Main Streets Across The World_Final LR_v03

02

11

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