The street with the world's most expensive rental rates is deserted.

Fifth Avenue in New York (USA) is the world's most expensive retail street, followed by Via Montenapoleone in Milan (Italy) and Tsim Sha Tsui in Hong Kong (China), which is the third most expensive in the world.

According to the newly released 2023 World Retail Boulevard Report by Cushman & Wakefield, the rental price for retail space on Dong Khoi Street is equivalent to US$350/ ^m² /month. This figure represents a 17% increase year-on-year and a 40% increase compared to pre-pandemic levels. Thus, rental prices on Dong Khoi Street are higher than even the most expensive streets in Munich (Germany), Amsterdam (Netherlands), or Bangkok (Thailand), placing it 13th on the list of the world's most expensive retail boulevards. However, the reality is that more and more retail spaces on Dong Khoi Street are closing down or displaying "for rent" signs.

Many properties on Dong Khoi Street are closed and have "for rent" signs.

Besides Dong Khoi Street, Trang Tien Street ( Hanoi ) is also among the most expensive retail rental spaces in the Asia-Pacific region. Rental prices here have increased by 20% year-on-year and 50% compared to pre-pandemic levels, reaching nearly $300 USD/ ^m² /month. This figure propelled Trang Tien Street up three places to 17th in the region compared to last year.

According to Dr. Dominic Brown, Director of International Market Research in Asia Pacific, Asia Pacific's leading traditional retail destinations continue to have high rental rates, accounting for four of the ten most expensive locations globally. The region recorded an average rental rate growth of 5.3% year-on-year, combined with a relatively strong economic outlook for 2024, signaling a continued recovery in the retail sector across key luxury markets.

In the retail sector, Cushman & Wakefield assesses that luxury sales continue to grow positively, albeit at a slowdown. More than 95% of luxury brands reported profit growth in 2022 and extending into early 2023. Looking ahead to the coming year, despite challenges, the high-end retail sector is expected to continue performing well thanks to its core customer base, which is less affected by rising living costs.

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