Vacancy rate of Central high street shops drops to 10.5% in Q1
JLL attributed the decline to Mainland’s reopening.
The vacancy rate of high street shops in Central Hong Kong declined to 10.5% in Q1, data from JLL showed.
In a report, the real estate expert attributed the decline to the city’s reopening of borders with mainland China and its economic recovery.
“Retailers speeded up to make real estate decisions in the first quarter after mainland China announced to reopen the borders. There are about six street-level shops on Queen’s Road Central available for lease in January, but currently, only two shops remain available for lease on this street,” Oliver Tong, head of Retail at JLL in Hong Kong, said.
“Galleries and luxury fashion brands and watches are the most active among the retailers,” Tong added.
Meanwhile, JLL said a landlord has released nine shops with a total floor area of 9,221 sq ft on the second floor of The Galleria at 9 Queen’s Road Central for lease.
The nine shops (205, 206, 209, 210, 211, 212, 214, 215, 216/216A) range in size from 726 sq ft to 1,400 sq ft. The asking monthly rent of the retail space is H$140 per sq ft, with the total rent in excess of $1.2m.
“Shops 209-211 could be combined to create a 3,920 sq ft-shop or the tenant could lease all units for a 9,221 sq ft-shop,” JLL, the marketing agent for the sops, said.