Stoleshnikov Lane in Moscow for the fourth year in a row confirms the status of the most expensive street in Russia in terms of rent. In the world ranking of the most expensive trade corridors in the world, published annually by Cushman & Wakefield, it took 15th place, rising four positions compared to 2016: the average rental rate here has risen by almost 10% since €2,818 to €3 071 per sq.m. m per year.

However, this increase is nominal, as it is primarily due to the depreciation of the euro against the local currency. After the final transition of the rental market to rubles in 2015, there are much stronger fluctuations in the equivalent rate in the currency. In general, rental rates and vacancy rates on the main trade corridors of the capital have stabilized, and the consumer market is slowly but surely recovering, starting from the middle of this year.

"We note serious structural changes in retail premises in Moscow street retail," comments Mariana Matueva, Leading consultant of the retail real estate department Cushman & Wakefield. The street reconstruction program with a focus on the expansion of pedestrian zones, coupled with the restriction of parking in the city center, led to a profound restructuring of the entire sector as a whole and the profiles of individual streets in particular. Grocery stores and restaurants, focused more on pedestrian traffic, continue to replace clothing, footwear and accessories stores. One of the most notable events in the center of Moscow recently was the opening of the AUCHAN supermarket on Tverskaya Street, where there are many shops of premium world brands.

The first line in the list of the most expensive trade corridors in the world is held by Fifth Avenue in New York, the rental rate here reaches an average of €28,262 per sq.m. m per year. Hong Kong Causeway Bay retains second place despite a 4.7% drop in rent to 25,673 per sq.m. m per year. London's New Bond Street has rapidly risen to third place in the global ranking, after the rental rate here increased by more than a third compared to the previous year, reaching €16,200 per sq.m. m per year. This growth in comparison with other global trade corridors highlights the high demand for retail space in the premium segment in London's West End.

The cheapest of all, according to the rating of Cushman & Wakefield, it costs retailers to rent premises in the capital of Namibia, the city of Windhoek. Those wishing to rent a store here will only have to pay 231 euros per sq. m. m per year.