Causeway Bay surpassed by Fifth Avenue as costliest shopping strip by rental

New York’s Upper Fifth Avenue has overtaken Causeway Bay as the world’s most expensive shopping destination, according to global real estate adviser Cushman & Wakefield.

The company’s research report “Main Street Across the World” says prime retail rents across the globe rose by an average of 2.4% in the 12 months to last September. The research concludes that worldwide recovery in rents is being sustained but at an overall slower rate. Rents on New York’s Upper Fifth Avenue hit a record US$37,450 m², leapfrogging Causeway Bay, where rents fell by 6.8%.

Volatile and subdued economic activity affected some markets, while structural changes impacted on others. However, despite constrained rates of growth, 277 of the 330 locations in the survey saw rents increase or stay the same over the year. The report is widely recognised as the barometer for the global retail market and ranks the most expensive locations in the top 330 shopping destinations across 65 countries.