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World’s Top 10 Most Expensive Commercial Spaces—Here’s What’s Behind the Surge

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Myeongdong, Seoul’s iconic commercial district, has garnered attention for its high rental prices, securing 9th place globally among major cities. According to a report by Cushman & Wakefield Korea, a global real estate services firm, the average annual rental price per square meter in Myeongdong has reached $1,000. This represents a 3% increase from the previous year, maintaining its position at 9th in the global rankings.

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Milan Takes 1st Place, Surpassing New York

Milan’s Via Monte Napoleone tops the list, with rental prices reaching approximately $2,800 per square meter, an 11% increase from last year. The price increase in Milan has outpaced New York’s Upper Fifth Avenue, which held steady at $2,300 per square meter. Other prominent commercial areas include New Bond Street in London, Tsim Sha Tsui in Hong Kong, the Champs-Élysées in Paris, and Ginza in Tokyo.

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The Growth of K-Culture and the Medical Market Drives Myeongdong’s Commercial Area

The rise of Korean culture and the booming medical market targeting foreign visitors has fueled demand in Myeongdong. According to a representative from Cushman & Wakefield Korea, the influx of foreign tourists, drawn by the global popularity of K-culture, has revitalized the area. This visitor surge has resulted in higher rental prices and a notable decrease in vacancy rates within the district.

The survey, which analyzed commercial rental prices across 138 cities worldwide, revealed a global rental increase of 4.4%. North America saw the most significant increase, with an 8.5% rise; Europe experienced a 3.5% increase, and the Asia-Pacific region saw a 3.1% rise.

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Global Commercial Rental Price Rankings

1. Milan, Italy – $2,800

2. Upper Fifth Avenue, New York, USA – $2,300

3. New Bond Street, Londo,n UK – $2,000

4. Tsim Sha Tsui, Hong Kong – $1,800

5. Champs-Élysées, Paris, France – $1,500

6. Ginza, Tokyo, Japan – $1,350

7. Berlin, Germany – $1,220

8. Shanghai, China – $1,150

9. Myeongdong, Seoul, South Korea – $1,000

10. Orchard Road, Singapore – $950

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