Research - OCTOBER 15, 2019

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Hong Kong retail rents fall sharply in third quarter

by Andrea Zander

Retail rents in Hong Kong, among the most expensive in the world, fell sharply in the third quarter, reported CBRE, following anti-government protests that have pushed shop sales to a record low.

High street retail rents fell by 10.5 percent in the July-September quarter compared to the previous quarter, CBRE said, the sharpest quarterly decline since the first quarter of 1998 at the time of the Asian financial crisis.

Overall, high street rents are likely to decline by another 5 percent to 10 percent over the remainder of 2019.

The government said last week at least 100 restaurants have closed in the past few months, and has repeatedly urged landlords and property developers to offer rent subsidies to retailers and food and beverage businesses, reported Reuters.

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