World's 10 Most Expensive Retail Locations: Cushman & Wakefield

 @MeaganKaym.clark@ibtimes.com
on November 15 2013 1:15 PM

Hong Kong's Causeway Bay is the most expensive retail location in the world for the second year in a row, according to an annual global measure of the retail sector by Cushman & Wakefield. The firm tracks rents in 334 top shopping locations in 64 countries to determine the rankings. 

Causeway Bay's average rent costs more than $3,000 per square foot, the highest rent recorded in the report's 25-year history, Cushman & Wakefield said Thursday. New York's Fifth Avenue and Paris' Avenue des Champs Elysees followed behind Hong Kong, at about $2,500 and $1,600, respectively, with Paris' rent rocketing nearly 40 percent in the past year. Rents on London's New Bond Street increased by 15 percent, pushing that location to fourth place from last year's sixth place. 

Overall, global retail rents rose 3.2 percent in the past year, and though the Americas didn't make the top 10, rents for their prime shopping locations are increasing the fastest, at an average 5.8 percent. 

Here are the world's 10 costliest locations for retail: 

1. Causeway Bay

Location: Hong Kong (China)

Price: $3,017/sq. ft.

Growth in 2012-2013: 14.7%

 

2. Fifth Avenue

Location: New York City, U.S.

Price: $2,500/ sq. ft.

Growth in 2012-2013: 0.0%

 

3. Avenue des Champs Elysees

Location: Paris, France

Price: $1,601/ sq. ft.

Growth in 2012-2013: 38.5%

 

4. New Bond Street

Location: London, U.K.

Price: $1,047 sq. ft.

Growth in 2012-2013: 15.6%

 

5.Ginza

Location: Tokyo, Japan

Price: $984/ sq. ft.

Growth in 2012-2013: 7.4%

 

6.Via Montenapoleone

Location: Milan, Italy

Price: $906/ sq. ft.

Growth in 2012-2013: 7.1%

 

7. Bahnhofstrasse

Location: Zurich, Switzerland

Price: $874/ sq. ft.

Growth in 2012-2013: 2.3%

 

8.Pitt Street Mall

Location: Sydney, Australia

Price: $850/ sq. ft.

Growth in 2012-2013: 0.0%

 

9.Myeongdong

Location: Seoul, South Korea

Price: $732/ sq. ft.

Growth in 2012-2013: 6.4%

 

10.Kohlmarkt

Location: Vienna, Austria

Price: $536/ sq. ft.

Growth in 2012-2013: 8.8%

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