Real estate firm Cushman & Wakefield is behind the results as part of its 27th Main Streets Across the World report, which tracks more than 500 of the top retail locations globally to rank them by rental value.
It’s good new for landlords, as research found that rents have risen in 35 per cent of streets in the world over the past year.
Breaking down the data, the firm has revealed the ten most expensive streets by the top one per country.
It turns out Upper Fifth Avenue was the 2015 leader at a cost of $3,500 per sq ft around a third more than the $2,399 per sq ft of second placed Causeway Bay in Hong Kong.
As for Europe, Paris’ Champs lyses led to secure the third place and was closely followed by the UK’s New Bond Street in London with a rental difference of just $51.
Elsewhere in the UK, Grafton Street in Dublin and Covent Garden were prime locations and experienced the highest rental growth in EMEA, following by locations in Milan and Rome.
The study found Londons healthy performance was a result of factors such as a variety of services, high consumer spending and intense demand for retail space. Additionally, the UK capital is the most visited city in the world with 18.82 international tourists.
The top ten global high street retail destinations by country are:
1. Fifth Avenue, New York, US $3,500 sq ft
2. Causeway Bay, Hong Kong, China $2,399 sq ft
3. Avenue des Champs lyses, Paris, France 1,372 sq ft
4. New Bond Street, London, UK $1,321 sq ft
5. Via Montenapoleone, Milan, Italy $1,035 sq ft
6. Bahnhofstrasse, Zurich, Switzerland $894.6 sq ft
7. The Ginza, Tokyo, Japan $881.9 sq ft
8. Myeongdong, Seoul, South Korea $881.8 sq ft
9. Kohlmarket, Vienna, Austria $478.2 sq ft
10. Kaufinger / Neuhauser, Munich, Germany $459.6 sq ft
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Justin Taylor, head of EMEA retail at Cushman & Wakefield, said: Improving employment prospects, rising real wages and healthier consumer confidence in advanced economies are set to offer more positive momentum for the retail sector.
From an EMEA perspective, despite any economic and political uncertainties in certain countries, the retail market is expected to see further improvements. Indeed, a strong retail sales growth forecast, robust occupier demand and a lack of supply in many locations mean rents will keep rising in the most popular high streets.
Indeed, tight availability is shaping the retail landscape, pushing the geographic boundaries of well-established high street markets outwards.