Hong Kong tops NYC in expensive retail rents: CBRE report

TRD New York /
May.May 13, 2013 12:30 PM

Hong Kong is hanging on to its lead over New York City as home to the priciest retail space in the world, according to a report from CBRE Group cited by Reuters.

The flashy shopping hub has 50 percent higher retail rent than similar districts, including Manhattan’s most expensive retail stretch, Fifth Avenue from 49th to 59th streets. In high-end shopping areas in Hong Kong, the city averaged $4,328 per square foot.New York took second place among the most expensive global retail markets, with its prime rents averaging $2,970 per square foot, Reuters said.

A Cushman & Wakefield report from November 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. In 2011, Hong Kong climbed to No. 2 after a rental hike of 46 percent quarter-over-quarter, a CBRE report said. [Reuters] Mark Maurer


Related Articles

arrow_forward_ios
The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Bruce Mosler and Simon Ziff

Simon Ziff and Bruce Mosler join lineup at Future City 2020

Federal Realty Investment Trust CEO Donald C. Wood and Georgetowne Shopping Center (Credit: Google Maps)

Fairway-anchored Bergen Beach shopping center sells for $85M

151-45 6th Road and Stephen Preuss

Massive, controversial Queens site back on market

Donald Trump and Dean & Deluca's Soho location (Credit: Getty Images, iStock)

Trump Organization sues Dean & DeLuca over rent defaults

William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

Forever 21 owes these five mall owners $20.9 million, bankruptcy court records show.

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

arrow_forward_ios