Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

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

wikitree Views  

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.

News1
News1

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.

News1
News1

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.

News1
News1

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

wikitree
content@viewusglobal.com

Comments0

300

Comments0

[WORLD] Latest Stories

  • China Targets U.S. Tech Industry with Rare Earth Export Freeze
  • Porsche Taycan GTS Breaks Guinness Record with 10.9-Mile Ice Drift
  • Africa's MPOX Variant Clade 1b Reaches France: Health Officials Take Action
  • LA Wildfires’ Economic Toll Hits $50 Billion, Doubling Early Estimates
  • Real Reason Trump Wants Greenland and the Panama Canal: Geopolitical Dominance
  • Biden Targets China, Russia with New Semiconductor Export Limits

You May Also Like

  • 1
    Prunes: The Underrated Superfruit Your Cardiologist Might Approve Of

    LIFESTYLE 

  • 2
    3 Daily Habits That Might Be Aging Your Brain Faster Than You Think

    LIFESTYLE 

  • 3
    The One-Spoon Habit That’s Taking Over Healthy Mornings

    LIFESTYLE 

  • 4
    Tired of Painful Periods? Your Pantry Might Hold the Cure

    LIFESTYLE 

  • 5
    Still Tired After 8 Hours of Sleep? This Could Be Why

    LIFESTYLE 

Popular Now

  • 1
    Scientists Link Let-7 Gene to Lung Healing—and Possibly a Cure for Fibrosis

    LIFESTYLE&nbsp

  • 2
    GLP-1 Drugs Like Ozempic Might Cut Cancer Risk Too, Study Finds

    LIFESTYLE&nbsp

  • 3
    New Brain Cancer Drug Taps Into the Body's Internal Clock

    LIFESTYLE&nbsp

  • 4
    How What You Eat Affects Your Mouth—And the Rest of Your Body

    LIFESTYLE&nbsp

  • 5
    Fatigue Fighters? Scientists Zero In on Hidden Energy Regulators

    LIFESTYLE&nbsp

Must-Reads

  • 1
    Prunes: The Underrated Superfruit Your Cardiologist Might Approve Of

    LIFESTYLE 

  • 2
    3 Daily Habits That Might Be Aging Your Brain Faster Than You Think

    LIFESTYLE 

  • 3
    The One-Spoon Habit That’s Taking Over Healthy Mornings

    LIFESTYLE 

  • 4
    Tired of Painful Periods? Your Pantry Might Hold the Cure

    LIFESTYLE 

  • 5
    Still Tired After 8 Hours of Sleep? This Could Be Why

    LIFESTYLE 

Popular Now

  • 1
    Scientists Link Let-7 Gene to Lung Healing—and Possibly a Cure for Fibrosis

    LIFESTYLE 

  • 2
    GLP-1 Drugs Like Ozempic Might Cut Cancer Risk Too, Study Finds

    LIFESTYLE 

  • 3
    New Brain Cancer Drug Taps Into the Body's Internal Clock

    LIFESTYLE 

  • 4
    How What You Eat Affects Your Mouth—And the Rest of Your Body

    LIFESTYLE 

  • 5
    Fatigue Fighters? Scientists Zero In on Hidden Energy Regulators

    LIFESTYLE