New York’s Upper Fifth Avenue is world’s most expensive retail street, says C&W
By Tan Chee Yuen
/ Cushman & Wakefield |
New York’s Upper Fifth Avenue remains the world’s most expensive retail street, with an annual rental rate of US$3,000 psf, according to the latest Main Streets Across the World report by C&W. Trailing closely behind is Hong Kong’s Causeway Bay with an annual rental rate of US$2,878 psf. However, rental values have decreased in both places as brands balance the demands of physical and online presence, according to Cushman & Wakefield.
The report tracks 462 of the top retail streets around the globe by ranking them based on their prime rental value.
Hong Kong, Tokyo, Sydney and Seoul are the four cities in Asia-Pacific ranked among the top 10 most expensive retail locations in the world. The Causeway Bay area in downtown Hong Kong retains the top spot in the region. The downward pressure on rents is creating opportunity for some retailers looking to snap up units in prime locations on good rental terms.
The Causeway Bay area in downtown Hong Kong retains the top spot in the region
Source: Bloomberg
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