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HK again most costly for global retailers
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HONG Kong remained the world’s most expensive city for global retailers while prime rents in New York, Paris and London continued to break record levels, international property advisor CBRE said yesterday in its Q4 2013 Global Retail Rents report.
Beijing, which ranked No. 10 globally with a rent of US$681 per square foot per annum, or 122 yuan (US$20) per square meter per day, is the only city on the Chinese mainland among the top-10 ranking.
Hong Kong, with a prime retail rent of US$4,334 per square foot per annum, has held the position for the past two years. It was followed by New York at US$3,300 per square foot per annum, Paris at US$1,452 per square foot per annum and London at US$1,356 per square foot per annum, said CBRE, which tracks 97 prime retail locations/markets across the globe.
“Asia’s retail centers continued to grow and rents continued to increase, with gateway cities like Hong Kong, Tokyo and Singapore attracting retailers new to the region, and retailers established in these centers beginning to spread into emerging markets,” said Sebastian Skiff, executive director of CBRE Retail. “This is helping to increase competition for space particularly in prime areas.”
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