Tsim Sha Tsui retains most expensive shopping street in Asia

In Asia-Pacific, Causeway Bay ranked second at US$1,374 psf/year.

Tsim Sha Tsui remains the fourth most expensive shopping street in the world and the most expensive in the Asia-Pacific region, according to a report from Cushman & Wakefield.

The district recorded prime retail rents of US$1,515 per square foot per year, a 6% decrease YoY in local currency terms.

Globally, London’s New Bond Street led the rankings for the first time with rents at US$2,231 psf/year, up 22%. Milan’s Via Montenapoleone followed at US$2,179, flat compared to the previous year, whilst New York’s Upper Fifth Avenue ranked third at US$2,000, also unchanged.

In Asia-Pacific, Causeway Bay ranked second at US$1,374 psf/year, followed by Tokyo’s Ginza at US$1,257, Omotesando at US$1,028, and Osaka’s Midosuji at US$914. Ginza, Omotesando, and Midosuji recorded strong year-on-year rental growth in US dollar terms, rising 10%, 13%, and 14% respectively.

Cushman & Wakefield reported that 58% of tracked streets globally saw rental increases. Average global headline rents rose 4.2%, led by the Americas at 7.9%, Europe at 4%, and Asia-Pacific at 2.1%.