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Rents High In Causeway Bay, Central
Source: Bloomberg News |
June 14, 2011, Tuesday
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HONG Kong's Causeway Bay and Central had the world's second and third-highest retail rents after New York's Fifth Avenue, Colliers International said yesterday, following an earlier global retail property report.
Annual rents along Russell Street in the shopping area of Causeway Bay climbed 26 percent to US$1,509.88 per square foot as of March, while those on Queen's Road in the Central business district increased 29 percent to US$1,355.81, Colliers said in a statement. Fifth Avenue was the most expensive at US$2,150 after rents jumped 72 percent, it said.
Hong Kong, which Colliers said "stands out in Asia," is benefitting from an influx of tourists, especially from the Chinese mainland, which helped draw international brands. Retailers are also confident shoppers will spend more in the city, the property consulting company said.
"International retailers operating in Hong Kong are keen to expand," said Helen Mak, director of retail services at Colliers in Hong Kong.
Annual rents along Russell Street in the shopping area of Causeway Bay climbed 26 percent to US$1,509.88 per square foot as of March, while those on Queen's Road in the Central business district increased 29 percent to US$1,355.81, Colliers said in a statement. Fifth Avenue was the most expensive at US$2,150 after rents jumped 72 percent, it said.
Hong Kong, which Colliers said "stands out in Asia," is benefitting from an influx of tourists, especially from the Chinese mainland, which helped draw international brands. Retailers are also confident shoppers will spend more in the city, the property consulting company said.
"International retailers operating in Hong Kong are keen to expand," said Helen Mak, director of retail services at Colliers in Hong Kong.
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