Hong Kong retail rents continued to drop in the third quarter of 2016, according to an exclusive report created for Retail in Asia by Everbright Property Investment Consultancy Ltd.
The downloadable report shows major lease transaction records in Hong Kong’s high-traffic tourist areas including Central, Causeway Bay, Mong Kok and Tsim Sha Tsui, featuring drops in monthly rents of up to 89%.
SEE ALSO: Hong Kong retail rents for Q2 2016
In Central, the biggest drop was for Moiselle’s spot on 1-3 Pedder Street, where the monthly rent dropped from HK$1,700,000 to HK$800,000.
The steepest drop in Causeway Bay was for a shop on Yun Ping Road that went from HK$280,000 to just HK$100,000 in monthly rent. That spot is now occupied by the rapidly expanding Bless Cold Pressed Juice.
In Tsim Sha Tsui, Sa Sa Cosmetics is paying HK$800,000 for a space that used to cost HK$2,300,000 per month on Haiphong Road.
To get the entire overview of where Hong Kong retail rents are headed, download the Q3 2016 Lease Transactions report now.