The falling dollar can’t stop Fifth Avenue, so it seems.
The midtown retail strip once again tops a list of the world’s most expensive shopping strips, according to a report by brokerage Cushman & Wakefield. It beat out Hong Kong’s Causeway Bay, the Avenue des Champs Elysées in Paris, and New Bond Street in London.
Rent on Fifth between 49th and 59th streets costs stores about $1.5 million a year, the report found, with average rents hitting $1,500 a square foot, up 11 percent from a year earlier.
Other top U.S. strips: Madison Avenue ($1,200 a foot); East 57th Street ($900); and North Michigan Avenue in Chicago ($425).
Globally, Hong Kong maintained its spot behind New York, with average rents hitting $1,213 a foot. Paris ($922 a foot), London ($814), and Tokyo ($683) followed.
Follow Eliot Brown via RSS.