Causeway Bay of Hong Kong Has the World’s Most Expensive Retailing Real Estate
At $2,360 per square foot (0.093 square meter), retailing real estate in the shopping area known as Causeway Bay in Hong Kong has become the most expensive of its kind in the world. This is according to a report recently issued by real estate service company Cushman & Wakefield.
Located in the middle section of Hong Kong’s northern coast, Causeway Bay, as the name shows, used to be a bay in which fishing boats sought refuge during storms. Much of the current area resulted from land reclamation efforts over time. After the 1960s the district emerged as a leading shopping center in Hong Kong, and upscale residential buildings were also built in the surrounding neighborhoods, especially the eastern part of Causeway Bay. In recent years, large numbers o the newly affluent Chinese from mainland China have journeyed to Hong Kong to do their shopping of luxurious goods.
According to the Cushman & Wakefield study, at $2,360 per square foot, retailing real estate in Causeway Bay outtakes Fifth Avenue in New York as the world’s most expensive. Fifth Avenue, where retailing space costs $2,500 per square foot, has held that top spot for some years. The Avenue des Champs-Elysées in Paris ranks the third for the cost of retailing space, at $1,129 per square foot. Taking the fourth spot is the Ginza district of Tokyo, where one square foot retailing area goes for $1,057.