Sydney’s Pitt Street Mall has maintained its eighth spot in the rankings of the world’s most expensive retail strips.

Pitt Street Mall has a rent of US$747 per sqft per year and is the only Australian destination included in the global top 10 list, based on Cushman & Wakefield’s Main Streets Across the World report.

In Asia Pacific, Pitt Street Mall ranked fifth while Melbourne’s Bourke Street ranked 18th with a rent of $329. Brisbane’s Queen Street Mall landed 25th at $197.

Michael DiCarlo, director of retail leasing at Cushman & Wakefield, said that developments at the Bourke Street solidify Melbourne’s standing in Asia Pacific.

“Currently undergoing significant transformations, the iconic Bourke Street retail area is in the midst of two major redevelopment projects,” said DiCarlo.

“The recently announced opening of a Mecca Cosmetica flagship, spanning over 3000sqm, adds to the city’s dynamic retail landscape.”

Di Carlo added that expanding luxury brands along Collins Street, enhancing premium hospitality offerings, and hosting events such as the Australia Open, Formula 1, and Fashion Week, help Melbourne’s retail sector overcome challenges.

“This approach not only attracts locals but also establishes the CBD as a sought-after destination for tourists,” said Di Carlo.

Meanwhile, Milan’s Via Montenapoleone now ranks as the world’s second most expensive retail destination with a rental cost of $1766 per sqft per year, behind Fifth Avenue New York (almost $2000). Milan has displaced Hong Kong’s Tsim Sha Tsui strip, which now ranks third at $1493.

London’s New Bond Street ranked fourth at $1462, while Paris’ Avenues des Champs-Élysées ranked fifth at $1120.

Asia Pacific posted the highest rental growth of 5.3 per cent, followed by the Americas at 5.2 per cent in the third quarter.

Rents in Europe and the US grew 4.2 per cent and 3.2 per cent, respectively.