New York City’s famed 5th Avenue is no longer the most expensive street to lease a retail store According to a new report from Colliers International.

The average annual rent on Manhattan’s luxury shopping destination fell 10.7 percent from a year earlier to $1,250 a square foot as of March.

In first place now is the Avenue des Champs-Elysees in Paris with a two percent increase to $1,256 a square foot.

Russell Street in Hong Kong’s Causeway Bay district ranked third in the survey, after rents climbed 1.3 percent to $1,205 a square foot.

London’s Bond Street came in fourth, with store rents surging 52 percent to $1,174, according to Colliers.