Annual rental rate for stores in core retail districts to see an 8% YoY growth
Colliers said economic recovery will drive the rate up for the year.
Real estate expert, Colliers, expects the annual rental rate for stores in core retail districts in Hong Kong to grow 8% YoY, given the momentum of the city’s economic recovery.
In Q1, the city recorded a 2.7% YoY and 5.3% QoQ growth in its gross domestic product (GDP).
Apart from store rents, Colliers also predict that hotel rates will also increase in the near future as room supply growth begins to curtail
“Hotel occupancy rates in March reached 84%, which was back to the level of the second half of 2019, and average revenue per available room (RevPAR) was HK$1,170. Among which, premium, 5-6 star hotels performed the best, which further reflects the gradual recovery of business activity after borders reopened,” Colliers said.