Hong Kong is known for a few things, and one of those things is its shopping. As the city's economy continues to grow with its prominence as a shopping destination for locals and global tourists, the price of its office and retail rental space is now the most expensive in the world. The city has maintained this position since November 2012, while the average annual cost per square foot of retail space has been estimated to be around $2,500 to $3,000, and reaching prices up to $4,500 in the most sought after locations such as the Central and Tsim Sha Tsui districts, Lockhart Road, Times Square Mall, and Causeway Bay.
Rates have been constantly climbing and have increased by over 35% in the past year, as the world's luxury brands establish themselves in the area and appeal to traveling shoppers with duty free spending. Currently, luxury goods companies including Salvatore Ferragamo Italia S.p.A., Sa Sa International Holdings, Chanel, Gucci, Christian Dior, and Burberry occupy the most expensive retail spaces in Hong Kong, while the crowded city lacks even more space. While competitive economies leave the future unpredictable, prices are estimated to rise even more, as some foresee that New York City will soon once again take its spot as the most expensive in the world.