Chiado is the 33rd Most Expensive Street in the World

15 November 2017

Chiado continues to be Portugal’s most expensive street shopping location, coming in 33rd globally in Cushman & Wakefield’s annual “Main Streets Across the World 2017” ranking.

This area in Lisbon registered a 15% increase in its average rent, which currently stands at 1,380 euros/sqm/year, maintaining its position (33rd place) in the ranking.

Marta Esteves Costa, an associate at Cushman & Wakefield, and director of its research & consulting department, explains that “the strong growth of street retail modality around the world justifies Lisbon’s stability in the ranking. Nevertheless, the dynamism and attractiveness of the street trade in Lisbon and Porto continued throughout 2017, due to the growth of tourism and the very significant increase in urban rehabilitation projects that brought to our streets quantity and above all a higher quality of the retail offer in this format.”

In the remaining areas of Lisbon and Porto, there has been a growth in street traffic and related revenues, a positive development since 2013. At Avenida da Liberdade, rents stood at 1,140 euros/sqm/year, and at 960 euros/sqm/year in the downtown area. In Porto, the values are lower, with rents of 690 euros/sqm/year on the Rua de Santa Catarina. But the rate of increase in rents is similar to that of Lisbon.

According to the consultancy, Lisbon and Porto registered more than 200 new street store openings in the first nine months of this year, accounting for more than 50,000 square meters of occupied area. Lisbon was responsible for 80% of the negotiated store space.

5th Avenue is the most expensive shopping street in the world

5th Avenue in New York is the most expensive commercial artery in the world, where the square meter costs 28,262 euros per year. It is followed by Hong Kong, where rents reach 25,673 euros.

New Bond Street in London ranks third in the ranking with rents 16,200 euros/sqm/year, after a rise of 37.5%.

In Italy, the Via Montenapoleone, in Milan, recorded a 12.5% rise in rents, ranking fourth in the list, with 13,500 euros/sqm/year.

The Champs-Elysees, Paris’s best-known artery, fell two places this year, with the annual value of rents per square meter at 13,255 euros.

Original Story: Vida Imobiliária – Ana Tavares

Translation: Richard Turner