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PR Newswire
28-09-2015, 09:26 AM
The property rental in HK prime locations, has adjusted to reality...
Rents tumble on HK shopping strip that was world’s priciest
HONG KONG — Cosmetics retailer Colourmix will move to Hong Kong’s Russell Street, once the world’s most expensive shopping strip, and pay about 40 per cent less than the former tenant as China’s economic slowdown rattles the city.
“Landlords have to face the reality, no matter how reluctant they are,” Mr Lawrence Wong, a director at property agent Sheraton Valuers, said in a telephone interview yesterday (Sept 26). “It’s still better than leaving their property empty.”
Russell Street has lost its claim as the most expensive shopping street on the planet to New York’s Fifth Avenue, according to broker Cushman & Wakefield in November last year. A July research report by Jones Lang LaSalle predicted prices for space in prime locations will drop 15 per cent to 20 per cent in Hong Kong this year.
Retail rents were down 12 per cent in Causeway Bay and 3 per cent in Central at the end of June, Oriental Daily reported earlier this month, citing data from CBRE Group. The broker said in a report that the decline came after rents for shops at prime locations in Hong Kong’s four shopping districts, including Tsim Sha Tsui and Mong Kok, increased by 213 per cent from 2003 to last year.
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http://www.todayonline.com/chinaindia/ch...s-priciest
Rents tumble on HK shopping strip that was world’s priciest
HONG KONG — Cosmetics retailer Colourmix will move to Hong Kong’s Russell Street, once the world’s most expensive shopping strip, and pay about 40 per cent less than the former tenant as China’s economic slowdown rattles the city.
“Landlords have to face the reality, no matter how reluctant they are,” Mr Lawrence Wong, a director at property agent Sheraton Valuers, said in a telephone interview yesterday (Sept 26). “It’s still better than leaving their property empty.”
Russell Street has lost its claim as the most expensive shopping street on the planet to New York’s Fifth Avenue, according to broker Cushman & Wakefield in November last year. A July research report by Jones Lang LaSalle predicted prices for space in prime locations will drop 15 per cent to 20 per cent in Hong Kong this year.
Retail rents were down 12 per cent in Causeway Bay and 3 per cent in Central at the end of June, Oriental Daily reported earlier this month, citing data from CBRE Group. The broker said in a report that the decline came after rents for shops at prime locations in Hong Kong’s four shopping districts, including Tsim Sha Tsui and Mong Kok, increased by 213 per cent from 2003 to last year.
...
http://www.todayonline.com/chinaindia/ch...s-priciest
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