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Hong Kong Still Bests NYC on Top Retail Rate

HONG KONG-This city has more than doubled its top tier retail rents since Q1 2011, when it was still second to New York City. Global rent growth is still slow because of Europe.

By Robert Carr | Updated on July 13, 2012

HONG KONG-This city is the rising star for top retail rents, taking the top global spot in CBRE’s recent list of most expensive retail rent markets. Hong Kong had moved up to the number two spot, just below New York City, in Q1 2011, and a year later this Asian capital dominates the list at $3,864 per square foot, more than doubling its top rents recorded in early 2011.

New York City’s top rents average at $2,475 per square foot, and Sydney’s top rents come in third at $1,112 per square foot. Tokyo moved from sixth to fourth place at $1,025 per square foot over a year, while London, suffering from the European malaise, dropped to fifth at $956 per square foot.

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