Rental prices for commercial space on Dong Khoi Street (Ho Chi Minh City) are the 13th most expensive in the world.

Cushman & Wakefield has just released the 33rd edition of its World Retail Boulevard report, which examines high-end retail rental prices in key cities worldwide.

Accordingly, Fifth Avenue in New York City, USA, retains its top position as the world's most expensive retail destination, despite recording no change in rental price growth compared to the same period last year.

Milan's Via Montenapoleone jumped to second place, while Hong Kong's Tsim Sha Tsui dropped to third. London's New Bond Street and Paris' Avenues des Champs-Élysées held fourth and fifth place respectively.

Notably, Istiklal Street in Istanbul, Türkiye, rose from 31st to 20th place due to inflation causing rental prices to more than double over the past year.

Notably, Dong Khoi Street in Ho Chi Minh City also rose one rank to 13th. The rental price on Dong Khoi Street is $390 per square foot per year (approximately VND 101 million per square meter), a 17% increase compared to the same period last year.

Dong Khoi Street in District 1, Ho Chi Minh City

The report focuses on average rental rates at top-tier urban retail locations worldwide, many of which are luxury stores. Rental values ​​in this particular segment are also influenced by promotional deals, bundled packages, or risk-sharing lease models.

This publication includes a global index ranking the most expensive destinations in each market around the globe.

Dominic Brown, the report's author and current Director of International Market Research for Asia Pacific , said that Asia Pacific's leading traditional retail destinations continue to have high rental costs, accounting for four of the 10 most expensive locations globally.

This region recorded an average rental price increase of 5.3% year-on-year, combined with a relatively strong economic outlook for 2024, which is a positive sign for the continued recovery of the retail sector in key luxury markets.

According to the report, over 95% of luxury brands reported profit growth in 2022, and this trend continued into early 2023.

Source: https://nld.com.vn/kinh-te/gia-thue-mat-bang-duong-dong-khoi-tp-hcm-dat-thu-13-the-gioi-20231122173050342.htm