Wait – London Beat Milan and Fifth Avenue?
Yes, you read that right. For years, Milan’s Via Monte Napoleone and New York’s Upper 5th Avenue fought for the top spot. Now New Bond Street has pushed past both. According to the latest numbers from Cushman & Wakefield’s Main Streets Across the World 2025 report, prime rents on the sweetest stretch of Bond Street – the part between Clifford Street and Burlington Gardens – jumped 22% in a single year. That brings the cost to a jaw-dropping US$2,231 per square foot. Think about that for a second. One square foot. Two thousand bucks. Every year.
How Did This Happen So Fast?
Simple answer: there just aren’t enough doors. Luxury giants like Prada, Cartier (owned by Richemont), Chanel, and Louis Vuitton are falling over themselves to grab space. Some are signing 15- or 20-year leases. Others are buying the buildings outright so nobody can ever kick them out. When Prada took a big unit last year, the deal made headlines in property circles. Richemont quietly bought another freehold a few doors down. Supply is tiny – we’re talking maybe 50 meters of true prime frontage – and demand feels endless.
What Does $2,231 per Square Foot Actually Mean in Real Life?
Picture a modest 1,000 sq ft boutique. That shop now costs its owner more than $2.2 million a year in rent alone – before staff, stock, or electricity. Crazy, right? Yet brands keep paying. Why? Because walking into a beautiful store on Bond Street still makes customers pull out the black card faster than anywhere else. Hard luxury – watches, jewelry, leather goods – has stayed strong even when fashion sales dip. People still want to touch a Patek Philippe or try on a Birkin in person.
Knock-On Effects All Over London
The heat isn’t staying on one street. Oxford Street prime rents rose more than 10% in the past 12 months. Regent Street did the same. Even Covent Garden and Sloane Street feel the ripple. Landlords know they can push numbers when Bond Street sets the benchmark so high.
But it’s not all good news. Some brands have walked away. The UK scrapped tax-free shopping for tourists in 2021, and that still hurts. Middle Eastern and Chinese shoppers used to land at Heathrow, hit Bond Street, and spend tens of thousands in a single afternoon because they got the VAT back at the airport. Take that perk away, and some decide to shop in Paris or Milan instead. Harrods says it lost hundreds of millions because of the rule change. A few smaller jewelry names quietly closed their Bond Street doors last year.
How Do Other Famous Streets Compare Right Now?
Let’s put some numbers side by side (Cushman & Wakefield, 2025 data):
- New Bond Street, London: $2,231/sq ft (+22%)
- Via Monte Napoleone, Milan: $2,145/sq ft (+8%)
- Upper 5th Avenue, New York: $2,100/sq ft (flat)
- Ginza, Tokyo: $1,850/sq ft (+10%)
- Avenue des Champs-Élysées, Paris: $1,420/sq ft (+5%)
- Tsim Sha Tsui, Hong Kong: $1,380/sq ft (-6%)
Tokyo keeps climbing – thank you, weak yen and lots of wealthy Asian travelers. Hong Kong, on the other hand, can’t shake the hangover from years of protests and strict Covid rules.
Is This Bubble About to Pop?
Honestly? Probably not anytime soon. Yes, interest rates are higher. Yes, some shoppers feel the pinch. But the very top customers – the ones buying six-figure watches and $50,000 handbags – still have plenty of money. Brands tell analysts they make more profit per square foot on Bond Street than almost anywhere else on earth. As long as that math works, they’ll keep fighting for every storefront.
Little Human Moment
I walked down Bond Street last month on a rainy Thursday. Security guards in long coats stood outside every door. A Russian couple argued in whispers over a emerald necklace in the window of Graff. Two teenagers from Dubai took selfies in front of the new Loewe store. The street smelled like wet pavement and very expensive perfume. It felt alive in a way Oxford Street never does anymore.
What Happens Next?
More of the same, most likely. Another big unit comes available in 2026 – rumor says it’s the old Ralph Lauren space – and every luxury CEO from Paris to Geneva already has their real-estate team on speed dial. Rents will probably nudge higher again next year. And somewhere a finance director is writing a very large check while telling the board, “Yes, it hurts, but we can’t afford not to be here.”
That’s the new reality. New Bond Street isn’t just a shopping street anymore. It’s the ultimate status symbol – for brands and for the customers who still walk through those doors.
