Causeway Bay in Hong Kong is the world's most expensive retail location for the second year running, according to a report from real estate consultancy Cushman & Wakefield published on Wednesday.
The ranking of the most expensive retail locations in each country saw some movements over the year, but with Causeway Bay, Hong Kong, still the costliest location, breaking the US$3,000 per sq.ft per year barrier for the first time in the survey’s history.
Luxury brands and jewellery retailers in Hong Kong remain the dominant tenants in prime locations. However, an increasing number of non-luxury premium brands, usually driven into secondary streets, are now competing for these pitches.
Following Causeway Bay in first place, New York's Fifth Avenue ranked second, with Paris's Avenue des Champs-Elysees third. Beijing's Wangfujing shopping street was China's most expensive street, with prices of €3,610 (29,665 yuan) per square metre per year / $436 (2,655 yuan) per square foot per year.
The average rent in Hong Kong increased 21.8 percent over the past year. Central saw rent hikes of 23.3 percent, making it the second most expensive location in the city.
[Image via Flickr]
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