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Suck it, Hong Kong.
For the second year in a row, New York’s upper Fifth Avenue has been declared the most expensive retail corridor in the world, with an average square foot of retail space priced at whopping $3,500. Hong Kong’s Causeway Bay comes in a distant second at a mere $2,399. (brb, I have a semi-successful Etsy store I’m gonna go open in Hong Kong.)
The data was released by global real estate firm Cushman & Wakefiled in their annual “Main Streets Across the World” report, which looks at the top 500 retail streets in the world. The runner-ups in the US were Los Angeles’ Rodeo Drive at $800 per sq. ft. and Chicago’s Michigan Avenue at $525 per sq. ft.
Here are the top 10 globally:
1. Fifth Avenue (New York) - $3,500/sq. ft./year
2. Causeway Bay (Hong Kong) - $2,399/ sq. ft./year
3. Avenue des Champs Élysées (Paris) - $1,372/sq. ft./year
4. New Bond Street (London) - $1,321/sq. ft./year
5. Via Montenapoleone (Milan) - $1,035/sq. ft./year
6. Bahnhofstrasse (Zurich) - $894.6/sq. ft./year
7. The Ginza (Tokyo) - $881.9/sq. ft./year
8. Myeongdong (Seoul) - $881.8/sq. ft./year
9. Kohlmarket (Vienna) - $478.2/sq. ft./year
10. Kaufinger / Neuhauser (Munich) - $459.6/sq. ft./year
h/t NBC New York