Report: Fifth Avenue world’s priciest retail hub

Fifth Avenue in Midtown has the most expensive retail rents on Earth, according to a new report from Cushman & Wakefield. The report tracked 237 shopping locations across 47 nations, and found that Fifth Avenue north of 49th Street hosted the priciest retail rents as of the end of June an average of $13,993 per square meter a year. That’s a 38 percent increase over the average annual price per square foot in June 2004. The second most-expensive shopping location for retail rents was the Causeway Bay in Hong Kong, Cushman & Wakefield reported, followed by Paris’ Avenue des Champs Elyse s.