BGC High Street in the Philippines ranks 4 1st in the world for the highest rental business district in the Philippines.

On December 20, local time, according to the latest global ranking by Cushman & Wakefield, a real estate service company, Fifth Avenue in new york City once again became the most expensive commercial street in the world.

Fifth Avenue is the most expensive retail area in the United States, with an annual rent of $2000 per square foot, according to the report, entitled "Global Main Streets.

The second highest commercial street is Tsim Sha Tsui, Hong Kong, with an average annual rent of $1436 per square foot. In third place is Milan's Via Montenapoleone, where annual rents average $1380 per square foot.

The top ten most expensive shopping streets are London's New Bond Street, Avenues des Champs Elysees, Ginza in Tokyo, Banhoft in Zurich, Pitt Street Mall in Sydney, Myeongdong in Seoul and West Nanjing Street in Shanghai.

At the same time, Bonifacio High Street in Taguig is the most expensive retail area in the Philippines, ranking 41st in the global ranking.

It is reported that the annual rent on BGC High Street remains at the level before the new crown epidemic, at $46 per square foot (about 2550 pesos) or 28,200 pesos per square foot.

Claro Cordero, director of Cushman & Wakefield and head of research, consulting and advisory services, said the retail environment in the Philippines at the peak of the new crown epidemic was similar to other markets, when most businesses were stagnant or closed.

He added: "The high-end retail segment is expected to lose ground in the medium term, while the full recovery of the mid-end retail segment will take some time, as rising prices of goods and services lead to challenges in the growth of consumer spending. In addition, demand for luxury goods will continue to grow as wealthy shoppers are not afraid of high inflation. In the Philippines, the decoupling of the high-end/luxury and mid-range markets after the pandemic will be largely due to the ability of luxury brand operators to accept changes in consumer preferences and shopping habits."

He noted that the volume of new retail space completions in the mid-market remained "lackluster as companies began to reassess their expansion strategies in favor of more resilient asset classes".

MR Cordero said: "it has been observed that the vacancy rate of mid-range retail space is still very high compared with the average level before the pandemic, but due to the improvement of mall functions (such as higher ceilings, better air circulation, imitation of 'outdoor' space), the" experiential shopping "has been strengthened, and the high-end retail part has been restored."

Cushman & Wakefield's "Global Main Streets" report monitors top retail streets around the world, using the company's data to rank the most expensive streets in 92 cities by gold rent value. The latest report is the first since 2019. At the peak of the pandemic, rents in the golden retail area fell by an average of 13% per cent, but have now recovered to 6 per cent below pre-pandemic levels.

Since the peak of the pandemic, rents in the global retail market have rebounded by about 50%.