If a company wants to open store on one of the world's most prestigious shopping streets, that company has to have deep pockets. Renting a store on a shopping street in one of the world's largest cities comes with an enormous rent burden with New York's Upper 5th Avenue the most expensive according to commercial real estate agency Cushman & Wakefield. A square foot of retail space in that part of New York would cost $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.
This chart shows the average annual rent per square foot of retail space in 2015 (U.S. dollars).
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