Hong Kong's Causeway Bay world's priciest retail area - survey

NEW YORK Wed Nov 14, 2012 6:36am IST

Shoppers walk at Hong Kong's Causeway Bay shopping district January 14, 2011. REUTERS/Bobby Yip

Shoppers walk at Hong Kong's Causeway Bay shopping district January 14, 2011.

Credit: Reuters/Bobby Yip

Related Topics

Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

NEW YORK (Reuters) - New York's Fifth Avenue ended its 11-year run as the world's most expensive retail area, dethroned by Hong Kong's Causeway Bay, according to a survey by real estate services company Cushman & Wakefield.

The average retail real estate rent in the Causeway Bay shopping area surged 34.9 percent from a year earlier to an annual $2,630 per square foot, Cushman & Wakefield said in its report released on Tuesday.

Manhattan's Fifth Avenue came in second with average retail rent at $2,500 per square foot, up 11.1 percent, according to the review of 326 prime locations in 62 countries.

Paris's Avenue des Champs-Elysees, where the average rent rose 30 percent to $1,129 per square foot (9,573 euros per square meter) jumped two places to third place, leaving Tokyo's Ginza district in fourth place with average annual rent at $1,057 per square foot.

Luxury retailers are competing for the most coveted shopping destinations, pushing up rents, despite recent slower sales growth, Cushman & Wakefield said.

Five of the 10 most expensive global retail locations were in the Asia-Pacific region.

Within the Americas, the United States dominated the top 10 most expensive retail locations. Times Square made the survey for the first time, grabbing second place behind Fifth Avenue with rental growth of 55.6 percent. Madison Avenue and East 57th Street shared the third spot within the Americas.

In Brazil, rents surged 64.7 percent in the highly sought after area of Garcia D'avila (Ipanema) in Rio de Janeiro.

In Europe, Cushman & Wakefield said rents were strong in prime retail locations, even as secondary locations struggled with weak consumer sentiment.

Following Paris's Avenue des Champs-Elysees, London's New Bond Street was the second most expensive shopping area in Europe with rents up 3.1 percent to $936 per square foot. Switzerland's Bahnhofstrasse was third with rents up 8.7 percent to $854 per square foot.

(Reporting By Ilaina Jonas; Editing by Tim Dobbyn)

FILED UNDER:

REUTERS SHOWCASE

WTO Trade Deal

WTO Trade Deal

WTO clinches first global trade deal in its history  Full Article 

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year  Read 

OPEC Meeting

OPEC Meeting

Saudis block OPEC output cut, oil price sinks further.  Full Article 

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Full Article | Related Story 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Banking Sector

Banking Sector

India moves to allow more businesses to offer basic financial services.  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage