NEW YORK (CBSNewYork) – Fifth Avenue, the storied stretch of Manhattan synonymous with high-end shopping, couture and extravagant indulgences, is no longer the blingiest binge on the block.

That honor now belongs to Hong Kong’s Causeway Bay.

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It’s the first time in 11 years that the strip from 49th to 59th streets has been booted from the top of the list commanding the highest retail rents worldwide, according to a report by real estate firm Cushman & Wakefield Inc.

According to the study, New York still has hefty representation on the list of most expensive retail rental rates, but Hong Kong has taken over. Three of the top five retail rental rates are now in Hong Kong, two are in New York.

Take a look at the list of the top ten most expensive retail locations worldwide, according to the report. Four of the most expensive locations are in New York, 5 in Asia, and one in France:

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  1. Hong Kong’s Causeway Bay, rent $2,630 a square foot per year
  2. Fifth Avenue, $2,500 a square foot per year
  3. Times Square, $2,100
  4. Hong Kong, Central $1,856
  5. Hong Kong, Tsim Sha Tsui, $1,547
  6. Paris, Avenue de Champs-Elysees, $1,129
  7. New York, East 57th Street, $1,100
  8. New York, Madison Avenue, $1,100
  9. Tokyo, Ginza $1,057
  10. Tokyo, Omotesando, $972

The study also reports that “Despite a backdrop of a lower global economy and continued uncertainty surrounding the euro zone, prime retail rents were generally resilient over the year to June 2012.”

“Although prime pitches will continue to attract interest, grade B space in Europe and North America will remain under downward pressure as retailers shy away from riskier propositions until improved economic conditions materialize,” according to the report.

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