Thursday 23 November 2017

Hong Kong’s Causeway Bay shopping district commands the world’s highest retail rents

Property consultants Cushman & Wakefield report that rents for retail space in Hong Kong's Causeway Bay shopping district have passed the US$3,000 per square foot barrier to retain its position as the world's most expensive retail area.

Hong Kong’s Causeway Bay shopping district commands the world’s highest retail rents

Hong Kong's Causeway Bay shopping district. Photo courtesy NY Times

November 14, 2013

The report covered the top 334 shopping destinations across 64 countries.

Famed for its luxury brands and everyday convenience retailers, the average retail rent in the Causeway Bay area rose 14.7 percent from a year earlier to its highest level in the survey's history, Cushman & Wakefield said.

After losing first position to Causeway Bay in 2011 -2012, New York's Fifth Avenue stayed in second spot with average retail rents unchanged from 2012 at US$2,500 per square foot.

New York's Fifth Avenue, the world's second most expensive place to rent retail space

Cushman & Wakefield’s report found Fifth Avenue almost US$900 per square foot ahead of its nearest rival, Paris's Avenue des Champs-Elysees, even though rents there soared 38.5 percent to US$1,601 per square foot. London's New Bond Street took fourth place with a 15.6 percent rise in rent to US$1,047 per square foot.

Long considered the gateway to China, firms are willing to pay high prices for retail space in Hong Kong, where the three premier shopping destinations top the list of Asia Pacific's most expensive locations.

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