RetailRealEstate, MarketInsights. London’s New Bond Street has claimed the title of the world’s most expensive retail street for the first time, according to Cushman & Wakefield’s latest report. Central and Eastern Europe also saw notable momentum, with Budapest emerging as one of the region’s strongest performers.
London Climbs to the Top of the Global Ranking
Cushman & Wakefield’s 35th Main Streets Across the World report shows that New Bond Street has overtaken both Milan’s Via Montenapoleone and New York’s Upper Fifth Avenue. Rents on New Bond Street rose by 22% over the past year, reaching USD 2,231 per sq ft per year.
Via Montenapoleone now ranks second at USD 2,179 per sq ft per year, followed by Upper Fifth Avenue at USD 2,000 per sq ft per year.
The report draws on the firm’s proprietary database, analysing rental values across 141 premium urban retail locations worldwide, most of which are concentrated in the luxury segment. A global index of the most expensive streets is also included.
Duncan Gillard, Head of Central London Retail at Cushman & Wakefield, said that strong demand, limited availability and continuous public realm improvements have reinforced New Bond Street’s global significance. He also highlighted the jewellery district between Clifford Street and Burlington Gardens as one of the world’s most prestigious retail locations, noting that many occupiers secure their position through long-term leases.
Global Retail Rents on the Rise
The report shows that global retail rents increased by 4.2% on average, with 58% of the surveyed markets recording year-on-year growth. America led with a 7.9% rise, supported primarily by South American currency effects. Europe posted a solid 4% increase, while growth in the Asia–Pacific region reached 2.1%, with strong performance in India and Japan helping to offset economic challenges in China and Southeast Asia.
Budapest Emerges as a Regional Standout
Europe posted stable annual growth of 4%, with Budapest and London highlighted as particularly strong performers.
Budapest’s prime high-street rents rose by 33%, reflecting sustained demand. This year, Fashion Street overtook Váci Street as the city’s most sought-after retail location — a significant shift in the local market.
As Viktória Szabó, Head of Retail at Cushman & Wakefield Hungary, told economx, many brands that previously opened flagship stores on Váci Street are now opting for Fashion Street, which offers similar footfall and a more attractive environment that enhances brand visibility.
The continued interest indicates potential for the development of additional high-quality retail streets in Budapest.