Upper 5th Avenue is most expensive retail street but rental value on decline

Rental values on the two most expensive retail streets in the world have decreased as retailers balance the demands of physical and online shopping.



The upper part of Fifth Avenue (49th to 60th Streets) in Manhattan narrowly beat out Hong Kong’s Causeway Bay in DTZ/Cushman & Wakefield’s annual Main Streets Across the World report, which tracks 462 of the top retail streets around the globe, ranking them by their prime rental value.



The top two destinations are more than twice as expensive as the leading street in any other country, with Fifth Avenue coming in at $3,000 per square foot, and Causeway Bay at $2,878 per square foot. Paris’ Avenue des Champs Élysées came in third, at $1,368 per square foot.



The reported noted that Upper Fifth Avenue saw its first decrease in annual rents per square foot since the financial crisis.



Here are the 10 priciest streets in retail rental values, according to the DTZ/Cushman & Wakefield report: