Fifth Avenue now the world’s most expensive retail address

Uptown corridor surpasses Hong Kong's Causeway Bay

New York /
Nov.November 19, 2014 11:08 AM

New York’s Upper Fifth Avenue is now the world’s Most Expensive Place to lease retail.

Fifth Avenue has surpassed Hong Kong’s Causeway Bay, according to Bloomberg News. Last year, Fifth Avenue came in a distant second behind Hong Kong.

Rents on the corridor rose 13.3 percent to a record of $3,500 per square foot in the 12 months through August, according to a report by Cushman & Wakefield Inc. cited by Bloomberg. Causeway Bay rents dropped 6.8 percent to $2,735 a square foot. In the same report last year, average retail rents on Fifth Avenue were $2,500 per square foot, which was the same as the year prior.

“The arrival of brands such as Microsoft, which recently announced its first flagship store in New York’s Upper Fifth Avenue, further underlined the importance of these premier shopping destinations,” Matt Winn, global retail chief operating officer at Cushman & Wakefield told the website. [Bloomberg News] — Claire Moses

 
 

Related Articles

arrow_forward_ios
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
Cushman predicts widespread return-to-office in early 2022
NBA store settles rent-collection lawsuit suit with landlord Moinian Group
NBA store settles rent-collection lawsuit suit with landlord Moinian Group
NBA store settles rent-collection lawsuit suit with landlord Moinian Group
WeWork CEO Sandeep Mathrani and Cushman CEO Brett White (WeWork, White by Louise-Haywood Schiefer)
WeWork, Cushman negotiating $150M partnership
WeWork, Cushman negotiating $150M partnership
Cushman & Wakefield's Doug Harmon and Adam Spies (Cushman, Getty)
Cushman’s top sales brokers negotiating new contract
Cushman’s top sales brokers negotiating new contract
Cushman & Wakefield's Brett White and John Forrester
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Cushman & Wakefield announces new CEO, revenue back to pre-pandemic levels
Diamond District building sold for $101M
Diamond District building sold for $101M
Diamond District building sold for $101M
Related Companies chairman Stephen Ross and Harris Blitzer Sports CEO Scott O'Neil with Central Park’s Wollman Rink (Getty)
City replaces Trump as Central Park rink operator — with Trump pals
City replaces Trump as Central Park rink operator — with Trump pals
Stephen Preuss
Top sales broker out at Cushman & Wakefield
Top sales broker out at Cushman & Wakefield
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...