- Huw Hughes |
London’s New Bond Street has been named the most expensive street in Europe and the third most expensive street in the world, topped only by Causeway Bay in Hong Kong and Upper 5th Avenue in New York which took first and second place, respectively.
The figures from the Main Streets Across the World report from property firm Cushman & Wakefield reveal that rent at New Bond Street reach 1,714 dollars per square foot, higher than Avenue des Champs Elysees in Paris (1,478 dollars per square foot), Via Montenapoleone in Milan (1,447 dollars per square foot), Via Condotti in Rome (1,321 dollars per square foot), and Bahnhofstrasse in Zurich (866 dollars per square foot).
The London luxury destination, which homes stores Louis Vuitton, Jimmy Choo and Mulberry, was only beaten to the top of the global rankings by Causeway Bay in Hong Kong (2,745 dollars per square foot) and Upper 5th Avenue in New York (2,250 dollars per square foot).
Commenting on the figures, Peter Mace, head of Cushman & Wakefield’s central London team, said: “New Bond Street carries such a high retail rent premium over other London streets due to its global renown amongst luxury retailers, who perceive representation here, alongside other locations in New York, Paris and Tokyo, as key to success.
“Prime rents in luxury shopping destinations, New Bond Street being a key example, have held up relatively well despite the political uncertainty the UK has endured recently, as the prestige and attraction of global luxury brands remains unsullied.”
Photo: Courtesy of Louis Vuitton, New Bond Street store