Rents on Nowy Świat now exceed EUR 1,100 per square metre, according to Main Streets Across the World, the latest report by international property consultancy Cushman & Wakefield.
The company's analysts said the ranking reflects the street’s stable and predictable market, while signalling that its commercial potential is yet to be fully realised.
"Footfall and tourist numbers in Warsaw exceeded pre-pandemic levels last year," the report Main Streets Across the World noted, highlighting the case for further development and diversification of retail and service offerings along Nowy Świat.
Ewa Derlatka-Chilewicz of Cushman & Wakefield stressed the need for a coherent commercial strategy for the street.
"A clearly defined tenant mix, combined with premium and luxury concepts, would enhance its attractiveness and boost property values and rental yields," she said.
Globally, London’s New Bond Street topped the ranking, with annual rents rising 22 percent to over USD 2,200 per square foot.
The report found that average rents across the globe rose 4.2 percent last year, with 58 percent of monitored markets experiencing growth
In Europe, the average increase was 4 percent, with Budapest and London recording the fastest growth.
Cushman & Wakefield’s Main Streets Across the World report analyses prime rental levels in 141 of the world’s most prestigious retail locations, providing a comprehensive overview of the most expensive streets in each market.
(ał)
Source: PAP