1、MAINSTREETSACROSS THE WORLD 2022CONTENTSCONTENTS01INTRODUCTIONKEY INDICATORS&GLOBAL RANKINGSKEY TRENDS TO WATCH0203INTRODUCTIONINTRODUCTION0101INTRODUCTIONWHAT A DIFFERENCE THREE YEARS MAKE.Its been three years since we published the last global Main Streets Across the World report.The pause seemed

2、appropriate considering the global pandemic and its falloutthe economic uncertainty,community lockdowns,restricted travel,supply chain constraints and a host of other issues impacting retail real estate.Even before 2020,industry headlines leaned toward the provocativeand even hyperbolic,at timessugg

3、esting a steady decline,if not demise,of physical retail.Fast forward three years and“retail apocalypse”is no longer the term du jour.While we still face economic volatility,the conversation has shifted to retails futurean omnichannel world in which the most successful brands understand their custom

4、ers on a new level and meet them where they are.In fact,we can confidently say the industry has just been through one of the biggest stress tests imaginable and retail real estate has come out of the other side not only having survived but emerged as strong as ever in certain segments.This report fo

5、cuses on those segments,namely the best urban retail locations in the strongest neighborhoods.These prime locations have demonstrated tremendous resilience,and the data in this report underscores that resilience,albeit with regional and market nuances.While some markets are recovering at a much slow

6、er pace,in most of the locations the report features,rents have rebounded relative to pandemic lows,and in a few prime locations,especially those favored by luxury retailers,rents have surpassed 2019 pre-pandemic levels.01I N T R O D U C T I O NM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2

7、 24C U S H M A N&W A K E F I E L DWHERE DO WE GO FROM HERE?From the other side of the great pandemic stress test,what seems clear is that retailers know they cant afford to stand still.Whether brands are downsizing,trying new formats or shifting locations,many are actively repositioning their portfo

8、lios for the future.In EMEA,for example,over the last 18 months,75%of the retail transactions Cushman&Wakefield represented were new leases,underscoring the idea that retailers arent sitting idle.We see optimism in this activity,even as global economic forecasts suggest more challenges ahead.Many of

9、 the brands Cushman&Wakefield is working with are playing the long game,seizing the opportunity to secure the best locations.Theyre using customer data and insights to make smart decisions and mitigate risk.And theyre delivering new and compelling experiences to customers to differentiate themselves

10、.From a retail investor perspective,its notable that best-in-class product emerged from the pandemic strong.Brands are now more demanding,placing a greater emphasis on the quality of the product and on the flexibility of the space.Time will tell,but were confident that owners that can deliver superi

11、or physical environments with the flexibility brands demand are well positioned for the future.01I N T R O D U C T I O NHEADLINERENTTHIS REPORT FOCUSES ON HEADLINE RENTS IN BEST-IN-CLASS URBAN LOCATIONS ACROSS THE WORLD WHICH,IN MANY CASES,ARE LINKED TO THE LUXURY SECTOR.THE RENTAL VALUES IN THIS SP

12、ECIFIC SEGMENT HAVE BEEN RELATIVELY IMMUNE TO ADDITIONAL DISCOUNTS,INCENTIVE PACKAGES OR SHARED RISK RENTAL MODELS THAT HAVE BECOME MORE PROMINENT IN THE WIDER RETAIL MARKETS GLOBALLY.M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 25C U S H M A N&W A K E F I E L DRENT GROWTH TRENDS Rents ac

13、ross global prime retail destinations declined by 13%from before the pandemic to their lowest point on average,but have subsequently rebounded to sit 6%below pre-pandemic levels.The Americas,thanks largely the to the U.S.,was the region most resilient to the downturn with rents on average now sittin

14、g at a 15%premium to pre-COVID-19 levels.Asia Pacific was most impacted during the pandemic period as rents fell on average by 17%,mainly due to border closures that affected prime international tourist destinations in the region.Global rental growth over the past year averaged 2%but varied tremendo

15、usly.Houstons River Oaks district sits at one end of the spectrum at+90%and the Luohu district of Shenzhen in China at the other at-30%.GLOBAL MAINSTREET RANKINGS New Yorks Fifth Avenue ranks as the most expensive retail destination in the world,followed by Tsim Sha Tsui in Hong Kong and Milans Via

16、Montenapoleone.Londons New Bond Street has slipped out of the top 3 rankings,falling to 4th globally and the Avenues des Champs Elysees in Paris rounds out the top five positions.Oslo(Nedra Slottsgate)experienced the largest jump in the rankings from 27th to 22nd,while Warsaw(Nowy Swiat)experienced

17、the largest decline,falling from 32nd to 36th.HEADLINE RENT&RANKING CHANGES01I N T R O D U C T I O NM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 26C U S H M A N&W A K E F I E L DKEY INDICATORS&GLOBAL RANKINGSKEY INDICATORS&GLOBAL RANKINGS0202KEY INDICATORS&GLOBAL RANKINGSAlthough the pand

18、emic was a global phenomenon and government responses followed a broadly similar approach,the degree to which governments pursued these responses varied widely.For example,the fiscal response in the U.S.,Italy and Germany exceeded 25%of GDP while the response in India,South Korea and Mainland China

19、was less than 10%of GDP.Countries in Asia Pacific took a much stricter approach to their international borders than in Europe as the region was closed to almost all international travel in 2020 and 2021.Indeed,many parts of the region are still yet to fully reopen and are therefore reliant on the st

20、rength of domestic consumption.Accordingly,the severity of impact on the luxury retail sector and the“spring”in the rebound differ significantly.PANDEMIC LOWSIn global terms,rents on retail main streets declined by an average of 13%from pre-pandemic levels(measured as of Q4 2019 in Asia Pacific and

21、Q1 2020 in EMEA and the Americas)to their pandemic lows.However,regional declines varied,ranging from 17%in APAC,to 11%in EMEA,to just 7%in the Americas.02K E Y I N D I C A T O R S&G L O B A L R A N K I N G SM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 28C U S H M A N&W A K E F I E L D02K

22、 E Y I N D I C A T O R S&G L O B A L R A N K I N G SAt the market level,the differences are starker.For example,Hong Kong declined by an average of 45%,reflecting ongoing social unrest which continued into 2020,geopolitical uncertainties and the drop off in mainland Chinese tourists as international

23、 borders closed in response to the COVID-19 pandemic.Similarly,other Asia Pacific markets such as Sydney and Seoulmarkets that rely heavily on international touristsexperienced declines in excess of 20%.A steep decline of over 50%was experienced in Buenos Aries,though this is influenced by currency

24、fluctuations as rents are contracted in U.S.dollars but paid in Argentinian pesos.In contrast,rents in the U.S.fell by less than 4%.The situation is more diverse in Europe as the severity of rolling lockdowns varied from country to country.Ireland,the U.K.,Spain and France experienced significant im

25、pacts as rents fell by up to 28%,while changes were minimal in Austria and parts of Eastern Europe such as Slovakia and Slovenia.TABLE 1:Pandemic Retail Rental Change by RegionPre-Pandemic to Pandemic lowPandemic-low to presentPre-pandemic to presentAPAC-17%7%-12%AMERICAS-7%23%15%EMEA-11%4%-8%U.S.-4

26、%29%25%WORLD-13%8%-6%Source:Cushman&WakefieldM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 29C U S H M A N&W A K E F I E L DRENT RECOVERY Since the pandemic nadir,global retail markets have recouped almost 50%of their losses,with rents currently sitting on average 6%below their pre-COVID-1

27、9 levels.Much of that improvement occurred through 2021 and into early 2022 before global economic headwinds started to negatively impact markets over the past six months.Again,the pace of recovery has varied.Arguably it has been strongest in the U.S.,in part the result of supportive fiscal policies

28、 but also the result of domestic migration patterns that have driven strong population growth in markets such as Houston and Austinand as a result,an influx of buying power into those markets.So while a doubling of rents in these locales is both impressive and somewhat surprising,there are clear dri

29、vers;that these markets are at the less expensive end of the U.S.cost spectrum also had influence on the percentage growth figure,coming off a lower base.In general,rents in luxury retail locations in the U.S.are now at a 25%premium to pre-COVID-19.Within Asia Pacific,rents are at an average 12%disc

30、ount to pre-pandemic levels.India rebounded strongly,again thanks to strong domestic consumption.Rents in Bengaluru and Delhi NCR have increased by more than 15%on average over the past yearin fact,rents in Bengaluru now sit at a premium to pre-COVID-19 levels.In contrast,the recovery has been slowe

31、r in Australia,Singapore and Japan,which have been slower to ease restrictions and open borders.On average,rents have rebounded just 2%from pandemic lows.Rents in mainland China remained stable during most of the pandemic but have subsequently fallen over the past year.02K E Y I N D I C A T O R S&G

32、L O B A L R A N K I N G SM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 210C U S H M A N&W A K E F I E L DWe see similar trends in Europe,with rents at an 8%discount to pre-COVID levels.The recovery has been dampened in 2022 as economic headwinds from the Russia-Ukraine war have negatively

33、impacted rents in some markets.Notwithstanding,a positive trend is that a quarter of markets(13 out of 52),including precincts in Rome,Oslo,Vienna and Milan,have sufficiently recovered rent levels on par or above pre-pandemic levels.But the recovery is inconsistent with London,Paris and Munich all b

34、elow pre-COVID rental levels.There is also considerable variation within cities,as evidenced in London where rents in New Bond Street are 11%below pre-pandemic levels,while in Covent Garden they are still 30%below.Similar variations within metro areas exist across other top tier cities.FIGURE 1:RENT

35、AL CHANGE FROM PRE-PANDEMIC AND Y-O-Y CHANGE FOR SELECT MARKETSSource:Cushman&Wakefield02K E Y I N D I C A T O R S&G L O B A L R A N K I N G S30%40%20%10%0%-10%-20%-30%-40%-50%-60%TURKEYBRAZILU.S.NORWAYCYPRUSCANADAAUSTRIAITALYSINGAPOREINDONESIASLOVENIASLOVAKIAPHILIPPINESMACEDONIASWITZERLANDMALAYSIAM

36、AINLAND CHINAINDIADENMARKGREECEMEXICONETHERLANDSSERBIAPORTUGALCROATIAROMANIAJAPANLITHUANIAESTONIASWEDENLATVIAUNITED KINGDOMFINLANDBULGARIAGERMANYFRANCELUXEMBOURGBELGIUMSPAINCZECH REPUBLICHUNGARYSOUTH KOREAAUSTRALIAIRELANDPOLANDHONG KONG CHINAARGENTINACHANGE Y-O-YRENTAL CHANGE FROM PRE-PANDEMICM A I

37、N S T R E E T S A C R O S S T H E W O R L D 2 0 2 211C U S H M A N&W A K E F I E L DThese prevailing trends have brought some changesalbeit subtle onesin the global ranking of prime retail streets according to rent.New Yorks Upper Fifth Avenue moves up one spot to number one,now the most expensive r

38、etail corridor in the world.Its rise to that spot is more a result of resilience during the global downturn(rents are at pre-pandemic levels)and of the strength of the U.S.dollar,which has weakened local currencies in competing top tier markets.Subsequently Hong Kong drops one spot to second place,b

39、ut with a change as Tsim Sha Tsui overtook Causeway Bay in 2020 to become the city-states most expensive precinct.Pegging of the Hong Kong dollar to the U.S.dollar has helped Hong Kong maintain ranking position in 2022 as other currencies have weakened.Via Montenapoleone in Milan has jumped two posi

40、tions to achieve third place.Londons New Bond Street and The Avenues des Champs Elysees in Paris round out the top five spots respectively,both having slipped one place.Otherwise there is little change in the overall ranking of the top 10 locations.02K E Y I N D I C A T O R S&G L O B A L R A N K I N

41、 G SM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 212C U S H M A N&W A K E F I E L D02K E Y I N D I C A T O R S&G L O B A L R A N K I N G SMAIN STREETS ACROSS THE WORLD RANKING 2022TABLE 2:Most Expensive Retail Districts by City in 2022Global Ranking 2022 Global Ranking Pre-COVID MarketCit

42、yLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LCY)*12U.S.New York CityUpper 5th Avenue(49th to 60th Sts)$2,00021,07614%7%21Greater ChinaHong KongTsim Sha Tsui(main street shops)$1,43615,134-41%-5%35ItalyMilanVia Montenapoleone$1,38014,5479%7%43United KingdomLondonNew

43、Bond Street$1,36114,346-11%-7%54FranceParisAvenue des Champs Elysees$1,05011,069-18%-4%66JapanTokyoGinza$9459,9560%5%78SwitzerlandZurichBahnhofstrasse$8478,927-3%-1%87AustraliaSydneyPitt Street Mall$7237,624-24%-7%99South KoreaSeoulMyeongdong$5675,973-23%-15%1010Greater ChinaShanghaiWest Nanjing Roa

44、d$4965,225-14%-14%1111AustriaViennaKohlmarkt$4644,8884%0%1213SingaporeSingaporeOrchard Road$4044,2590%0%1312GermanyMunichKaufinger/Neuhauser$3533,724-12%0%1415GreeceAthensErmou$3043,200-4%6%1514IrelandDublinGrafton Street$2782,933-17%11%1617Czech RepublicPragueParizska Street$2582,7190%9%1716SpainBa

45、rcelonaPasseig de Gracia$2542,677-16%0%1819CanadaTorontoBloor Street$2502,634-3%13%1918NetherlandsAmsterdamP.C.Hooftstraat$2442,570-5%0%2021MalaysiaKuala LumpurSuria KLCC$2222,3408%12%2120IndiaNew DelhiKhan Market$2192,3094%7%2227NorwayOsloNedre Slottsgate$1972,08010%16%2322SwedenStockholmBiblioteks

46、gatan$1821,918-8%-1%2423LuxembourgLuxembourg CityGrande Rue$1601,687-9%4%TABLE 2:Most Expensive Retail Districts by City in 2022Global Ranking 2022 Global Ranking Pre-COVID MarketCityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LCY)*2525DenmarkCopenhagenStroget(includ

47、ing Vimmelskaftet)$1571,659-5%1%2624BelgiumAntwerpMeir$1471,552-14%3%2729PortugalLisbonChiado$1351,426-6%0%2828FinlandHelsinkiCity Centre$1301,373-13%-4%2926HungaryBudapestVaci utca$1211,280-27%-8%3030TurkeyIstanbulCentre-Istiklal Street$1111,175-26%11%3131SerbiaBelgradeKneza Mihaila$94989-6%0%3234M

48、exicoMexico CityMasaryk$90948-19%6%3335IndonesiaJakartaPrime$869040%0%3433CroatiaZagrebIlica Street$83873-6%0%3536SloveniaLjubljanaopova$666980%0%3632PolandWarsawNowy Swiat$62652-33%-3%3738RomaniaBucharestCalea Victoriei$616400%10%3840BrazilSao PauloOscar Freire Jardins$6063339%9%3937BulgariaSofiaVi

49、tosha Blvd$57605-10%0%4039SlovakiaBratislavaObchodna ulica$505240%0%4141PhilippinesManilaBonifacio High Street$464800%0%4246CyprusLimassolAnexartisisas Ave$4143112%6%4343LithuaniaVilniusGedimino Ave./Pilies St.Didzioji St.$40 425-9%1%4442LatviaRigaKalku St./Valnu St./Audeju St./Terbatas St./Kr.Baron

50、a St.$40 419-10%0%4545EstoniaTallinnViru Street$34361-9%0%4647MacedoniaSkopjeMakedonija Street$313260%0%4744ArgentinaBuenos AriesCalle peatonalFlorida.From Av.Cordoba to Av.Corrientes_4 blocks$21221-53%-18%MAIN STREETS ACROSS THE WORLD RANKING 2022*Q3 2022|*LCY=Local currencyM A I N S T R E E T S A

51、C R O S S T H E W O R L D 2 0 2 213C U S H M A N&W A K E F I E L DREGIONAL HIGHLIGHTSMOST EXPENSIVE RETAIL LOCATIONVia Montenapoleone,Milan,ItalyUS$1,380/sq.ft/yrMOST AFFORDABLE RETAIL LOCATIONMakedonija Street,Skopje,MacedoniaUS$31/sq.ft/yrSTRONGEST RENTAL GROWTH(pre-COVID to present)Anexartisisas

52、Avenue,Limassol,Cyprus+12%(US$41/sq.ft/yr)BIGGEST RENTAL DECLINE(pre-COVID to present)Nowy Siat,Warsaw,Poland-33%(US$62/sq.ft/yr)EUROPE,MIDDLE EAST,AFRICA RANKING (TOP 25 LOCATIONS)Rank2022CityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LCY)*1MilanVia Montenapoleone$

53、1,38014,5479%7.1%2LondonNew Bond Street$1,36114,346-11%-7.0%3RomeVia Condotti$1,17812,4132%0.0%4ParisAvenue des Champs Elysees$1,05011,069-18%-4.3%5ParisRue St.Honor$9159,641-10%0.0%6ParisAvenue Montaigne$8819,284-7%3.2%7ZurichBahnhofstrasse$8478,927-3%-1.1%8ParisRue du Faubourg St Honore$7798,213-1

54、5%-5.7%9ParisPlace Vendme/Rue de la Paix$7127,499-22%-13.9%10RomePiazza Di Spagna$6907,27312%0.0%11LondonSloane Street$6076,402-9%16.7%12MilanCorso Vittorio Emanuele$5525,8190%3.4%13FlorenceVia Roma$5525,817-9%-9.1%14LondonCovent Garden$5505,792-30%-5.0%15CannesLa Croisette$5085,356-6%10.3%16ViennaK

55、ohlmarkt$4644,8884%0.0%17FlorenceVia Strozzi$4604,8490%4.2%18RomeVia del Corso$4604,847-4%0.0%19LondonOxford Street$4424,662-21%0.0%20LondonBrompton Road$4344,573-17%3.4%21LondonRegent Street$4084,304-25%-4.0%22GenevaRue de Rhone$3753,956-3%-2.5%23MunichKaufinger/Neuhauser$3533,724-12%0.0%24ViennaKa

56、rntnerstrasse/Graben$3423,6083%0.0%25MunichMaximilianstrae$3093,258-10%3.7%EUROPE MIDDLE EAST AFRICA02K E Y I N D I C A T O R S&G L O B A L R A N K I N G S*Q3 2022|*LCY=Local currencyM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 214C U S H M A N&W A K E F I E L DEUROPE,MIDDLE EAST,AFRICA R

57、ANKING (REMAINING TOP LOCATIONS PER COUNTRY)Rank2022CityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LCY)*26AthensErmou$3043,200-4%5.8%27BerlinTauentzienstrasse$2933,083-15%-1.9%28DublinGrafton Street$2782,933-17%11.1%29PragueParizska Street$2582,7190%9.3%30BarcelonaP

58、asseig de Gracia$2542,677-16%0.0%31AmsterdamP.C.Hooftstraat$2442,570-5%0.0%32PragueNa Prikope Street$2262,460-13%2.5%33OsloNedre Slottsgate$1972,08010%15.8%34StockholmBiblioteksgatan$1821,918-8%-1.3%35Luxembourg CityGrande Rue$1601,687-9%3.6%36CopenhagenStroget(including Vimmelskaftet)$1571,659-5%1.

59、1%37AntwerpMeir$1471,552-14%3.2%38LisbonChiado$1351,426-6%0.0%39HelsinkiCity Centre$1301,373-13%-4.1%40BudapestVaci utca$1211,280-27%-8.3%EUROPE,MIDDLE EAST,AFRICA RANKING (REMAINING TOP LOCATIONS PER COUNTRY)Rank2022CityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LC

60、Y)*41IstanbulCentre-Istiklal Street$1111,175-26%11.1%42BelgradeKneza Mihaila$94989-6%0.0%43ZagrebIlica Street$83873-6%0.0%44Ljubljanaopova$666980%0.0%45WarsawNowy Swiat$62652-33%-3.4%46BucharestCalea Victoriei$616400%10.0%47SofiaVitosha Blvd$57605-10%0.0%48BratislavaObchodna ulica$505240%0.0%49Limas

61、solAnexartisisas Ave$4143112%5.7%50VilniusGedimino Ave./Pilies St.Didzioji St.$40 425-9%1.4%51RigaKalku St./Valnu St./Audeju St./Terbatas St./Kr.Barona St.$40419-10%0.0%52TallinnViru Street$34361-9%0.0%53SkopjeMakedonija Street$313260%0.0%02K E Y I N D I C A T O R S&G L O B A L R A N K I N G S*Q3 20

62、22|*LCY=Local currencyM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 215C U S H M A N&W A K E F I E L DREGIONAL HIGHLIGHTSMOST EXPENSIVE RETAIL LOCATIONNew Yorks Upper 5th Avenue(49th-60th Streets),USAUS$2,000/sq.ft/yrMOST AFFORDABLE RETAIL LOCATIONCalle Peatonal Florida(Av.Cordoba-Av.Corri

63、entes),Buenos Aires,ArgentinaUS$21/sq.ft/yrAMERICAS02K E Y I N D I C A T O R S&G L O B A L R A N K I N G SSTRONGEST RENTAL GROWTH(pre-COVID to present)River Oaks District,Houston,USA+122%(US$200/sq.ft/yr)BIGGEST RENTAL DECLINE(pre-COVID to present)Calle Peatonal Florida,Buenos Aires,Argentina-53%(US

64、$21/sq.ft/yr)AMERICAS RANKINGRank2022CityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LCY)*1New York CityUpper 5th Avenue(49th to 60th Sts)$2,00021,07614%7%2Los AngelesRodeo Drive(Beverly Hills)$9009,48413%3%3San Francisco Union Square$4955,216-18%0%4Las VegasLas Vega

65、s Blvd.$4254,4801%0%5ChicagoNorth Michigan Avenue$4254,47942%10%6BostonNewbury Street$4004,21533%7%7TorontoBloor Street$2502,634-3%13%8MiamiLincoln Road$2252,3715%13%9Palm BeachWorth Avenue$2002,11029%18%10AustinSouth Congress(SoCo)$2002,109100%45%11HoustonRiver Oaks District$2002,108122%90%12Montre

66、al Saint-Catherine West$1701,791-5%17%13Washington,DCGeorgetown$1601,686-20%12%14VancouverRobson Street$1501,58112%12%15San DiegoDel Mar Heights Blvd$951,001-14%6%16Mexico CityMasaryk$90948-19%6%17SeattleCBD/Core$8084314%10%18Sao PauloOscar Freire Jardins$6063339%9%19Rio de JaneiroGarcia Davilla(Ipa

67、nema)$6063214%4%20Buenos AriesCalle peatonalFlorida$212217%22%*Q3 2022|*LCY=Local currencyM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 216C U S H M A N&W A K E F I E L DREGIONAL HIGHLIGHTSMOST EXPENSIVE RETAIL LOCATIONTsim Sha Tsui(main street),Hong Kong,Greater ChinaUS$1,436/sq.ft/yrMOST

68、 AFFORDABLE RETAIL LOCATIONChennai,Anna Nagar 2nd Avenue,IndiaUS$24/sq.ft/yrASIA PACIFIC02K E Y I N D I C A T O R S&G L O B A L R A N K I N G SSTRONGEST RENTAL GROWTH(pre-COVID to present)DLF Galleria,Gurgaon,India+26%(US$134/sq.ft/yr)BIGGEST RENTAL DECLINE(pre-COVID to present)Causeway Bay(main str

69、eet),Hong Kong,Greater China-49%(US$1,292/sq.ft/yr)ASIA PACIFIC RANKINGRank2022CityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LCY)*1Hong KongTsim Sha Tsui(main street shops)$1,43615,134-41%-5%2Hong KongCauseway Bay(main street shops)$1,29213,612-49%-7%3TokyoGinza$94

70、59,9560%5%4TokyoOmetesando$7567,9657%7%5SydneyPitt Street Mall$7237,624-24%-7%6TokyoShinjuku$7097,467-6%0%7Hong KongCentral(main street shops)$6166,491-45%0%8SeoulMyeongdong$5675,973-23%-15%9SeoulGangnam Station$5225,501-23%-15%10ShanghaiWest Nanjing Road$4965,225-14%-14%11OsakaShinsaibashisuji/Mido

71、suji$4724,978-33%0%12NanjingXinjiekou$4644,8880%-3%13BeijingCBD$4484,719-20%-5%14SingaporeOrchard Road$4044,2590%0%15ShanghaiEast Nanjing Road$3763,961-22%-22%16MelbourneBourke Street$3183,355-21%-15%17GuangzhouTianhe Sports Centre$3043,20415%1%18ChengduCBD$2933,084-20%-5%19ChongqingGuanyinqiao$2612

72、,747-8%-9%20HangzhouWulin$2402,5280%-6%21ShenzhenLuohu$2332,454-24%-30%22Kuala LumpurSuria KLCC$2222,3408%12%23New DelhiKhan Market$2192,3094%7%24Dalian$1922,023-12%-8%25XiamenSM-Railway Station Area$1861,9643%3%*Q3 2022|*LCY=Local currencyM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 217C

73、 U S H M A N&W A K E F I E L DASIA PACIFIC RANKINGRank2022CityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)*Pre-Covid to present(LCY)*Y-o-Y(LCY)*26BrisbaneQueen Street Mall$1851,952-29%-9%27Qingdao$1731,820-10%0%28Wuhan Wuguang$1601,685-9%-9%29New DelhiConnaught$1591,672-5%5%30TaipeiXimen$1521,598-36

74、%-10%31GurgaonDLF Galleria$1341,40926%31%32MumbaiLinking Road$1131,194-12%0%33Shenyang$981,037-6%-3%34Tianjin$981,033-4%-2%35JakartaPrime$869040%0%36KolkataPark Street$79828-5%13%37MumbaiKemps Corner,South Mumbai$60637-25%0%ASIA PACIFIC RANKINGRank2022CityLocationRent (USD/sq.ft/yr)*Rent(EUR/sqm/yr)

75、*Pre-Covid to present(LCY)*Y-o-Y(LCY)*38MumbaiFort/Fountain,South Mumbai$60636-47%8%39BengaluruBrigade Road$576059%17%40BengaluruVittal Mallya Road$54573-8%3%41Xian$49514-30%-5%42ManilaBonifacio High Street$464800%0%43PuneM G Road$44462-22%-3%44PuneFC Road$38398-17%6%45BengaluruIndiranagar 100 Feet

76、Road$3335010%26%46HyderabadHimayathnagar$32334-9%-7%47HyderabadBanjara Hills$30319-18%-20%48ChennaiPondy Bazaar$242550%0%49ChennaiAnna Nagar 2nd Avenue$24254-9%7%02K E Y I N D I C A T O R S&G L O B A L R A N K I N G S*Q3 2022|*LCY=Local currencyM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2

77、 218C U S H M A N&W A K E F I E L DKEY TRENDS TO WATCHKEY TRENDS TO WATCH0303The EU region saw retail sales volume 4.1%higher at the beginning of 2022 relative to levels when COVID-19 first emerged.Europe has of course been challenged by the war in Ukraine and increasing levels of inflation.More so

78、than most of the rest of world,these challengescombined with supply side issueshave impacted consumer confidence and retailers at a time when life was getting back to something that could be described as normal.More broadly,the economic outlook is widely anticipated to be challenging in 2023(see map

79、 on next page)with no anticipated quick fix for inflationary pressures.03K E Y T R E N D S T O W A T C HKEY TRENDS TO WATCHTHE REBOUND OF RETAIL SALESOver the last couple of years,pandemic-induced pent-up demand and historically high rates of personal savings worked together to drive purchasing patt

80、erns to higher levels than many expected.However,the rate and extent of retail sales recovery has varied dramatically across the globe.As of Q2 2022 practically all Asia Pacific markets have recorded retail sales higher than prior to the pandemicIndia(43%),Australia(23%)and South Korea(15%)lead the

81、region amongst the major economies.In the Americas,the U.S.has seen total retail sales up 33%from pre-COVID-19 levels as of mid-2022,thanks in part to an infusion of cash stimulus support to households,the largest of any country in the region.Canadian retail sales are up a more modest 7%from pre-pan

82、demic levels.By contrast,Mexico is still experiencing sales levels below 2019.Brazil retail sales have experienced a lower annual growth rate of 2.3%so far in 2022,following a 1.4%increase in 2021.Countries in South America generally had greater trouble containing the virus,provided less household s

83、timulus,and have generally experienced slower economic recoveries.M A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 220C U S H M A N&W A K E F I E L DMAP 1:GLOBAL ECONOMIC OUTLOOKGDP AND CPI FORECASTGDP(real average annual)CPI(y-o-y)202220232024202220232024North America1.9%0.7%2.3%7.3%2.8%2.3%

84、South America3.6%1.0%2.8%20.0%14.1%10.9%Europe2.3%0.0%1.9%14.8%6.1%3.5%Asia Pacific3.4%4.1%4.1%4.3%2.5%2.2%World2.8%1.9%2.9%9.2%4.3%3.1%Source:Moodys(November baseline scenario accessed 11th November 2022)03K E Y T R E N D S T O W A T C HM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 221C U

85、 S H M A N&W A K E F I E L DUnsurprisingly,the challenges consumers faced going to physical stores during the pandemic increased online shopping.Throughout the pandemic,questions remained whether this surge in online sales would continue when restrictions eased and the pandemic abated.To date,the da

86、ta suggest that e-commerce sales have slowed year-on-year,though remain above pre-pandemic levels(Figure 2).Several online-only retailers have reduced headcount and slowed their voracious appetite for warehouse space in the past couple of quarters.It appears that pandemic-era lockdowns and restricti

87、ons did not erode consumers appetite to shop in physical stores.THE MIX OF BRICKS AND MORTAR AND E-COMMERCE 03K E Y T R E N D S T O W A T C HFIGURE 2:GLOBAL E-COMMERCE REVENUE(USDtn)Source:Statista20172.02.22.42.93.53.3200212022F0.00.51.01.52.02.53.03.54.0ASIA PACIFICEUROPENORTH AMERICARE

88、ST OF THE WORLDM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 222C U S H M A N&W A K E F I E L DSource:OECD9081--------09AUSCHNJPNKOREA19USUKFIGURE 3:CONSUMER CONFID

89、ENCE FOR SELECTED MARKETSCONSUMER CONFIDENCE REMAINS CRITICAL The key driver to maintain and grow retail sales will of course be an increase in levels of consumer confidence(Figure 3).According to the Organisation for Economic Co-operation and Development(OECD),consumer confidence levels globally ar

90、e at their lowest levels this century,even lower than those seen at the height of the GFC.The uncertainty of inflation and the pressure on household spendinghigher mortgage and rent,energy and food costshave left consumers anxious about the next 12 months.The expectation and hope is that once there

91、is some indication that inflation is stable and abating,we will see consumer confidence bounce back.To an extent,there is earlyif somewhat fragileevidence of this sentiment,as we see confidence in many markets bottoming,and in some cases,even beginning to improve.03K E Y T R E N D S T O W A T C HM A

92、 I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 223C U S H M A N&W A K E F I E L DTHE IMPACT OF GLOBAL TOURISMThe tourist trade has always been important to retailers,particularly those located in major cities that attract millions of visitors annually.Before the pandemic,travel and tourism was

93、 one of the most important sectors in the world,accounting for 10%of global GDP and 320 million jobs worldwide.In 2019,travellers took 1.5 billion overseas trips,but tourism levels are not expected to return to these levels until 2023 at the earliest,according to the International Monetary Fund(IMF)

94、.While border closings and mobility restrictions severely hampered tourism during the pandemic,a majority of countries have now reopened their borders and removed barriers to visitors.Nevertheless,Chinas international travel restrictions continue to impact international tourism numbers,which are sti

95、ll 28%below 2019 levels globally.This impact is being most acutely felt in Asia Pacific,which remains 75%below 2019 levels of international tourist movements,while in Europe the figure is just 16%below 2019 levels(Figure 4).Source:UNWTOFor the major global cities such as Tokyo,New York and London,in

96、ternational tourism contributes a large percentage of retail sales,especially within the high end and luxury sectors.Domestic tourism has become more important than everand cities and regions have developed large-scale marketing campaigns to entice people to vacation locally rather than abroad.For k

97、ey retail streets in key markets,however,there is no replacing international travellers who see shopping as a key part of their time away from home.FIGURE 4:INTERNATIONAL TOURIST ARRIVALS(COMPARED TO 2019 LEVELS)0-20-40-60-80-100JAN-20MAR-20MAY-20JUL-20SEP-20NOV-20JAN-21MAR-21MAY-21JUL-21SEP-21NOV-2

98、1JAN-22MAR-22MAY-22JUL-22GLOBALASIA PACIFICEUROPENORTH AMERICA03K E Y T R E N D S T O W A T C HM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 224C U S H M A N&W A K E F I E L DLUXURY STRENGTH During the pandemic,demand for luxury initially fell in line with other segments of retail.Prominen

99、t brands took the opportunity to retrench,spending the time improving their online experience and keeping relations with customers strong.Since then,the luxury goods market has rebounded strongly,and in many instances,some retailers find themselves in a better position than they were in pre-pandemic

100、.Sales per quarter for the major luxury conglomerates such Hermes,LVMH,and Richemont have all increased by over 20%since the end of 2019.While luxury brands emerged from the pandemic with strength,the temporary closure of stores spurred change in some luxury brands,namely the acceleration toward dig

101、ital.Many retailers have been historically hesitant to cede control of their selective sales channels.As a result,they were reluctant to sell online either through their own e-commerce store or via third-party retailers.Some brands have now shifted,selling their products online.Examples include Pate

102、k Philippe and Rolex.That said,other retailers have maintained the status quo,including Chanel,preferring brick and mortar only.The inflationary pressures we are experiencing(as of publication in Q4 2022)are less of an issue for affluent households.Despite spikes prices of in energy,food and housing

103、,affluent shoppers have demonstrated they will spend on luxury retail,so its likely the luxury trade will continue to perform well even in the face of economic challenges.03K E Y T R E N D S T O W A T C HM A I N S T R E E T S A C R O S S T H E W O R L D 2 0 2 225C U S H M A N&W A K E F I E L DCONTAC

104、TSCONTACTSCONTACTSAMERICASBARRIE SCARDINARegional President,NortheastHead of Retail,AJAMES BOHNAKERSenior EASIA PACIFICKEVIN LAMHead of Retail Services,Agency&Management,Hong KEUROPE/MIDDLE EASTROBERT TRAVERSHead of EMEA RANDREW PHIPPSGlobal FADAM SAFRANEKSenior Retail Marketing Coordinator CEEDR.DO

105、MINIC BROWNGlobal Head of Demographic Insights,APAC LMAINSTREETSACROSS THE WORLD 2022ABOUT CUSHMAN&WAKEFIELDCushman&Wakefield(NYSE:CWK)is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners.Cushman&Wakefield is among the largest real estate

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107、 CushWake on Twitter.Copyright 2022 Cushman&Wakefield.All rights reserved.The information contained within this report is gathered from multiple sources considered to be reliable.The information may contain errors or omissions and is presented without any warranty or representations to its accuracy.