Investment market in Hong Kong’s retail space ‘quiet’ in 2022: JLL
There were only a handful of lump sum transactions recorded during the year.
The investment market in Hong Kong’s retail space is “quiet” in 2022, JLL reported.
This comes as only a handful of small lump-sum transactions were registered during the year.
Amongst the notable ones are the sale of a shop on G/F and 1/F-4/F (22,592 sq ft) on 42-52 Woo Sung Street in Jordan for HKD160m by the Tang Shing-Bor family, at an estimated initial yield of 5.3%.
“Without any major stimulus to the market, leasing sentiment remains soft in December and transactions in core areas were mainly short-term leases,” JLL noted.
The renewal of restaurant operator Tao Heung lease for a ground floor shop (10,000 sq ft) at Star Mansion on Minden Row in Tsimshatsui for a reported monthly rent of HKD 550,000 is amongst the notable ones seen in 2022.
The lease also reflected an 8% discount from the rental of the last lease.