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Report: Fifth Avenue No Bargain Globally

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By Eliot Brown

November 15, 2007 | 11:11 a.m.

The falling dollar can’t stop Fifth Avenue, so it seems.

The midtown retail strip once again tops a list of the world’s most expensive shopping strips, according to a report by brokerage Cushman & Wakefield. It beat out Hong Kong’s Causeway Bay, the Avenue des Champs Elysées in Paris, and New Bond Street in London.

Rent on Fifth between 49^th and 59^th streets costs stores about $1.5 million a year, the report found, with average rents hitting $1,500 a square foot, up 11 percent from a year earlier.

Other top U.S. strips: Madison Avenue ($1,200 a foot); East 57^th Street ($900); and North Michigan Avenue in Chicago ($425).

Globally, Hong Kong maintained its spot behind New York, with average rents hitting $1,213 a foot. Paris ($922 a foot), London ($814), and Tokyo ($683) followed.