January 3, 2020
Hong Kong’s Causeway Bay tops the list of the world’s most-expensive streets for retail rents again this year, followed by New York City’s Fifth Avenue and London’s New Bond Street. Retailers pay, on average, $2,745 per square foot annually on Causeway Bay, while rents in the posh section of Fifth Avenue (between 49th and 60th streets) are at $2,250, and on London’s New Bond Street at $1,714, according to the Main Streets Across the World 2019 report, by Cushman & Wakefield. The report tracks 448 shopping districts in all, across 68 markets worldwide.
1. Causeway Bay, Hong Kong
Annual rent per square foot: $2,745
Annual rental change: 2.3%
2. Upper Fifth Avenue, New York City
Annual rent per square foot: $2,250
Annual rental change: 0%
3. New Bond Street, London
Annual rent per square foot: $1,714
Annual rental change: 2.3%
4. Avenue des Champs-Élysées, Paris
Annual rent per square foot: $1,478
Annual rental change: 0%
5. Via Monte Napoleone, Milan
Annual rent per square foot: $1,447
Annual rental change: 1.5%
6. Ginza, Tokyo
Annual rent per square foot: $1,251
Annual rental change: 0%
7. Pitt Street Mall, Sydney
Annual rent per square foot: $1,076
Annual rental change: 17.9%
8. Bahnhofstrasse, Zurich
Annual rent per square foot: $866
Annual rental change: 0%
9. Myeongdong, Seoul
Annual rent per square foot: $862
Annual rental change: –1.5%
10. Kohlmarkt, Vienna
Annual rent per square foot: $513
Annual rental change: 2.5%
By Brannon Boswell
Executive Editor, Commerce + Communities Today
