13:59 24 November 2024
World's Most Expensive Retail Locations: A Street from Warsaw Makes the List
The most expensive retail location in Poland is Nowy Świat in Warsaw, where annual rents reach approximately €1,000 per square meter. However, this is far below the costs on Milan's Via Montenapoleone, where tenants pay a staggering €20,000 per square meter annually, making it the most expensive shopping street in the world.
The ranking of retail locations was compiled by real estate firm Cushman & Wakefield. According to their "Main Streets Across the World 2024" report, rents increased year-on-year in over half of the 138 monitored locations.
"Via Montenapoleone in Milan has surpassed New York's Fifth Avenue as the most expensive retail location globally. This marks the first time a European street has topped the report's rankings," the report states.
It attributes the shift to a 30% surge in rents on the Italian street over the past two years, further boosted by the euro's appreciation against the US dollar this year.
