The Champs-Elysées in Paris is the odd one out and ranks lower in this year’s global survey, “Main Streets Across the World”, by real estate advisory firm Cushman & Wakefield. More than two-thirds of the 269 main streets studied in 59 countries were either stable or showed a rise in their rental values, reflecting an improved global economic climate.

New Bond street, London, Europe's leader

Globally, New York’s Fifth Avenue remains at the head with a rental value of 18,454 euros/m²/year (+8.8%). In second place Causeway Bay, Hong Kong, records 14,620 Euros (+9.8%). Next to rank are; Ginza in Japan (7,711 Euros, +4.5%), New Bond Street and then the Champs-Elysées. Via Montenapoleone in Milan, appears in sixth position, with a rental value of 6,770 Euros.

The study by Cushman & Wakefield reports significant progression in the emerging countries, even if the figures are still relatively low. Despite no longer being an emerging country, South Korea is ranked eighth compared to number eleven last year. Seoul, Myeongdong hosts the main street status with rental value soaring 18% to 4,844 Euros.

France’s beautiful avenue has seen its value fall by 9.5% to 6,965 Euros/m²/year. Europe’s new leader is London’s New Bond Street with a 19.4% increase in rental value. The real estate firm said Champs-Elysées’ decline can be explained by several reasons.

Paris’ municipal authorities tried to limited new ready-to-wear store openings and some of the major international brands were “unable to bear the high rental costs on the best spots on the Avenue," the study said. Christian Dubois, CEO of Cushman & Wakefield France, also noted that the negative evolution of rent indexes and the gap between the availability of shop space and the desire of national retailers to open smaller stores to streamline their rental costs have also played a pivotal role."

According to the study, the decline of the Champs-Elysées had no impact on other streets in Paris. The Opera district still attracted a number of recent openings; Desigual, Camper and Uniqlo. Rental value was up 12.5% on the Boulevard Saint-Germain, boosted by the opening of a Ralph Lauren flagship.



Original by Jean-Paul Leroy. Translated by Rosie Hart