Hong Kong’s Tsim Sha Tsui remained the world’s fourth most expensive retail strip with rents at US$1,515 per square foot per year, as two other core shopping districts in the city – Causeway Bay and Central – also ranked among the Asia-Pacific’s priciest shopping locations, according to Cushman & Wakefield.
London’s New Bond Street jumped two spots from last year to emerge as the world’s most expensive retail district, according to the real-estate services consultancy’s 35th “Main Streets Across the World” report. New Bond Street commanded rents of US$2,231 per square foot per year, a 22 per cent increase compared with last year.
Via Montenapoleone in Milan, which topped the table last year, slipped to second place with rents of US$2,179 per square foot per year, while Upper Fifth Avenue in New York also fell one place to third with rents of US$2,000 per square foot per year.
The study was based on Cushman’s proprietary data and focused on headline rents in 141 best-in-class urban locations across the world which, in many cases, were linked to the luxury sector, the consultancy said.
