Street Level Shop Rents Rise To Record
July 29, 2011, Friday
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Print Edition
Print Edition
HONG Kong's street level shop rents rose to a record in the second quarter of this year after retail sales climbed as more visitors from other parts of China visited the city, according to Colliers International.
The average rent of street level shops in "traditional shopping districts," including Central, Causeway Bay, Tsim Sha Tsui and Mong Kok, rose 7.4 percent from the first quarter, surpassing the previous peak in 2008, the Seattle-based property broker said in an e-mailed press release yesterday.
Increased spending by Chinese mainland tourists and the addition of new shopping venues have driven up prime street shop rents in Hong Kong. Mainland tourists visiting Hong Kong jumped 26 percent to 22.7 million in 2010 from a year earlier, according to the city's tourism board. The figure reached a daily record of 122,893 on April 30, according to the broker.
The average rent of street level shops in "traditional shopping districts," including Central, Causeway Bay, Tsim Sha Tsui and Mong Kok, rose 7.4 percent from the first quarter, surpassing the previous peak in 2008, the Seattle-based property broker said in an e-mailed press release yesterday.
Increased spending by Chinese mainland tourists and the addition of new shopping venues have driven up prime street shop rents in Hong Kong. Mainland tourists visiting Hong Kong jumped 26 percent to 22.7 million in 2010 from a year earlier, according to the city's tourism board. The figure reached a daily record of 122,893 on April 30, according to the broker.
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