Old Bond Street: Most expensive street in Europe

London's Old Bond Street is the most expensive street in Europe in terms of retail location, according to the latest data from Colliers International, real estate adviser.

Rent on the southern section of Bond Street, best known for its exclusive and premium stores, has peaked at 838 pounds per square foot annually, surpassing Europe other shopping destinations.

Banhofstrasse in Zurich came in second with rents reaching 599 pounds per square foot per year and is followed by the Champs Elysées in Paris with annual rents of 536 pounds per square foot and Via Monte Napoleone in Milan with annual rents of 533 pounds. Stoleshnikov Lane in Moscow, came in fifth with 470 pounds per square foot per year.

Other shopping streets in Rome, Geneva, Vienna, Munich, Berlin and Stuttgart filled out the top ten. Paul Souber, head of central London retail at Colliers, said to the Evening Standard: “London is still the signature location for any brand that aspires to international luxury status.”

“At present, the demand for prime London locations seems insatiable and even the headline rental levels achieved by new lettings do not tell the whole story about just how strong demand is.”

Retail location rent has been growing across London, with rates increasing 15 percent in Old Bond Street during the past year alone. However, globally the most expensive streets to rent retail units remains New York's Fifth Avenue and Causeway Bay in Hong Kong.