High-end rental spaces on Trang Tien Street, Hanoi, are expected to see a significant increase in 2025.
Cushman & Wakefield's 35th annual "Main Streets Across the World" report shows that rental prices on New Bond Street reached $24,008 per square meter per year, a 22% increase year-on-year, surpassing Via Montenapoleone (Milan) at $23,446 per square meter per year and Upper Fifth Avenue (New York) at $21,520 per square meter per year.
The sharp rise of New Bond Street is driven by high demand from luxury brands amid limited supply, particularly in the area with a high concentration of upscale jewelry stores.
58% of streets globally have seen an increase in rental prices.
Globally, average rental prices increased by 4.2%, with 58% of the markets surveyed reporting growth.
The Americas led the way with a 7.9% increase, positively impacted by exchange rate fluctuations in South America.
Europe rose 4%, with notable gains in London and Budapest.
Asia- Pacific growth slowed to 2.1%, reflecting strong divergence among markets.
According to Dr. Dominic Brown, Head of International Research at Cushman & Wakefield, flagship locations continue to benefit from the demand for in-person brand experiences, although growth trends differ significantly across markets.
Top 10 most expensive retail streets in the world in 2025:
1. New Bond Street, London – $24,008/m2/year
2. Via Montenapoleone, Milan – $23,446/m2/year
3. Upper Fifth Avenue (49–60), New York – 21,520 USD/m2/year
4. Tsim Sha Tsui, Hong Kong – US$16,292/m²/year
5. Champs-Élysées, Paris – 14,676 USD/m2/year
6. Ginza, Tokyo – $13,534/m2/year
7. Bahnhofstrasse, Zurich – 11,307 USD/m2/year
8. Pitt Street Mall, Sydney – 8,552 USD/m2/year
9. Myeongdong, Seoul – $7,030/m2/year
10. Kohlmarkt, Vienna – $6,469/m²/year
The Asia-Pacific region is highly polarized.
The Asia-Pacific region witnessed mixed trends. In India, Tier 1 cities recorded double-digit increases; Tokyo (Japan) saw strong gains in Ginza and Omotesando. Meanwhile, Tsim Sha Tsui (Hong Kong, China) declined by 6% due to lingering economic difficulties in mainland China and Southeast Asia.
According to Cushman & Wakefield, changing shopping behavior and retailers' flexible strategies are driving the "phygital" model – a combination of physical and digital spaces.
Trang Tien Street reaches record prices in the high-end segment.
In Vietnam, the retail market shows a clear differentiation. Rental prices for prime street-front spaces tend to decrease, but the high-end segment continues to grow due to limited supply and the expansion needs of international brands.
Notably, the Trang Tien Street area (Hanoi) recorded record-high rental prices in the high-end segment. Although the average street-front rental price adjusted down by 7% compared to the same period last year, luxury shopping malls and retail podiums of high-end hotels in the same area still saw increases of approximately 4%.
According to Ms. Hoang Nguyet Minh, General Director of Cushman & Wakefield Vietnam, the scarcity of large-scale office space coupled with increasing demand from French, Italian, and Korean brands is putting upward pressure on rental prices in prime locations in Hanoi and Ho Chi Minh City.
This year's report surveyed 141 urban locations globally and continues to show that top shopping streets maintain their enduring appeal, particularly in the luxury segment.
Source: https://vtv.vn/10-tuyen-pho-ban-le-dat-do-nhat-the-gioi-100260303135405989.htm
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