November 15, 2018
Hong Kong's Causeway Bay returns to the top as world's most expensive retail street
For the first time in five years, Hong Kong's Causeway Bay has replaced New York's Upper 5th Avenue as the world's most expensive retail street by rental value, according to data from Cushman & Wakefield. The annual 'Main Streets Across the World' report, now in its 30th year, tracks 446 of the top retail streets around the globe, ranking them by their prime rental value as at Q2 2018 according to Cushman & Wakefield's proprietary data, which includes a list of the most expensive streets in 65 countries/regions.
Despite a small decline of 1.5% in average rents, Hong Kong's Causeway Bay area takes top spot, with a figure of US$2,671 (HK$20,952*) psf/yr. Kevin Lam, Cushman & Wakefield's Head of Retail Services, Hong Kong, said, "The retail market in Hong Kong has experienced a rebound over the last year, driven mainly by a return of mainland Chinese tourists. With encouraging signs in tourist arrivals and retail sales during the first half of 2018, especially in the watch and jewellery category, luxury brand operators have shown interest in re-entering the market, if opportunities arise in good locations. However, the outlook for the market towards the final quarter is clouded by growing trade tensions and weakened price advantage of Hong Kong in view of external factors."
*Exchange rate as of end of Q2 2018
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