Midtown Manhattan: Cheaper Than Hong Kong

NAI Global, a network of some 300 commercial real-estate firms, released an enormous report today (which we hope to link to here shortly in PDF form).

But the highlight appears to be its ranking of the top 10 most expensive markets for retail space in the world. Midtown Manhattan is the only New York market to make the list, clocking in at no. 8–and if you look at the prices per square foot (listed below for each of the top 10 markets), it’s phenomenally cheaper than the seven ranked above it.

The numbers:

Hong Kong, China: $696.44
Tokyo, Japan:$208.89
Bejing, China: $183.39
Seoul, South Korea: $160.59
Vancouver, BC: $134.61
Shanghai, China: $133.78
Taipei, Taiwan: $130.76
Jakarta, Indonesia: $114.04
New York City-Midtown: $85.67
Melbourne, Australia: $80.62

- Tom McGeveran