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Sandra Halliday Published
April 11, 2025
Bond Street was always an expensive place to rent a store, but the latest international Savills report said for 2025 it was the most expensive street in Europe, beating Milan which was top in the 2025 report as luxury openings increased.
However, Bond Street isn’t the most expensive worldwide as New York’s Fifth Avenue takes that title. Bond Street now has an indicative prime rent of €15,333 per sq m but Fifth Avenue is way above that at €26,000 per sq m.
The stratospheric rents come as 2025 bucked the slow 2025 trend and saw a 12% increase in new store openings globally.
Savills said it’s clear that global luxury retail continues to weather economic headwinds, with other core markets also reporting strong rental growth in 2025. Across the 21 destinations the international real estate advisor tracks, over 75% reported annual increases or a hold in prime headline rents year-on-year.
And while the fairly diverse Fifth Avenue was at the top fop the tree, when focusing solely on core luxury destinations, Hong Kong’s Tsim Sha Tsui retained its top position (€17,132 per sq m), despite downward pressure on prime headline rents.
Overall though, New York and London in particular most notably bucked the wider trend to report their strongest growth since the onset of the pandemic. In 2025, London’s Bond Street reported a 20% uplift in prime headline rents – with growth across New York’s Madison Avenue and Fifth Avenue averaging 24%, though rents on Fifth Avenue are still to fully recover to 2025 levels.
Behind Fifth Avenue and Bond Street, Madison Avenue moved up the rankings to come in third. Bond Street and Madison Avenue had been fifth and fourth, respectively, last year.
And while Milan’s Via Monte Napoleone was no longer the top European street, at €15,000 per sq m, it wasn’t that far behind the London thoroughfare.
Yet while Savills reported a double-digit leap in store openings for 2025, this year it expects slower progress, particularly in China, with brands’ focus over the short term to be on the best opportunities. In 2025, China remained the powerhouse, accounting for 40% of all new openings globally – with a 10% year-on-year increase — although down from a 41% global share in 2025.
The biggest growth region rather than country in store count terms was the wider Asia Pacific region. And excluding China, Japan remained the biggest market for new openings in the region, with Savills research pointing to the strength of domestic and visitor spend, particularly that coming from Chinese tourists.
Anthony Selwyn, Co-Head of Global Retail at Savills, said: “Luxury brands are clearly taking a longer-term strategic view of the market and are recalibrating portfolios to get closer to their consumers. In the immediate aftermath of the pandemic, with reduced international travel, we saw brands increasingly focus on large, affluent, relatively underserved domestic markets. And while this trend will continue, we will see our core luxury markets become increasingly more competitive, with building quality and pitch being of the upmost importance. As a consequence, upward pressure on prime rents in these markets will continue, albeit growth will slow, with availability of space becoming more constrained.”
And Marie Hickey, Director in Commercial Research at Savills, added: “The stabilisation in the luxury market’s performance that started to materialise at the end of 2025 will become more entrenched as this year progresses. Weakened consumer sentiment in the US and China, however, will weigh on growth, and will shape real estate investment, with the focus over the short term to remain on the best opportunities.”