Main Streets Across The World_Final LR_v03
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K 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
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 2
FIGURE 1: RENTAL CHANGE FROM PRE-PANDEMIC AND Y-O-Y CHANGE FOR SELECT MARKETS
RENTAL CHANGE FROM PRE-PANDEMIC
40%
CHANGE Y-O-Y
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
BRAZIL U.S.
AUSTRIA ITALY
INDIA
BELGIUM SPAIN
JAPAN
LATVIA
SERBIA
MEXICO
CYPRUS
GREECE
FRANCE
TURKEY
POLAND
ESTONIA
CANADA
SWEDEN
IRELAND
CROATIA
FINLAND
NORWAY
ROMANIA
SLOVAKIA
HUNGARY
SLOVENIA
GERMANY
DENMARK
MALAYSIA
BULGARIA
LITHUANIA
PORTUGAL
INDONESIA
SOUTH KOREA AUSTRALIA
SINGAPORE
ARGENTINA
PHILIPPINES
MACEDONIA
LUXEMBOURG
SWITZERLAND
NETHERLANDS
CZECH REPUBLIC
UNITED KINGDOM
MAINLAND CHINA
HONG KONG CHINA
Source: Cushman & Wakefield
We 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 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 below 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.
C U S H M A N & W A K E F I E L D
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