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HK's Causeway Bay world's priciest retail area: Survey

Published on Nov 14, 2012 10:18 AM
Shoppers walk across the plaza at Wharf Holding's Times Square retail and office complex in Hong Kong Tuesday, August 19, 2003. -- PHOTO: BLOOMBERG

NEW YORK (REUTERS) - New York's Fifth Avenue ended its 11-year run as the world's most expensive retail area, dethroned by Hong Kong's Causeway Bay, according to a survey by real estate services company Cushman & Wakefield.

The average retail real estate rent in the Causeway Bay shopping area surged 34.9 per cent from a year earlier to an annual US$2,630 (S$3,215) per square foot, Cushman & Wakefield said in its report released on Tuesday.

Manhattan's Fifth Avenue came in second with average retail rent at US$2,500 per square foot, up 11.1 per cent, according to the review of 326 prime locations in 62 countries.

Paris' Avenue des Champs-Elysees, where the average rent rose 30 per cent to US$1,129 per square foot, jumped two places to third place, leaving Tokyo's Ginza district in fourth place with average annual rent at US$1,057 per square foot.

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