NYC's Fifth Ave Keeps Crown as the Priciest Retail Location in the World
For the second year in a row, New York City's Fifth Avenue takes the crown as the world's most expensive street to secure a retail lease, a new Cushman & Wakefield report reveals.
Spurred by tourism, Fifth Avenue rents rose 3.6% from last year, bringing the price to $3.5k per SF in mid-2015. (Former No. 1 Hong Kong's Causeway Bay came in second with prices of $2.3k per SF.)
Paris' Avenue des Champs-Elysees came in third, with London's New Bond Street and Milan's Via Montenapoleone rounding out the top five.
Worldwide, high-demand streets rose 35%, despite recent global economic volatility (including a brutal Q3 for a number of US retailers). The report says the retail sector should expect to see continued consumer confidence as wages rise and unemployment falls.
