Sydney’s Pitt Street named one of world’s most expensive shopping strips
Sydney’s Pitt Street Mall has retained its title as not only the country’s most expensive retail destination, but also one of the top globally.
Cushman & Wakefield’s annual report on the priciest main street malls in the world found Pitt Street was the eighth most expensive shopping strip to rent a store globally, placing it among the world’s most famous retail addresses across the US, UK, Europe, Japan and China.
The report – which ranks streets by headline rents in euros per square metre – found retailers along Pitt Street are paying an average of $13,000 per square metre (€7,294) in rent annually, an increase of 4% compared to last year.
Retailers along Pitt Street mall in Sydney are paying some of the highest rents per sqm in the world. Picture: Getty
Dominic Brown, Cushman & Wakefield’s head of international research said Pitt Street Mall remains the “jewel in Australia’s retail crown”.
“It’s resilience and recent rental growth reflect strong demand for flagship locations where global brands want to be. Tight vacancy means competition is fierce, and we’re seeing spillover into adjacent streets like Castlereagh as retailers seek proximity to prime trade,” he said.
Taking out the top spot globally was New Bond Street in London where retailers fork out an eye-watering AU$36,000 (€20,482) per sqm annually, followed by Via Montenapoleone in Milan (AU$35,500/€20,000 per sqm) and Upper 5th Avenue in New York (AU$18,300/€18,359 per sqm).
Top 10 most expensive destinations
| Global Ranking 2024 | Location | Rent (EUR/sqm/yr) | YoY change |
| 1 | New Bond Street, London | €20,482 | 22% |
| 2 | Via Montenapoleone, Milan | €20,000 | 0% |
| 3 | Upper 5th Avenue (49th to 60th Sts), New York | €18,359 | 0% |
| 4 | Tsim Sha Tsui (main street shops), Hong Kong | €13,907 | -6% |
| 5 | Avenue des Champs Élysées, Paris | €12,519 | 0% |
| 6 | Ginza, Tokyo | €11,538 | 10% |
| 7 | Bahnhofstrasse, Zurich | €9,644 | 0% |
| 8 | Pitt Street Mall, Sydney | €7,294 | 4% |
| 9 | Myeongdong, Seoul | €5,997 | 1% |
| 10 | Kohlmarkt, Vienna | €5,520 | 2% |
Source: Cushman & Wakefield Main Streets Across the World report 2025
The report revealed rents rose in 82 of the 141 locations tracked, declining in just 22, with a global average rental increase of 4.2%.
Across the Asia Pacific, Sydney was only Australian retail street within the top ten, with Melbourne’s Bourke Street placing 17th – where retailers are paying around AU$5,500 per sqm annually (€3086) – and Brisbane’s Queen Street Mall coming in at 25th place (AU$3,300 per sqm / €1,851). Rents remained flat compared to a year ago in both Melbourne and Brisbane.
Similarly to Sydney, the report noted there has been spillover growth in adjacent streets such as Melbourne’s Collins Street and Brisbane’s Edward Street.
“Melbourne continues to attract premium brands, supported by its heritage appeal and strong luxury positioning,” said Daniel Radle, Cushman & Wakefield’s national head of retail leasing and management.
“While rents have remained stable, demand for quality space continues to outpace supply. With limited availability in prime locations, we’re now seeing broader retail categories exploring well-located secondary precincts nearby”
London’s New Bond Street tops the list of the world’s most expensive shopping strips. Picture: Getty
It comes ahead of the official four-day Black Friday-Cyber Monday shopping event where consumers are expected to splurge a record $6.8 billion according to the Australian Retailers Association (ARA) in partnership with Roy Morgan.
Close to half of all retailers are expected to participate in the discounting sales event this year with shoppers tipped to spend $804 each on average.
Despite the continued rise of online retailers, most transactions are expected to take place in physical stores. Last year, NAB transaction data showed more than two-thirds of Black Friday sales were made in-store over the four-day Black Friday and Cyber Monday shopping period.
