Pursuits
New York Overtakes Hong Kong for Most Expensive Retail
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New York’s Upper Fifth Avenue has overtaken Hong Kong’s Causeway Bay as the most expensive area to lease retail space as an improving U.S. economy boosted prime shopping streets across the country.
Rents on the Manhattan street rose 13.3 percent to a record $3,500 a square foot a year in the 12 months through August, broker Cushman & Wakefield Inc. said in a report today. Causeway Bay rents fell 6.8 percent to $2,735.