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Fifth Avenue loses to Hong Kong — again — in rent race
All four most expensive retail locations in U.S. are in Manhattan
Fifth Avenue may be known for its astronomical retail rents, but it remains a distant second to Hong Kong’s Causeway Bay, according to a report from Cushman & Wakefield. Average retail rents on Fifth Avenue were $2,500 per square foot, holding steady from last year, according to the report.
Meanwhile, Causeway Bay’s average retail rents jumped 14.7 percent year-over-year to a whopping $3,017 per square foot. Champs Elysées in Paris rounded out the top three, with average rents of $1,601 per square foot, jumping 38.5 percent year-over-year, according to the report, seen by the New York Observer. The finding continues the trend over the last year, when Causeway Bay knocked Fifth Avenue from its 11-year perch in the top spot.
The priciest four retail locations in the United States were all in Manhattan, the report shows, with Times Square, East 57th Street and Madison Avenue coming after Fifth Avenue. All four locations had average retail rents north of $1,000 per square foot. [NYO] – Hiten Samtani