The steepest retail rents
A stronger U.S. dollar, the shift to online sales and a slowdown in spending by the affluent are no match for America's high-end shopping districts.
Despite this slew of negative macroeconomic trends, a new report by Cushman & Wakefield found that retail rents across the U.S. rose 6.9 percent for the year ended June.
These price increases helped one stretch of New York City solidify its ranking as the world's most expensive shopping street, as an economic slowdown and fewer visitors to Hong Kong caused rents in that city's high-end districts to taper.
Even with that decline, however, Hong Kong remained home to four of the world's top 10 most expensive shopping streets. In all, Cushman & Wakefield said rents rose in 35 percent of the world's streets over the past year.
For a complete list of the world's priciest streets for retailers, as determined by Cushman & Wakefield, click ahead.
(Rents listed are in U.S. dollars and are on a square foot/year basis.)
— By Krystina Gustafson
Posted 26 Nov. 2015
10. Lower Fifth Avenue (42nd Street to 49th Street), New York
Average rent: $1,000
Annual rental growth: 2 percent
9. Via Montenapoleone, Milan
Average rent: $1,035
Annual rental growth: 25 percent
8. New Bond Street, London
Average rent: $1,321
Annual rental growth: 12 percent
7. Mong Kok, Hong Kong
Average rent: $1,362
Annual rental growth: -12 percent
6. Avenue des Champs-Elysees, Paris
Average rent: $1,372
Annual rental growth: Flat
5. Madison Avenue, New York
Average rent: $1,500
Annual rental growth: 7.9 percent
4. Tsim Sha Tsui, Hong Kong
Average rent: $1,842
Annual rental growth: -11.9 percent
3. Central, Hong Kong
Average rent: $1,935
Annual rental growth: -12 percent
2. Causeway Bay, Hong Kong
Average rent: $2,399
Annual rental growth: -13.9 percent
1. Upper 5th Avenue (49th Street to 60th Street), New York
Average rent: $3,500
Annual rental growth: 3.6 percent