![](https://www.cmgassets.com/s3fs-public/styles/article_node_main_image/public/2024-07/shopping-bags-and-crutches-for-black-friday-2023-11-27-04-52-58-utc.jpg?h=920929c4&itok=XuGJ7-qt)
High street rents to outperform non-core retail rents
Rents rose 1.0% QoQ and 7.4% YoY in Q2.
Even with declining retail sales, high-street rents remained stable, rising 1.0% QoQ and 7.4% YoY in Q2. Rents in Causeway Bay also increased, rising by 1.8% QoQ.
In 5M 2024, retail sales dropped 6.1% YoY due to increased northbound and outbound travel by residents.
Colliers expects high street rents to outperform non-core retail rents in the upcoming quarters as attractive rents drive retailers to secure shops in prime locations.
High-end retail brands are amongst those taking advantage of lower rents, with plans to expand or relocate to first-tier locations.
Colliers noted that this trend will increase demand for high streets in core districts and Grade A shopping malls.