An artery in Bucharest has climbed two positions in the ranking of the most expensive commercial destinations in the world, in the latest report „Main Streets Across the World,” conducted by the real estate consulting company Cushman & Wakefield.
Calea Victoriei in Bucharest has a rent level of 60 euros/sqm/month, up by 9% compared to last year, and ranks 38th globally and 23rd in the European ranking, tied with Ljubljana, writes Ziarul Financiar.
Bucharest is surpassed by several capitals in the region with higher rents:
- Prague - 225 euros/sqm/month;
- Budapest - 140 euros/sqm/month;
- Belgrade - 90 euros/sqm/month;
- Warsaw - 86 euros/sqm/month;
- Zagreb - 70 euros/sqm/month;
On the other hand, five other capitals have lower rents than Bucharest:
- Sofia - 57 euros/sqm/month;
- Bratislava - 45 euros/sqm/month;
- Vilnius - 37 euros/sqm/month;
- Riga - 35 euros/sqm/month;
- Skopje - 28 euros/sqm/month.
Globally, Via Montenapoleone in Milan, with a rent of 1,667 euros/sqm/month, has become the most expensive retail destination in the world, surpassing Fifth Avenue in New York (1,628 euros/sqm/month).
Significant changes have also taken place in the third position in the ranking, with New Bond Street in London (1,434 euros/sqm/month) replacing Tsim Sha Tsui in Hong Kong (1,308 euros/sqm/month), which dropped to 4th place, despite the increase in rents over the past year.
The top five is completed by Avenue des Champs-Elysees in Paris, which maintained its position, with a rent of 1,043 euros/sqm/month.
Rents in the 138 markets analyzed have on average nearly 6% above pre-pandemic levels.
Globally, 79 of the locations (57%) saw an increase in rents over the past year, only 19 (14%) recorded a decrease, and in the remaining 40 (29%) rents remained unchanged.