Move over New York: Hong Kong now boasts world's most expensive shopping street
Wednesday 14 November 2012
Move over New York, Hong Kong is now home to the most expensive shopping street in the world.
New York's Fifth Avenue, home of Tiffany & Co and Trump Tower, has been toppled from its perch - a spot it has held for 11 years.
The shopping destinations list, compiled by property agents Cushman & Wakefield, tracks how much rent is paid for shops across the world.
Hong Kong Island's Causeway Bay area saw its rent rocket by nearly 35 per cent in the last year to $2,630 per square foot a year.
European and US brand names including Louis Vuitton and Burberry all have shops in the shoppers haven - one of the most densely built up locations on the island where rents continue to increase as retailers fight it out to open new shops.
Chinese mainland shoppers come by the coach-load to shop in duty free Hong Kong. Michele Woo, a senior director at Cushman & Wakefield in Hong Kong, said: "The highlight of Asia this year was Hong Kong where we saw prime rents surge by 21.8 per cent as a result of a strong demand from a diverse group of international retailers."
But growth in top rents was not just in Asia. Paris' Avenue des Champs-Élysées beat Ginza in Tokyo to third place, with rents jumping 30 per cent.
London's Bond Street remained in sixth position with its rent growing 3.1 per cent over the year.
John Strachan, head of global retail at Cushman & Wakefield, said: "There has been the usual jostling for the top positions between Hong Kong and New York but 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."
South America was the strongest rental growth region, with prime rents up by 11.6 per cent. Cushman & Wakefield studied 326 prime locations in 62 countries, with 147 reporting an increase in rent.
- 1 Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 What are your fingerprint words?
- 5 Gary Lineker involved in Twitter row after presenter rubbishes claims he will be warned by BBC over foul-mouthed tweets
Rihanna 'nude pictures' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
Jennifer Lawrence: Leaked 4Chan sex video branded 'fake' by users
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...