New York’s Fifth Avenue has ended its 11-year run as the world’s most expensive retail area, dethroned by Hong Kong’s Causeway Bay, according to a recent survey by real estate services company Cushman & Wakefield.
The average retail real estate rent in the Causeway Bay shopping area surged 34.9 percent from a year earlier to an annual $2,630 per square foot, the report said. Manhattan’s Fifth Avenue came in second with average retail rent at $2,500 per square foot, up 11.1 percent, according to the review of 326 prime locations in 62 countries.
Paris’s Avenue des Champs-Elysees, where the average rent rose 30 percent to $1,129 per square foot (9,573 euros per square meter) jumped two places to third place, leaving Tokyo’s Ginza district in fourth place with average annual rent at $1,057 per square foot.