According to Cushman & Wakefield’s Main Streets Across the World report released in November 2023, NYC’s Upper Fifth Avenue is hanging on to its title of the world’s most expensive street to rent a store, specifically the portion spanning from 49th to 60th Streets.
The report looked at headline rents in what they refer to as the “best-in-class urban locations” across the world, including a ranking of the most expensive rents featuring the highest in each country. And, according to the data, Fifth Avenue rent prices come in at $2,000 per square foot.
Honestly, we didn’t exactly need a study to figure this one out–a quick frolic down the road will lead you past endless high-end retailers such as Cartier, Balenciaga, Louis Vuitton, Rolex, Fendi, Prada, Dolce & Gabbana, Givenchy, and Gucci, and that’s not even all of them!
Elika Real Estate firm writes:
Fifth Avenue, on the Upper East Side, is a world-renowned boulevard famous for its high-end shopping, cultural institutions, and unparalleled luxury. This prestigious avenue has opulent residences with set real estate sales records. Townhouses and penthouses along Fifth Avenue command staggering prices due to their prime location and stunning Central Park views.
Moreover, New York is the only place in North America that made it to the top 10–runner ups include Via Montenapoleone in Milan, Italy (#2), Tsim Sha Tsui (main street shops) in Hong Kong, China (#3), New Bond Street in London, UK (#4), and Avenues des Champs-Élysées in Paris, France (#5), just to name the top 5.
Rob Travers, Head of EMEA Retail at Cushman & Wakefield, stated:
Even as concerns over consumers cutting discretionary spending have been affecting the economy, retailers have been securing or enhancing flagship stores in key markets.
So, are we surprised that Fifth Ave is the world’s most expensive street to rent a store? Not really, especially considering New York was named the most bougie state in America and NYC specifically was crowned the most expensive city in the country.
The full report can be found here.