Causeway Bay has retained its title as the most expensive shopping district in Asia.
Rents in the area, which houses some of Hong Kong's most expensive shops, increased about 5 per cent in the first nine months to an average US$377 per square foot per year.
Causeway Bay has slipped in worldwide retail rankings to fifth place this year from second last year, according to an annual survey by international consultants Cushman & Wakefield and Healey & Baker. The survey ranks retail rental in each country's most expensive location.
New York remains the world's most expensive location. Paris, Sydney and London have overtaken Hong Kong.
Cushman & Wakefield regional director Richard Middleton said there were no substantial changes in the ranking for prime retail markets in Asia. Causeway Bay has been the most expensive in Asia for three years.
Mr Middleton said Hong Kong's retail market had been bolstered by increasing sales and new entrants to the sector. Heightened competition from non-retail business units had also played a role in pushing up rents.
For instance, an online brokerage reportedly paid well over US$580 per square foot per year for a prime retail shop in Causeway Bay.
