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Limited inspection activity caused the decline in leasing demand.
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Amongst core districts, Tsim Sha Tsui had the biggest vacancy rate.
High-street shop vacancy rose 1.3 percentage points from Q122 to hit 16.5% in Q2 22, data from CBRE showed.
The increase in vacancy was likely due to some landlords, who are under limited financial pressure, opting to leave units vacant rather than renting them out.
This practice was most evident in Tsim Sha Tsui and Mong Kok where vacancy rates were the highest, at 23.2% and 18.9%, respectively.
Whilst vacancy rose during the quarter, rents remained flat. According to CBRE, rents were unchanged from Q122 because “cash-rich landlords with strong holding power prevented some units from transacting at lower rents this quarter.”
In addition to rents being unchanged, leasing volume also increased in Q2, signalling an improvement in the retail property sector.
“Improved retailer sentiment underpinned an increase in transaction volume, although many deals signed this quarter involved short-term leases,” CBRE commented.
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Leasing demand for Grade A office down 23% in Q2 ![Leasing demand for Grade A office down 23% in Q2]()
Limited inspection activity caused the decline in leasing demand.
9 hours ago
Property sales fell by almost 21% in June ![Property sales fell by almost 21% in June]()
Over 6,290 sale and purchase deals for all units were received for registration.
10 hours ago
Waiting time for public rental housing to increase within 5 years ![Waiting time for public rental housing to increase within 5 years]()
It was already increased to 6.1 years in March 2022.
15 hours ago
High-street shop vacancy rises to 16.5% in Q2 22 ![High-street shop vacancy rises to 16.5% in Q2 22]()
Amongst core districts, Tsim Sha Tsui had the biggest vacancy rate.
High-street shop vacancy rose 1.3 percentage points from Q122 to hit 16.5% in Q2 22, data from CBRE showed.
The increase in vacancy was likely due to some landlords, who are under limited financial pressure, opting to leave units vacant rather than renting them out.
This practice was most evident in Tsim Sha Tsui and Mong Kok where vacancy rates were the highest, at 23.2% and 18.9%, respectively.
Whilst vacancy rose during the quarter, rents remained flat. According to CBRE, rents were unchanged from Q122 because “cash-rich landlords with strong holding power prevented some units from transacting at lower rents this quarter.”
In addition to rents being unchanged, leasing volume also increased in Q2, signalling an improvement in the retail property sector.
“Improved retailer sentiment underpinned an increase in transaction volume, although many deals signed this quarter involved short-term leases,” CBRE commented.
1 day ago
Hong Kong is 3rd most transparent property market in Asia ![Hong Kong is 3rd most transparent property market in Asia]()
It recorded an overall score of 1.98.
1 day ago
Swap Connect to be built for HK, China's financial markets ![Swap Connect to be built for HK, China's financial markets]()
It will debut in six months.
1 day ago
Chubb’s Hong Kong life business crucial for international expansion: analyst ![Chubb’s Hong Kong life business crucial for international expansion: analyst]()
It accounted for 15% of pre-tax income for the group.
1 day ago
ETF trading under Stock Connect kicks off ![ETF trading under Stock Connect kicks off]()
There are over 130 EFTs listed in Hong Kong.
1 day ago
IPO market to regain momentum in H2 2022 ![IPO market to regain momentum in H2 2022]()
For the whole year, PwC expects Hong Kong to raise between $180m to $200m.
1 day ago
Lukfook’s attributable profit rises 36.9%YoY in 2022 ![Lukfook’s attributable profit rises 36.9%YoY in 2022]()
It saw a record revenue growth of 32.5%.
2 days ago
Rising interest rates to be Hong Kong banks’ saving grace ![Rising interest rates to be Hong Kong banks’ saving grace]()
NIMs are expected to rise and outweigh asset quality deterioration in the near term.
2 days ago
Xi wants ‘one country, two systems’ unchanged ![Xi wants ‘one country, two systems’ unchanged]()
The Chinese leader said the principle was successful.
2 days ago
Lee seeks to strengthen HK status as international financial, trading centre ![Lee seeks to strengthen HK status as international financial, trading centre]()
John Lee was sworn in as Hong Kong’s new leader.
2 days ago
HKEX to attract high-quality US-listed Chinese firms: PwC ![HKEX to attract high-quality US-listed Chinese firms: PwC]()
Overall market capitalisation in Hong Kong reached $42t in 2021.
2 days ago
Is Hong Kong’s role as offshore financial center under threat? ![Is Hong Kong’s role as offshore financial center under threat?]()
Inflows from Mainland China will support the city, but issues are challenging this role.
5 days ago
Leasing demand for Grade A office down 23% in Q2
9 hours ago
Property sales fell by almost 21% in June
10 hours ago
Partner Content
Partner Content
Highlights
Highlights
Exclusives
Information Technology A new canvas: Why artists are jumping into the NFT space
Entering the digital space allows an artist to earn more through royalties each time their art sells.
6 days ago
One chat away: Conversational commerce levels the playing field for brands online ![One chat away: Conversational commerce levels the playing field for brands online]()
Leaving consumers with unanswered queries can result in $2m missed revenue per day.
Information Technology How Coherent turns Excel sheets into improved business systems with a single click ![How Coherent turns Excel sheets into improved business systems with a single click]()
It frees companies from 95% of the costs incurred from the manual spreadsheet-to-API conversion.
Financial Services Prepare to go cashless or pay the price ![Prepare to go cashless or pay the price]()
One in three consumers will abandon a purchase if they cannot pay for it digitally.
Insurance Time for a comeback? Hong Kong’s top 50 insurers show a 9.75% surge in assets ![Time for a comeback? Hong Kong’s top 50 insurers show a 9.75% surge in assets]()
Health and wellness products still remain a priority for the industry.
Residential Rent control bill aims to bury abusive ‘coffin home’ landlords ![Rent control bill aims to bury abusive ‘coffin home’ landlords]()
A ban on rent hikes in the first 2 years and caps on increases after that have landlords worried.
HR & Education Competing for the best talent in Hong Kong’s shrinking talent pool ![Competing for the best talent in Hong Kong’s shrinking talent pool]()
About 85% of employers are concerned about the talent shortage.
Event News
Event News
Adaptation and management toward an ever-changing landscape ![Adaptation and management toward an ever-changing landscape]()
Adaptation and management toward an ever-changing landscape
Adaptation and management toward an ever-changing landscape
