Average rent of Causeway Bay ranks second around the globe
November 29, 2016 - Causeway Bay
Despite a retail slump, Hong Kong's prime shopping district of Causeway Bay remains the most expensive place to rent a shop in the Asia-Pacific region, according to property consultancy DTZ/Cushman & Wakefield. Globally, the area ranks just behind New York's Fifth Avenue.
Retailers in Causeway Bay, who are already hurting from a slowdown in Chinese tourist traffic and spend, are forking out US$2,878 per square foot in rents annually. The average rent is HKD 1,871 per sq ft, dropped 15.5% y-o-y.
The first-tier streets in the district, like Russell Street, do not have any vacant shops at the moment, where rent in Q4 is expected to slide not more than 3-5%; while rent of second-tier streets may further drop 10% by end of the year.
The annual report analysed 462 top shopping streets in the world and ranked the most expensive locations in each country by their prime rental value.
Trends, property transactions, commercial property