Main Streets Across the World 2024

Global Rental Growth Trends

While rental growth varies significantly across the globe, report data indicates that over half of the 138 locations tracked saw YOY rental growth. Competitive tension between retailers and limited space has heightened demand for retail space on key streets, driving up rental prices.

Iconic Main Streets and Their Rankings

In 2024, Dong Khoi Street continues to be among the most expensive retail destinations in Vietnam and ranked 14th globally, according to Cushman & Wakefield (NYSE: CWK). According to the latest report, retail rents on Dong Khoi Street reached US$368/square foot/year (equivalent to US$330/sqm/month), up 32% compared to the same period before the pandemic but down 6% compared to last year, mainly due to the local currency's fluctuations against the U.S. dollar.

2024 RANKINGS OF MAIN STREETS ACROSS THE WORLD

Source: Cushman & Wakefield

Synonymous with fashion and luxury, Via Montenapoleone has steadily climbed the rankings in recent years, reaching second for the first time in 2023. Rents rose 11% to US$2,047 per square foot (psf) in the past 12 months, whereas rents on Upper 5th Avenue (US$2,000) remained flat for a second consecutive year. Alongside continuing strong retailer demand amid constrained supply, Via Montenapoleone also benefitted from the euro’s appreciation against the U.S. dollar.

London’s New Bond Street (US$1,762) leapfrogged Hong Kong’s Tsim Sha Tsui to take third, despite the latter’s positive rental growth. With 10% year-on-year (YOY) rental growth, Paris’s Avenue des Champs Élysées retained fifth position, although Tokyo’s Ginza district narrowed the gap with a 25% YOY increase.

HCMC and Hanoi Retail Landscape

Since the opening of Vietnam's first shopping malls, including Trang Tien Plaza in Hanoi and Tax Trade Center in Ho Chi Minh City, the total retail supply has started with about 30,000 sqm. According to a report by Cushman & Wakefield, from 1996 to 2019, the market welcomed an average of 97,000 sqm of retail space each year. The retail market grew strongly in the 6 years from 2013 to 2019 with 195,000 sqm of new retail space entering the market each year. However, in the past 5 years, the sector has shown signs of slowing down in supply, especially in the central core area, which has been the main driver for rental prices. By Q3 2024, the total retail supply in both cities will reach about 2,56 million sqm.

Trang Tien Street in Hanoi has a rental price of US$334/square foot/year (equivalent to US$300 /sqm/month), up 50% compared to the pre-pandemic level and unchanged compared to the same period last year. According to the Asia Pacific Market Ranking in this report, Trang Tien has the 18th highest retail rental price in the region.

Our Approach: How We Ranked Main Streets Across the World

Main Streets Across the World provides insights into headline rents across 138 cities, tracking year-over-year (YOY) changes while accounting for foreign exchange rates and local metrics The global ranking includes one street per market (country), while regional rankings share unfiltered headline rent prices per square foot for all tracked cities within each region (APAC, EMEA and the Americas).

For a deeper understanding of these dynamics and to explore the comprehensive data analysis, download the Main Streets Across the World report today. Gain invaluable insights into how main streets are evolving and what strategies can be employed for future growth and success.