Shopping is among the most loved tourism activities. Tourists thronging New York’s 5th Avenue, London’s Bond Street or the Ginza in Tokyo know exactly what we are talking about. There is a special thrill in shopping and browsing windows on these high streets of the world.
And companies do pay a pretty penny to shop here. A square foot of space in New York’s Upper 5th Avenue (the most expensive street) costs $3,500 a year on average. Hong Kong’s Causeway Bay area and the Champs-Élysée in Paris also have extremely high rents of $2,399 and $1,372 per square foot every year respectively as per commercial real estate agency Cushman & Wakefield. Take a look at the cost of renting on these streets below. The next time you shop here, know exactly what luxury costs.
This chart shows the average annual rent per square foot of retail space in 2015 (U.S. dollars).
Musafir Namah Bureau