Some consolation before you head into the holiday-shopping shuffle: for the first time in just over a decade, New York’s Fifth Avenue is no longer the world’s most expensive retail area.

After eleven years of Manhattan dominance, Hong Kong’s Causeway Bay took the No. 1 spot in retail rents, commanding an annual $2,630 per square foot, 34.9 percent higher than the previous year, according to a Cushman & Wakefield report released this week. Fifth Avenue was second, with an average retail rent of $2,500 per square foot, a 11.1 percent gain from a year earlier.

The report surveyed 326 prime shopping locations in 62 countries. Paris’s Avenue des Champs-Elysees took third place, with $1,129 per square foot, and Tokyo’s Ginza neighborhood ranked fourth at $1,057 per square foot.

Despite a recent slow-down in sales growth, luxury retailers are jostling for the best shopping areas, pushing up rents, according to Cushman & Wakefield. Five of the 10 priciest retail centers in the world were in the Asia-Pacific region. Within the US, Times Square commanded the second most expensive retail rents after Fifth Avenue. Madison Avenue and East 57th Street split third place in America.

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