Tsim Sha Tsui ranks fourth globally, tops APAC in retail rents

Rents in the shopping street rose 7% YoY.

Tsim Sha Tsui has been ranked the fourth most expensive retail street in the world and the most expensive in APAC, Cushman & Wakefield reported.

Rents in Tsim Sha Tsui increased by 7% year-on-year (YoY) to $2,162 (US$1,607) per square foot (psf) over the past 12 months.

Causeway Bay ranked second in APAC, with rents reaching US$1,430 psf, reflecting a 3% YoY increase.

Via Montenapoleone in Milan claimed the top spot globally, with rents at US$2,047 psf, whilst Kohlmarkt in Vienna ranked the lowest, with rents at US$553 psf.

“Looking ahead, we expect to see more leasing activities and an increasing importance of Chinese mainland brands and retailers entering the Hong Kong retail market, using it as a stepping-stone to promote their brands on the international stage,” John Siu, managing director for Hong Kong at Cushman & Wakefield said.