Tsim Sha Tsui Retained Its Position as the World’s Fourth Most Expensive Shopping Street
New Bond Street has leapfrogged Milan's Via Montenapoleone ($2,179 psf/yr), which last year became the first European street to top the global rankings, and New York's iconic Upper Fifth Avenue ($2,000 psf/yr), in the 35th edition of the firm's flagship retail report 'Main Streets Across the World'.
New Bond Street's rental growth has been fuelled by strong demand and limited supply, with the prime jewellery section between Clifford Street and Burlington Gardens becoming one of the most fiercely contested locations in global retail.
Globally, rents grew on average at 4.2% with 58% of markets experiencing rental growth. The Americas led regional rental growth at 7.9%, driven by currency effects in South America. Europe experienced steady 4% year-on-year (y-o-y) growth, with standout performances in Budapest and London. Meanwhile rents in Asia Pacific slowed to 2.1%, with strong growth in India and Japan offset by economic headwinds in Greater China and Southeast Asia.
Report author and Cushman & Wakefield's Head of International Research, Dr. Dominic Brown, said:
"Prime retail corridors are benefiting from a convergence of factors including resilient economic growth, easing cost of living pressures, and a renewed appetite for discretionary spending. While growth trajectories will vary by market, the strength of flagship locations is clear. We've seen exceptional double-digit rental growth in select cities, even as others face pressure. The continuing importance of physical retail, particularly for deep and meaningful brand engagement in places where consumers want to be, reinforces the enduring appeal of the world's premier shopping streets and we expect this momentum to strengthen as global conditions improve."
Table 1: Main Streets Across the World – Global Ranking by Market 2025
| Global Ranking 2025 | Global Ranking 2024 | Location | Rent (USD/sq.ft/yr) | Rent (EUR/sqm/yr) | YOY (LCY) |
| 1 | 3 | New Bond Street, London | $2,231 | €20,482 | 22% |
| 2 | 1 | Via Montenapoleone, Milan | $2,179 | €20,000 | 0% |
| 3 | 2 | Upper Fifth Avenue (49th to 60th Sts), New York | $2,000 | €18,359 | 0% |
| 4 | 4 | Tsim Sha Tsui (main street shops), Hong Kong | $1,515 | €13,907 | -6% |
| 5 | 5 | Avenue des Champs Élysées, Paris | $1,364 | €12,519 | 0% |
| 6 | 6 | Ginza, Tokyo | $1,257 | €11,538 | 10% |
| 7 | 7 | Bahnhofstrasse, Zurich | $1,051 | €9,644 | 0% |
| 8 | 8 | Pitt Street Mall, Sydney | $795 | €7,294 | 4% |
| 9 | 9 | Myeongdong, Seoul | $653 | €5,997 | 1% |
| 10 | 10 | Kohlmarkt, Vienna | $601 | €5,520 | 2% |
| Source: Cushman & Wakefield | |||||
Asia Pacific highlights
Rental growth in Asia Pacific slowed from 2.8% in 2024 to 2.1% in 2025, though performance varied widely across markets. India's Tier 1 cities led the region, with Gurgaon's Galleria Market recording a 25% increase, followed by Connaught Place in New Delhi (14%) and Kemps Corner in Mumbai (10%). Japan's Ginza and Omotesando in Tokyo saw strong growth of 10% and 13% respectively, while rents in Hong Kong's Tsim Sha Tsui declined by 6% to $1,515 psf/yr. Sydney's Pitt Street Mall recorded modest growth of 4%, reaching $795 psf/yr, marking a return to positive momentum after years of stagnation.
Hong Kong continued to feature strongly on the global rankings, holding its position as the fourth most expensive shopping location worldwide and the most expensive in the APAC region. Cushman & Wakefield's Hong Kong Managing Director John Siu, said:
"We are pleased to see Hong Kong firmly maintaining its position as one of the world's premier retail destinations, with Tsim Sha Tsui once again topping the list as the most expensive retail destination in the APAC region. This reflects the steady growth in visitor arrivals to Hong Kong, coupled with the government's proactive efforts to promote tourism and the 'mega events economy,' which have supported more tourist spendings and boosted leasing activity among retail brands in prime street locations. In fact, since the border reopening, the market has recorded a series of leasing transactions involving retail brands opening their first stores in Hong Kong, most of which have chosen to establish their initial presence in the four core shopping districts. We believe that in the short to medium term, in addition to sustained activity from domestic brands, the market will continue to see more leasing activity from retail brands across the APAC region."
Table 2: Main Streets Across the World – Asia Pacific Ranking by Location 2025
| APAC Ranking 2025 | APAC Ranking 2024 | Market | City | Location | Rent (USD/sf/yr) | Rent (EUR/sqm/yr) | YOY (LCY) |
| 1 | 1 | Greater China | Hong Kong | Tsim Sha Tsui (main street shops) | $1,515 | €13,907 | -6% |
| 2 | 2 | Greater China | Hong Kong | Causeway Bay (main street shops) | $1,374 | €12,610 | -4% |
| 3 | 3 | Japan | Tokyo | Ginza | $1,257 | €11,538 | 10% |
| 4 | 4 | Japan | Tokyo | Ometesando | $1,028 | €9,441 | 13% |
| 5 | 5 | Japan | Osaka | Midosuji | $914 | €8,392 | 14% |
| 6 | 6 | Australia | Sydney | Pitt Street Mall | $795 | €7,294 | 4% |
| 7 | 7 | Greater China | Hong Kong | Central (main street shops) | $726 | €6,669 | 1% |
| 8 | 8 | Japan | Tokyo | Shinjuku | $686 | €6,294 | 0% |
| 9 | 9 | South Korea | Seoul | Myeongdong | $653 | €5,997 | 1% |
| 10 | 10 | South Korea | Seoul | Gangnam Station | $578 | €5,302 | 4% |
| Source: Cushman & Wakefield | |||||||
Link to the full report and full global rankings here: LINK
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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
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