London has the world’s most expensive retail space with peak rents of £749 sq ft per annum on New Bonds Street, according to the NAI Global’s Market Report.

London ’s St James Street, Oxford Street and Oxford Street East also topped £503 sq ft for prime street front space.

David Soloman, NAI Restore president, said: “With its large, affluent local population and strong international tourism, London has become one of the world’s most desirable retail markets.”

Hong Kong was second with peak rents at £624 sq ft, followed by New York City at £604 sq ft. At £519 sq ft, prime downtown retail space in Dublin is nearly twice as expensive as the next closest market, Moscow, which reported rents of £280 sq ft, followed by San Francisco at £244 sq ft, Chicago at £226 sq ft, Frankfurt at £192 sq ft, Copenhagen £169 sq ft and then Shanghai at £168 sq ft.