London’s New Bond Street has overtaken the Champs Élysées in Paris to become the third most expensive street in the world in terms of prime retail rental prices.

According to new data released at international retail property conference MAPIC, New Bond Street is the most expensive street for retail rentals in London, as well as the third most expensive in the world. New York’s Fifth Avenue remains the most expensive retail street in the world, with rentals of $3,000 per square foot and Hong Kong’s Causeway Bay retains second place at $2,725 per square foot, despite a 4.7% fall in average rents.

New Bond Street has had a rapid rise, with research showing that rental values have risen by 37.5% year-on-year and are now at $1,720 per square foot (£1,305/sq ft). Rentals in Paris’s Champs Élysées have remained static at $1,407 per square foot, and they were also overtaken by Milan’s Via Montenapoleone which saw a 12.5% increase in rental values. Spaces in New Bond Street are amongst the most sought after in the world for all the best international retailers who wish to create a dynamic and fresh shopping experience for consumers with more choice than ever before. These new figures show that the West End remains London’s premier shopping destination, despite competition from large shopping centres such as Westfield and Brent Cross.

This new ranking also means that New Bond Street is now the most expensive street in Europe for prime retail rentals, further cementing London’s place in the world as a global city for a variety of different reasons. From retail, to prime office space, London has it all and there is no shortage of people looking to invest their money in London’s stable property market, despite fears about Brexit.

MAPIC is held annually in Cannes, France and is one of the leading international conferences for retail real estate.