With their prestigious names and luxury boutiques, the world’s most famous streets are the stuff of dreams. But running a business here requires a certain budget. Since 1988, the real-estate consultancy Cushman & Wakefield has carefully scrutinized 446 streets in 65 countries and they then classify the world’s most expensive addresses. The top five in 2018 are as follows.
No 1: Causeway Bay in Hong Kong (China) – € 24,606 per m2/year
For the first time since 2013 and despite a slight fall in average rents, Causeway Bay in Hong Kong rises to the top of the classification. To set up here, a business will have to spend € 24,606 per square metre per year. In other words, an area of just 1,000 m2 represents a rent of 24.6 million euros per year. That’s just over two 2 million euros per month.
No 2: 5th Avenue in New York (United States) – € 20,733 per m2/year
More specifically the upper section, between 49th and 60th Street, known as Upper 5th Avenue. Over the past 30 years New York’s 5th Avenue has been elected the most expensive street on the planet a total of 14 times. This year, after a substantial fall in rents of almost 25% in twelve months, it drops one place.
No 3: New Bond Street in London (United Kingdom) – € 16,071 per m2/year
Brexit does not seem to be scaring off the big names! Not in New Bond Street, anyway. Rents here remained stable last year. A sign that luxury and top-of-the-range businesses still see London as a choice commercial destination.
No 4: Avenue des Champs-Elysées in Paris (France) – € 13,992 per m2/year
The Avenue des Champs-Elysées attracts more and more luxury brands every year. With 100 million visitors a year, the Parisian avenue has become a little more visible and moves up one place compared with the previous year.
No 5: Via Montenapoleone in Milan (Italy) – € 13,500 per m2/year
Dior, Hermès, Breguet or Van Cleff & Arpels, to name but a few. Milan’s Via Montenapoleone is well-known as the place to find the leading names in jewellery and the most prestigious prêt-à-porter boutiques.
Belgium in the 30