MAPIC: New York’s Upper Fifth Avenue has overtaken Hong Kong’s Causeway Bay as the most expensive shopping street in the world, according to Cushman & Wakefield’s latest Main Streets of the World report.
Rents reached a record $3,500 (£2,236) per sq ft per year on Fifth Ave, while in Hong Kong, rents dropped by 6.8% to $2,734 per sq ft per year.
The Champs-Elysées in Paris retained third position with rents remaining stable at $1,556 per sq ft per year, while London’s New Bond Street (pictured) held on to fourth place with a 4.2% rise in rents to $1,216 per sq ft.
Rounding off the top five – and rents above $1,000 per sq ft pa – was Pit Street Mall in Sydney, where rents rose by a whopping 25% to $1,216 per sq ft pa.
C&W head of retail John Strachan said: “New York is once again the most expensive shopping destination in the world, for the first time since 2011. Upper Fifth Avenue also set a new record for the highest retail rents ever recorded. Global gateway markets continue to surge ahead as major brands battle for premier addresses in the top cities.”
Prime rents across the globe rose by an average of 2.4% in the 12 months ended September 2014, showing a sustained albeit slower rate of recovery.
The Americas showed the strongest regional growth with prime rents increasing by 5.8%, followed by Asia Pacific at 3.6% and EMEA at 1.3%.
Listen to the full interview with John Strachan here
Read the full report here.
