Hong Kong to See Biggest Fall in Retail Rents Since 2013
- Rents in prime shopping districts to drop sharply in 2020
- A decline in visitors from mainland China is hurting retail
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Rents in Hong Kong’s prime shopping districts will fall sharply in 2020, as the city’s retail sales experience the worst contraction ever amid lingering anti-government protests, according to Knight Frank LLP.
Rents for street shops in areas including Central, Causeway Bay, Tsim Sha Tsui and Mong Kok will decline by 15% or more in the coming year, the biggest drop since 2013, said Helen Mak, a senior director at the property agency. “For foreign and local tenants, of course they have to be cautious when deciding whether to open stores now, which weighs on rents,” she said.