Grafton Street is 15th most expensive street to rent on in Europe

Angelo Anderson
November 15, 2017

Rental levels on Bond Street have become the third highest in the world, after the boutiques, jewellers and galleries of the upmarket London shopping district reaped the rewards of the slump in sterling in the wake of the European Union referendum a year ago. The shopping street, home to leading fashion houses such as Chanel, Mulberry and Louis Vuitton, remains a retail hotspot as annual average rent prices have surged over the past year, growing 37.5 percent, according to the latest report from Cushman & Wakefield's Main Streets Across the World.

The area of exclusive designer shops has also moved up the listings to become the third most expensive shopping street in the world behind Upper Fifth Avenue in NY and Causeway Bay in Hong Kong, according to commercial property specialists Cushman & Wakefield's (C&W) 29 annual survey of main streets around the globe.

Bond Street rents were up by more than a third in sterling terms as worldwide shoppers took advantage of the weak pound.

Upper Fifth Avenue has an average rent of $3000 (£2280) per square foot, while Causeway Bay's average is $2725 after a 4.7 per cent drop.

Milan's Via Montenapoleone, where rents rose 12.5% on the year to $1,433 psf/yr, was ranked fourth, while the Avenue des Champs Élysées in Paris, where rents are $1,407 psf/yr, fell to fifth place despite rents remaining unchanged over the year. Average rental prices on Via Montenapoleone have increased over the previous year, placing the Italian shopping street in fourth place, with rent prices sitting at 1,443 United States dollars per square foot.

"This includes the United Kingdom where the lower sterling has increased visitor numbers significantly and London's premium retail offer continues to thrive despite the noise around Brexit".

"London's major thoroughfares are some of the most desirable and expensive streets in the world", said Cushman & Wakefield's Darren Yates, the report's author.

"The most innovative retailers are combining their online and physical platforms to create a seamless omni-channel experience for the customer, but profile and location play such a crucial role in the premium retail experience".

Other reports by Iphone Fresh

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