Hong Kong has overtaken New York City as the most expensive shopping area in the world, according to Cushman & Wakefield.
Retailers located in the booming luxury area of Causeway Bay paid an average of $2,630 per square foot for the 12-month period between June 2011 and June 2012, a stunning increase of 34.5 percent over the previous year.
Other shopping areas in Hong Kong are also booming thanks to an estimated 30 percent sales growth. Tourists and mainland residents are helping drive demand for luxury handbags, watches and jewelry.
New York City, Paris and Tokyo also saw growth. London's Bond Street slipped off this year's list on weak national demand.
#10 The average annual rent on Tokyo's Omotesando was $972/square foot
Japan became an even more desirable retail destination after luxury brands such as Prada sought to expand in the area. Prime streets will "continue to see growth in occupier demand."
Source: Cushman & Wakefield
#9 The average annual rent on Tokyo's Ginza was $1,057/square foot
Brands like American Eagle and Old Navy entered Japan this year, drawing in crowds of shoppers and raising rents in the area.
Source: Cushman & Wakefield
#8 The average annual rent on New York City's Madison Avenue is $1,100/square foot.
Leasing activity has picked up in the "prime" segment of luxury retailers. That's good news for Madison Avenue, which houses premier shops like Rebecca Taylor, Rag & Bone and Theory.
Source: Cushman & Wakefield
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