Hong Kong’s Causeway Bay remains the world’s most-expensive street for retail rents, followed by New York City’s Fifth Avenue and, in third place, London’s New Bond Street.
Retailers pay, on average, $2,745 per square foot annually on Causeway Bay, while rents on the posh section (between 49th and 60th streets) of Fifth Avenue are at $2,250, and on London’s New Bond Street, retailers pay $1,714, according to the report, Main Streets Across the World 2019, published by Cushman & Wakefield. The report tracks 448 shopping districts across 68 global markets.
Average annual rents are $1,714 per square foot on London's New Bond Street
France’s Avenue des Champs Elysees came in fourth place, where rents average $1,478 per square foot annually, followed by Italy’s Via Montenapoleone, in Milan, where retailers pay an average $1,447 per year. The Ginza district in Tokyo is the 6th most-expensive street — $1,251.
The top seven streets around the globe held their positions from last year.
New York City's Fifth Avenue holds the No.2 spot for retail rents, which average $2,250 per square foot annually
In the Americas, the U.S. holds the top five spots — Fifth Avenue, Los Angeles’ Rodeo Drive ($895), San Francisco’s Union Square ($650), Chicago’s North Michigan Avenue ($400) and Miami’s Lincoln Road. ($220).
France’s Avenue des Champs Elysees came in fourth place, where rents average $1,478 per square foot annually
In Canada, Toronto’s Bloor Street ($206) and Vancouver’s Robson Street ($153) hold ninth and tenth place, respectively.
Mexico City’s Masaryk is the most-expensive street ($97) in Latin America. The street in the Americas that has made the biggest jump in rents over the past year is Zona Rosa, in Colombia’s Bogotá ($72) up from 20th place in 2018 to 16th place now.
By Edmund Mander