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New York’s Fifth Avenue Has World’s Priciest Retail Rents

Stretch of Midtown Manhattan street takes top spot from Hong Kong.




iStock, SergeYatunin
iStock, SergeYatunin

An 11-block slice of New York’s Fifth Avenue has displaced a shopping district in Hong Kong as the world’s most expensive street on which to rent retail space. That’s according to real estate consulting firm Cushman & Wakefield’s newly released “Main Streets Across the World” report, which said rents on Fifth Avenue (between 49th and 60th streets) averaged $2,000 per square foot/per year.

Hong Kong dropped out of the top spot to second place, with Tsim Sha Tsui district overtaking Causeway Bay in 2020 to become the city-state’s most expensive precinct, with rents of $1436 per square foot/per year.

Within the Americas, all but one of the top 10 most-expensive markets are in the U.S. Here are the rankings of those markets, including New York at the top:

1 New York City Upper Fifth Avenue (49th to 60th Sts) $2,000
2 Los Angeles Rodeo Drive (Beverly Hills) $900
3 San Francisco Union Square $495
4 Las Vegas Las Vegas Blvd. $425
5 Chicago North Michigan Avenue $425
6 Boston Newbury Street $400
7 Toronto Bloor Street $250
8 Miami Lincoln Road $225
9 Palm Beach Worth Avenue $200
10 Austin South Congress (SoCo) $200

Based on such findings, the report says “‘retail apocalypse’ is no longer the term du jour. While we still face economic volatility, the conversation has shifted to retail’s future — an omnichannel world in which the most successful brands understand their customers on a new level and meet them where they are.”

Download the full report here.


Since launching in 2014, INVISION has won 23 international journalism awards for its publication and website. Contact INVISION's editors at


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