New York’s Upper Fifth Avenue is the most expensive retail street in the world, according to Cushman & Wakefield’s annual survey. H&M and Topshop have recently opened Fifth Avenue flagships, helping drive average rents on the street to $3,500 per square foot per year in 2015, the firm reports.
Fifth Avenue’s average 2015 rent is nearly 50 per cent more expensive than second place Causeway Bay in Hong Kong. Avenue des Champs Élysées in Paris retained its crown as the most expensive retail location in Europe and the Middle East, followed closely by London’s New Bond Street.
Cushman’s 2015 survey show that rents have risen in 35 percent of top retail streets around the world – despite the increased global uncertainty experienced over the last 12 months. Going forward, improving employment prospects, rising real wages and healthier consumer confidence in advanced economies are set to offer positive momentum for the retail sector, the firm reports.