Myeongdong Shopping District Rent Ranks 9th Worldwide After New York and Milan
The monthly rent for retail stores in Myeongdong, Jung-gu, Seoul, was found to be the ninth most expensive among major commercial districts worldwide.
According to the 'Main Streets Across the World report' released on the 21st by global real estate consulting firm Cushman & Wakefield, the monthly rent for major retail stores in Myeongdong was recorded at 768,150 KRW per square meter. The ranking remained the same as last year.
The highest monthly rent was found on Fifth Avenue in New York, USA, at 2,392,991 KRW per square meter. Following were Via Montenapoleone in Milan, Italy (2,113,011 KRW per square meter), Tsim Sha Tsui in Hong Kong (1,786,368 KRW per square meter), New Bond Street in London, UK (1,749,276 KRW per square meter), Champs-?lys?es in Paris, France (1,340,075 KRW per square meter), and Ginza in Tokyo, Japan (1,091,204 KRW per square meter), which occupied the top ranks.
Among these, the rent in the Via Montenapoleone district of Milan rose by 20% annually. South Korea saw a 5% annual increase. Sungsoon Kim, Executive Director of the Retail Division at Cushman & Wakefield Korea, explained, "Although South Korea was affected by the COVID-19 pandemic for a prolonged period, since last year, with the return of foreign tourists and revitalization of commercial districts, rent levels have been recovering. In particular, demand for offline spaces has increased, with notable demand to open flagship stores in prime locations of major commercial districts."
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Meanwhile, this year, rents in major commercial districts worldwide increased by an average of 4.8% compared to the previous year. The Asia-Pacific region recorded the highest growth rate at 5.3%, followed by the Americas (5.2%) and Europe (4.2%). However, 55% of commercial districts worldwide still had rent levels lower than those before the COVID-19 pandemic.
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