Causeway Bay’s Russell Street trumps 5th Avenue in New York as the world’s most expensive retail rental market
- Average annual rents in Causeway Bay stood at US$2,671 per sq ft at the end of second quarter
- Sixth time in 30 years that Causeway Bay has been ranked number one
Russell Street in Hong Kong’s Causeway Bay district has replaced New York’s Upper 5th Avenue as the world’s most expensive retail street by rental value, according to property consultants Cushman & Wakefield.
For the first time in five years, the city has regained the crown, with average annual rents of US$2,671 per square foot (HK$20,953) despite a small decline of 1.5 per cent in average rents, according to the company’s annual Main Streets Across the World report, released on Wednesday morning.
This was also the sixth time Causeway Bay has had the distinction of being named the world’s most expensive retail location.
The report, now in its 30th year, tracks 446 of the top retail streets around the globe, ranking them by their prime rental value as of the second quarter of 2018.
Cushman & Wakefield’s proprietary data includes a list of the most expensive streets in 65 countries and regions.
