The Most Expensive Blog (The home of the most expensive & luxury things in the world) presents Hong Kong’s Causeway Bay tops shop rent list.
Hong Kong‘s shopping district of Causeway Bay has knocked New York’s Fifth Avenue off the top of the list of most expensive places to rent retail space in the world.
The Big Apple’s most famous shopping street lost its top ranking for the first time in 11 years, in a sign of the strong demand for luxury goods from cashed-up Chinese shoppers, property services firm Cushman & Wakefield said.
“The highlight of this year’s survey was Hong Kong… notwithstanding slowing economic activity, retailers continued to see the market as the ideal launching platform into mainland China,” the firm said in a statement.
Causeway Bay saw a surge in leasing activity with a 34.9 percent hike in rental values to $2,630 per square foot, compared with $2,500 in New York. The Champs-Elysees in Paris climbed two places to third at $1,129.
“There has been the usual jostling for the top positions between Hong Kong and New York,” Cushman’s Global Retail Services chief John Strachan said.
“But of course the real message here is the unfaltering advance of the top global cities, fuelled by a shortage of supply and the interest of international brands.”
Cushman’s Main Streets Across the World report found that luxury retailing was driving rental growth, with stiff competition for the “most coveted” locations.
The Asia-Pacific region had five of the 10 most expensive locations in the world, thanks to its increasingly affluent middle-class.
From luxuo.com
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Hong Kong‘s shopping district of Causeway Bay has knocked New York’s Fifth Avenue off the top of the list of most expensive places to rent retail space in the world.
The Big Apple’s most famous shopping street lost its top ranking for the first time in 11 years, in a sign of the strong demand for luxury goods from cashed-up Chinese shoppers, property services firm Cushman & Wakefield said.
“The highlight of this year’s survey was Hong Kong… notwithstanding slowing economic activity, retailers continued to see the market as the ideal launching platform into mainland China,” the firm said in a statement.
Causeway Bay saw a surge in leasing activity with a 34.9 percent hike in rental values to $2,630 per square foot, compared with $2,500 in New York. The Champs-Elysees in Paris climbed two places to third at $1,129.
“There has been the usual jostling for the top positions between Hong Kong and New York,” Cushman’s Global Retail Services chief John Strachan said.
“But of course the real message here is the unfaltering advance of the top global cities, fuelled by a shortage of supply and the interest of international brands.”
Cushman’s Main Streets Across the World report found that luxury retailing was driving rental growth, with stiff competition for the “most coveted” locations.
The Asia-Pacific region had five of the 10 most expensive locations in the world, thanks to its increasingly affluent middle-class.
Similar Posts:
Dubai to build world’s biggest mall
Britain’s most expensive garage
New York City parking spot goes for $1 million
Hong Kong is most expensive place to rent office space
The World’s Most Expensive Office Tower
The most expensive beach apartment in the world
Save and share Hong Kong’s Causeway Bay tops shop rent list
To share this post with your family and friends, click the button below to send them an email or save this to your favorite social network.
