NEW YORK CITY—Tracking 451 prime retail streets in 68 countries around the world, Cushman & Wakefield has ranked Fifth Avenue, between 49th and 60th streets as the most expensive retail location in the world. In 2017, the asking rent was $3,000 per square foot, the same as in 2016, when New York also ranked as commanding the highest rents. However, the rental rate had increased 20% from the five prior years.
Converting the numbers internationally, Hong Kong's Causeway Bay was a close second, asking $2,725 of retail rent, also taking second place last year. This was followed by London's New Bond Street at $1,719, Milan's Via Montenapoleone at $1,433 and the Champs Elysees at $1407.
In the US, the most expensive retail locations following Fifth Avenue, were Rodeo Drive in Beverly Hills with asking rent of $875 per square foot, followed by San Francisco's Union Square at $700, Chicago's North Michigan Avenue at $550, then Lincoln Road in Miami at $300.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
