Causeway Bay be damned! The glitzy Hong Kong shopping destination may have unseated Fifth Avenue as the world’s most expensive retail street, but New York City brokers are still bullish on Fifth, the Commercial Observer reported.
A recent Cushman & Wakefield report found that Causeway Bay was the most valuable shopping strip in the world, knocking Fifth Avenue from the position for the first time in 11 years. But Fifth Avenue’s No. 2 position may have more to do with a whopping 35 percent increase in Hong Kong retail rent values than New York losing value, brokers told the Observer. [more]