According to the 35th edition of Cushman & Wakefield's "Main Streets Across the World" report, which analyses the highest rents in 141 premium urban locations worldwide, the growing demand for commercial space in Chiado, coupled with a shortage of supply, has led to the rehabilitation and repositioning of several historic buildings in the area, especially on streets perpendicular to Rua Garrett, which is reflected in rising rents since 2022. One example is the largest beauty and wellness store in the country, Well's Chiado, with 1,500 square meters (m2) spread over three floors.

“Located in the heart of Lisbon, Chiado establishes itself as Portugal’s most emblematic retail destination. The prestigious Rua Garrett and Rua do Carmo, the most sought-after streets by retailers, bring together most of the leading national and international brands. This area has 42% of its spaces dedicated to fashion and a concept designed for a young and cosmopolitan audience,” says João Esteves, Partner and Retail Director of Cushman & Wakefield in Portugal, in a statement.

He adds that “between culture, leisure and style, Chiado stands out as a trendy and vibrant area, where fashion, sophistication and Lisbon authenticity meet, offering a unique experience and consolidating itself as the country’s main shopping and lifestyle destination.”

Most Expensive in the World

With rents of €20,482/m2, after a 22% increase, London's New Bond Street has been named, for the first time, the most expensive shopping destination in the world. According to the Cushman & Wakefield study, this London street came out ahead of Via Montenapoleone in Milan (€20,000/m2/year), which in 2024 had become the first European street to lead the global ranking, and Upper Fifth Avenue in New York (€18,359/m2/year).

Duncan Gillard, Retail Director at Cushman & Wakefield for Central London, states that “rental growth on New Bond Street has been driven by strong demand, limited supply, and continued investment in public space, reinforcing its status as a global retail destination,” adding that “the jewelry area between Clifford Street and Burlington Gardens, in particular, has become one of the most coveted locations, leading many occupiers to secure long-term contracts with favorable terms to guarantee their position in this location.”

For his part, Robert Travers, Retail Director for EMEA at Cushman & Wakefield, emphasizes that “the enduring appeal of the world’s leading streets lies in their unique combination of heritage, visibility, and cultural prestige.”

“These iconic corridors are more than shopping destinations; they are global stages for brand storytelling, architectural expression, and consumer engagement. Securing space on these streets is a challenge that demands innovative approaches to unlock new opportunities,” he concludes.