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Photo courtesy of Arturo Rey.

Retail leasing continues recovery as quarantine measures eased: JLL

More leases are expected in the future as inbound visitor figures sighted to rise.

Leasing momentum for retail commercial properties continued to pick up in August as retail activity rebounded, according to a report by real estate company JLL.

Total retail sales in Hong Kong rebounded 4.1% in July compared to the same month in 2021. Most major retail outlets reported a mild rebound in sales, with jewellery and watched reporting the hightest growth, rising 28.2%, according to JLL. Online sales also grew 8.6% during the month.

More leases are expected in the future as inbound visitor figures are likely to see more visible recovery, with Hong Kong relaxing quarantine measures, JLL said.

ALSO READ: Value of total retail sales jumps 4.1% YoY to $28.3b in July

“Meanwhile, the second disbursement of consumption vouchers should also give impetus to a more visible retail sales rebound in the coming months,” it added.

Notably, Chinese sportswear and sports equipment company Li-Ning reportedly committed to a ground-to-first floor unit (7,686 sq ft) at Silvercord in Tsimshatsui for a monthly rent of HK$2m.

Investment sentiment also seemed to have logged a slight improvement, with JLL noting a few “sizeable” deals in July. Most notable is that of China Overseas selling its retail podium of 38,147 sq ft at Horae Place in Tokwawan to Fairland Holdings for a sum of HK$425m.

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