Amidst Hong Kong’s current retail slump, retail rents have also dropped accordingly in the second quarter of 2016.
In a report created by Everbright Property Investment Consultancy Ltd. exclusively for Retail in Asia, major lease transaction records in Hong Kong’s high-traffic tourist areas including Central, Causeway Bay, Mong Kok and Tsim Sha Tsui show a steep decline in monthly rents.
In Central, the biggest drop was Chow Tai Fook‘s shop on Queen’s Road Central — the 2,128 square foot shop’s monthly rent dropped by 62 percent, from HK$4.25 million to HK$1.6 million.
Sa Sa Cosmetics‘ shop in Causeway Bay also saw a huge drop in monthly retail rent, going from HK$1.9 million to just HK$900,000.
In Tsim Sha Tsui, one of the biggest drops was for Classy Optical on Peking Road, whose monthly rent dropped from HK$530,000 to HK$270,000.
To get the entire overview of where Hong Kong retail rents are heading, download the Q2 2016 Lease Transactions report now.
If you missed the Q1 2016 Lease Transactions report, click here.
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