Renting retail space on 5th Avenue is more expensive than anywhere else in the world. The street has been crowned the most expensive shopping boulevard for the second year in a row.
Renting shop space on New York's 5th Avenue averages about 33,812 euro per square meter (3,500 USD per square foot). That’s according to a survey by property agent Cushman & Wakefield, which has crowned the Manhattan boulevard the world’s most expensive. Rental costs have risen 6.9 percent in the United States, which is currently enjoying an economic upswing.
As a result, 5th Avenue has bumped Causeway Bay in Hong Kong off the top spot for the second year in a row. Retailers in Hong Kong are feeling the effects of the Chinese economic slowdown, which has seen spending by tourists from the mainland drop. Rents have decreased by an average of 12 percent, following a 6.9 percent drop in the previous year. The current rental cost per square meter is 23,178 euros (2,399 USD per square foot). The third most expensive street to rent shop space is the Champs Élysées in Paris, clocking in at 13,255 euro per square meter (1,372 USD per square foot), making it the most expensive shopping street in Europe.