Most expensive retail property in Asia? Hong Kong’s Causeway Bay

Nov 30 , 2017

Mainland Chinese tourists are seen at the shopping area in Causeway Bay during the ‘Golden Week’ holiday period. Causeway Bay has emerged as the most expensive retail space in Asia, and the second most expensive in the world after New York’s Upper 5th Avenue. Photo: K.Y. Cheng

Hong Kong’s Causeway Bay is the second most expensive retail location in the world

Hong Kong’s Causeway Bay has once again emerged as the most expensive retail space in Asia in terms of rentals, and the second most expensive in the world after New York’s Upper 5th Avenue, according to an annual survey.

Property consultants Cushman & Wakefield (C&W) said annual retail rentals in Causeway Bay reached HK$21,255 per square foot, just behind Upper 5th Avenue’s HK$23,400 per square foot.

Property consultants Cushman & Wakefield said annual retail rentals in Causeway Bay reached HK$21,255 per square foot in 2017, just behind Upper 5th Avenue’s HK$23,400 per square foot.

C&W added that rentals in Causeway Bay had softened in the last year, but the area still retained the top spot in Asia.

“Causeway Bay is the preferred destination for locals and visitors as all the top brands are available,” a real estate agent said.

He said Causeway Bay had an edge over Tsim Sha Tsui because of the range of top international brands available and the number of premier shopping malls.

A woman browses in SOGO department store in Causeway Bay. Causeway Bay is the most expensive retail space in Asia, and the second most expensive in the world after New York’s Upper 5th Avenue. Photo: Edward Wong

Meanwhile, soaring rents have seen London’s New Bond Street rise to become the world’s third most expensive retail street, C&W said in its report.

The annual Main Streets Across The World report, now in its 29th edition, tracks 451 of the top retail streets/locations around the globe and ranks the most expensive ones in 68 countries and regions by prime rental value using Cushman & Wakefield’s proprietary data.

10 most expensive retail locations by country (source: Cushman & Wakefield)

New York’s Upper 5th Avenue remains the most expensive main retail location in the world, with annual rents at an average of HK$23,400 per square foot – the same level as in 2016.