Causeway Bay remains world's costliest shopping areaBusiness | 13 Nov 2019 11:49 am
Causeway Bay remains the world’s most expensive shopping street, followed by New York’s Upper 5th Avenue and London’s New Bond Street, real estate services firm, Cushman & Wakefield, says.
Rents in Causeway Bay are at US$2,745 per sq ft a year, the realtor says in the the annual ‘Main Streets Across the World’ report.
Beijing’s Wangfujing is the other city across Greater China to break the top 20, with a global rank of 11.
The realtor's annual report tracks rents for 448 locations across 68 markets – the largest number ever included since it started in 1988. The report ranks locations by their prime rental value using Cushman & Wakefield’s proprietary data.
Last year Causeway Bay ended five years of domination by New York’s Upper 5th Avenue, and in the 2019 rankings, it retains its leading position.
Upper 5th Avenue rents are at US$2,250 psf a year. London’s New Bond Street is third in the global list, with annual rents at the London thoroughfare having risen by 2.3 percent in the past 12 months to US$1,714 per psf a year.
Report author Darren Yates, head of EMEA Retail Research at Cushman & Wakefield, said: “In terms of rental performance, this year’s results are encouraging and demonstrate the resilience of the premier retail locations. Rents on the world’s top retail streets have been fairly stable and there is greater clarity on where retail is heading. However, there is downward pressure on rents in many weaker locations, particularly in the more mature markets of Europe and North America. In Asia Pacific, retail has generally performed well across a very diverse group of markets.”