New York’s Fifth Avenue Beats Hong Kong For World’s Most Expensive Shopping Area

03-12-22

What Happened: It’s official. In a ranking of shopping area rents, Fifth Avenue in New York has taken the top spot while Tsim Sha Tsui in Kowloon, Hong Kong has landed in second place. A Main Streets Across The World report by global real estate company Cushman & Wakefield saw Fifth Avenue dethrone Hong Kong as the most expensive retail destination globally in terms of rental costs.

The falling number of tourists and visitors has hit the territory hard: Tsim Sha Tsui’s rents dropped 41 percent to $1,436 (10,300 RMB) per square foot, while New York’s Fifth Avenue averaged at $2,000 (14,400 RMB) per square foot. Alongside these, Via Montenapoleone in Milan came in at third place, followed by London’s New Bond Street and then Paris’ Avenues des Champs Elysees at number five.