Annual rent in Myeong-dong, Seoul was found to be the ninth most expensive retail district in the world.
On the 19th, according to the retail report Main Streets Across The World published by global real estate consultancy Cushman & Wakefield (C&W), annual rent in Myeong-dong, Seoul came to $653 per square foot. That is up about 1% from a year earlier, ranking ninth worldwide.
Kim Seong-sun, deputy managing director of Cushman & Wakefield Korea, said, "Myeong-dong is Korea's leading mega retail district spearheading K-culture and the K-wave," and noted, "An excellent metropolitan transport network combined with abundant hotel and office infrastructure is forming a solid demand base that encompasses not only domestic and foreign tourists but also office workers."
The most expensive retail district in the world was found to be New Bond Street in London, United Kingdom. Annual rent there rose 22% over the past year to $2,231 per square foot. Strong demand coupled with limited supply drove the rent increase on London's New Bond Street. In particular, the main jewelry institutional sector between Clifford Street and Burlington Gardens is cited as one of the most fiercely competitive retail districts globally.
Next was Via Montenapoleone in Milan, Italy, at $2,179 per square foot in second place. ▲ Upper Fifth Avenue in New York, United States ($2,000) ▲ Tsim Sha Tsui in Hong Kong ($1,515) ▲ Avenue des Champs-Élysées in Paris, France ($1,364) ▲ Ginza in Tokyo, Japan ($1,257) ▲ Bahnhofstrasse in Zurich, Switzerland ($1,051) ▲ Pitt Street Mall in Sydney, Australia ($795) followed.
Globally, retail rents rose an average of 4.2%, and rents increased in 58% of those surveyed districts. The Americas led regional rent gains at 7.9%, helped by South American currency effects, while Europe posted a steady annual growth rate of 4%, with Budapest and London standing out.
Meanwhile, the Asia-Pacific retail rent growth rate in 2025 slowed slightly to 2.1% from 2.8% in 2024, but results varied widely by market. Major Indian cities led the regional uptrend, with Gurgaon's Galleria Market up 25%, the highest growth rate. That was followed by Connaught Place in New Delhi at 14% and Kemps Corner in Mumbai at 10%.
Tokyo's Ginza and Omotesando in Japan also maintained solid growth with rent increases of 10% and 13%, respectively, while Hong Kong's Tsim Sha Tsui fell 6% to $1,515 per square foot annually. Pitt Street Mall in Sydney, Australia, rose 4% to $795, breaking out of years of stagnation and returning to an uptrend.