The firm recently released its 33rd edition of Main Streets Across the World, which reports on retail rental rates in prime locations in cities around the world.
New York’s Fifth Avenue has reclaimed its position as the world’s most expensive retail street despite recording unchanged flat rental growth year-over-year. Milan’s Via Montenapoleone jumped a spot into second, displacing Hong Kong’s Tsim Sha Tsui (China), which slipped to third. New Bond Street in London and the Avenues des Champs-Élysées in Paris retained fourth and fifth positions, respectively.
The biggest mover was Istiklal Street in Istanbul, which rose from 31st to 20th position in response to inflation which caused rents to more than double over the past year, and forced Kuala Lumpur’s Suria KLCC out of the top 20.
Noticeably, Ho Chi Minh City’s Dong Khoi jumped one rank to thirteenth.
The report focuses on headline rents in best-in-class urban locations across the world which, in many cases, are linked to the luxury sector. The global index ranks the most expensive destination in each market.
Cushman & Wakefield's newly released World Retail Avenue 2023 report shows that Ho Chi Minh City-located Dong Khoi Street has average rents of US$390 per square foot per year (equivalent to $350 per square meter per month).
Rents on HCMC’s Dong Khoi saw an increase of 17 percent compared to last year. It also surged by 40 percent compared to before the Covid-19 epidemic, bringing Dong Khoi Street up one level to 13th compared to last year. The rental price of Dong Khoi Street is even higher than the most expensive routes in Amsterdam (the Netherlands) or Bangkok (Thailand).
Dong Khoi Street is one of the main roads in the downtown of Ho Chi Minh City. This route is located close to Nguyen Hue Walking Street, the headquarters of the municipal People's Council, the People's Committee, and the City Theater.
Dong Khoi Street is one of the main arterial roads of Ho Chi Minh City center. This stretch of road is the center of special cultural activities during festivals. City dwellers usually flock to the street during the holiday season and Christmas.
Stores of global brands such as Gucci, and Louis Vuitton are located in Dong Khoi Street. Many extremely luxurious hotels are located on this nearly 1km long road.
According to Cushman & Wakefield, Hanoi's Trang Tien Street in the downtown district of Hoan Kiem in Hanoi also made the ranking in the 17th place.