It slipped to the third spot from second place in the global ranking in 2022.
Hong Kong’s Tsim Sha Tsui (main street shops) went down by a rank in the most expensive retail destination, placing third globally in 2023 but is still the top market in the Asia Pacific region.
In the Main Streets Across the World report, which focuses on headline rents in best-in-class urban locations, Cushman & Wakefield said rents in Tsim Sha Tsui rose by 4% year-on-year to reach (US$1,493) per square foot annually.
Globally, rents increase by 4.8% YoY on average, with APAC posting the strongest growth at 5.3%.
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“Retail has continued its path to recovery despite a new wave of post-pandemic challenges as central banks around the world have increased interest rates to tame the current inflationary cycle. In response, economic growth forecasts have been trimmed and consumers have reined in discretionary spending,” said Dominic Brown Report author and Head of International Research for Asia Pacific.
New York City’s Upper 5th Avenue (49th to 60th Streets) is still the most expensive retail destination in the world, with a rent of $2,000 per square foot a year.
Other APAC markets that made it to the global ranking were Tokyo (6th), Sydney (8th), Seoul (9th), Shanghai (11th), and Singapore (12th).
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