London Tops the List for Highest Retail Rents Worldwide... Where Does Seoul Rank?

Myeongdong Ranks Ninth Globally for Retail Rents
London's New Bond Street Takes the Top Spot

Myeongdong in Seoul has been ranked as the ninth most expensive location in the world for retail rent.

According to the global retail report released on November 19 by Cushman & Wakefield Korea, the annual rent in Myeongdong, Seoul, was recorded at $653 per square foot. This figure represents an increase of about 1% from the previous year, maintaining its position as the ninth highest globally. Myeongdong also ranked ninth last year.

Street in Myeongdong, Jung-gu, Seoul

Kim Sungsoon, Deputy Managing Director of Cushman & Wakefield Korea, explained, "Myeongdong is Korea's leading mega retail district, spearheading K-culture and the K-wave. Its excellent metropolitan transportation network, combined with abundant hotel and office infrastructure, forms a solid demand base that encompasses not only domestic and international tourists but also office workers."

The most expensive retail district in the world was New Bond Street in London, United Kingdom, which moved up from third place last year. Its annual rent surged by 22% year-on-year to $2,231 per square foot, making it the highest-priced retail location globally.

Following this, Via Montenapoleone in Milan, Italy ($2,179), and Upper Fifth Avenue in New York, United States ($2,000), which were ranked first and second last year, each dropped one spot to take second and third place, respectively.

The list continued with Tsim Sha Tsui in Hong Kong ($1,515), Avenue des Champs-?lys?es in Paris, France ($1,364), Ginza in Tokyo, Japan ($1,257), Bahnhofstrasse in Zurich, Switzerland ($1,051), and Pitt Street Mall in Sydney, Australia ($795).

Focusing on the Asia-Pacific region, Tsim Sha Tsui in Hong Kong took the top spot, followed by Causeway Bay in Hong Kong ($1,374), Ginza in Tokyo ($1,257), Omotesando in Tokyo ($1,028), and Osaka ($914). In Korea, Myeongdong ranked ninth, while Gangnam Station ($578) placed tenth.

Globally, retail rents rose by an average of 4.2%, with 58% of the surveyed retail districts experiencing an increase. By region, the Americas saw a 7.9% rise, Europe recorded a 4% increase, and the Asia-Pacific region experienced a 2.1% uptick.