Hong Kong’s Tsim Sha Tsui remains Asia’s most expensive retail street

Hong Kong’s Tsim Sha Tsui retained its status as the most expensive retail street in the Asia-Pacific region and the fourth priciest worldwide, even as annual rents fell about 6 percent to US$1,515 (HK$11,817) per square foot, according to commercial real estate services firm Cushman & Wakefield’s latest report.

London’s New Bond Street claimed the top spot globally for the first time, with rents reaching US$2,231 per square foot annually, surpassing Milan’s Via Monte Napoleone and New York’s Upper Fifth Avenue.

Overall, around 58 percent of tracked retail streets recorded rent growth, lifting the global average by 4.2 percent year-on-year.

In the Asia-Pacific region, rent growth slowed from 2.8 percent in 2024 to 2.1 percent in 2025. Nevertheless, markets varied widely, with Tokyo’s Ginza and Omotesando streets posting robust increases of 10 percent and 13 percent, respectively, while Tsim Sha Tsui recorded a year-on-year decline.

John Siu Leung-fai, managing director of Cushman & Wakefield Hong Kong, said the city’s continued top-tier ranking reflects rising visitor numbers, government support for tourism, and steady consumer spending, which are boosting demand for flagship retail leases.

Dominic Brown, head of international research, said physical retail remains as important as ever, particularly stores that offer engaging shopping experiences and brand interaction.