Retail rents in Hong Kong are strong
Rents in Hong Kong’s prime retail market remain among the most expensive in the world, ranking first in fourth quarter 2012 at US$46,662 per square metre per year, well ahead of New York City and London, which rank second and third, respectively, in CBRE Global Research and Consulting’s fourth quarter 2012 Global Retail View.
High prime rental rates in Hong Kong remained steady, even while global economic uncertainty reduced retail sales growth in Hong Kong, and retailers have become more cautious and selective about expansion or market entry plans due to the cost of renting prime space, states the report.
A number of factors have led Hong Kong’s prime retail rents to remain ahead of other global cities, notes Andrew Moore, CEO of
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