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  • [CBRE HK Q3 MV] Retail: Hong Kong Retail Market Continues to Weaken

[CBRE HK Q3 MV] Retail: Hong Kong Retail Market Continues to Weaken

October 13, 2015
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CBRE publishes the Hong Kong Retail MarketView Q3 2015.

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Joe Lin, Executive Director, Retail Services, CBRE Hong Kong​ commented, “The top tier retail market deteriorated in the third quarter. The shift in mainland Chinese tourist spending patterns coupled with slower tourist arrivals continued to erode confidence among luxury retailers. This resulted in more cases of lease surrender and rental cuts for tier one street shops by jewellery and luxury retailers. We expect the rental downcycle to continue in Q4.”

CBRE Outlook Q4 2015

  • More surrender or consolidation cases among luxury retailers will be expected in the coming quarters
  • Average rents for space in core retail locations will continue to decline in Q4, with the full year rental downward adjustment for 2015 projected at around 20-25%
  • Non-luxury retailers are set to be the main driver of retail leasing demand in Hong Kong
  • Leasing transactions signed over the past two quarters at lower rents in tier one streets will set new benchmarks for lease negotiations in the coming months

CBRE Highlights Q3 2015

  • Total retail sales in July and August combined, fell by 4.2% y-o-y. Watch and jewellery sales dived by 7.0% y-o-y in July and August combined
  • There were more cases of luxury brands and high-value retailers surrendering leases on tier one streets in Q3 2015
  • Overall rents in core locations slumped 9.1% q-o-q, the largest quarterly decline recorded since 1998. Among the four core submarkets, rents in Causeway Bay fell most severely by 11% q-o-q in Q3 2015, bringing the y-t-d decline to 22%
  • Rents in Central, Tsim Sha Tsui and Mong Kok declined by 9.2%, 7.0% and 7.6% q-o-q, respectively
  • Mid-range retailers are attempting to regain their foothold in prime locations. Cosmetics retailers, sportswear brands and fitness centers were the most active sectors in Q3 


Access all CBRE research reports at CBRE Global Research Gateway​.​


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Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.​

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