F&B operators lead retail leasing in February

Amongst notable transactions was the leasing of an 840-square-foot G/F space at Haiphong Road.

Food and beverage operators led retail leasing activity in February, JLL reported. 

Amongst the notable transactions during the month was the leasing of an 840-square-foot G/F space at Haiphong Road in Tsim Sha Tsui. JLL noted the local F&B operator committed to a monthly $238,000 lease.

A notable transaction was also seen in the education sector, with an international school taking a 27,100-square-foot space at Maya in Yau Tong for $1.2m per month.

Rental prices for a 200-square-foot space on Dundas Street reached $490 per square foot and a 1,000-square-foot unit at Mirador Mansion on Nathan Road cost $280 per square foot.

In the investment market, the Tang Shing Bor family sold a basket of ground-floor shops at COS Centre in Kwun Tong for $172.0m, representing $9,334 per square foot.

This comes amidst strong retail sales in January reached $37.3b, a 5.5% year-on-year increase, the report noted.

Sales of consumer durable goods rose 32.7% as jewellery, watches and clocks, and other valuable items saw a 31.1%.

Food categories fell 10.5% and supermarket sales dropped 5.0%.

Total visitor arrivals reached 4.81 million in January, a 1.5% increase, following a 9.2% rise in December. Long-haul markets rose 32.1%, which included a 118.4% increase in visitors from Italy.

Arrivals from Mainland China reached 3.65 million, a decrease of 2.2%. Visitor numbers from Indonesia, Macao SAR, and Taiwan fell and Indonesian arrivals decreased 17.6%.