News
HK’s high street rents most expensive in Asia Pacific: JLL


The index, which tracks the rental performance of prime retail space across key markets in Asia Pacific, highlights a stark divergence between the region’s top performer, Hong Kong, and the other monitored markets, showcasing the unique characteristics of this highly sought after market.
Tom Gaffney, head of retail for Jones Lang LaSalle in Hong Kong, commented, “Over the past three years, retail sales in Hong Kong have grown by an average of around 15 per cent per year which, when compared to the equivalent in European and US markets, has presented retailers with a promising growth opportunity and an ideal entry point for expansion into Asia.”
“This tremendous growth in sales and rentals over the past three years is largely due to a high demand from retailers, who are looking to establish a presence or expand their existing footprint in the City, coupled with limited supply – an imbalance on which landlords have capitalised. Given the extent of demand, double digit growth in sales, and limited opportunities, it is little wonder that rents in the Hong Kong market outpace the rest of the region and we predict this trend will continue well into 2014.”
Looking ahead, Anuj Puri, JLL’s head of Retail Asia Pacific and chairman and country head, JLL comments, “As the economy in Asia Pacific continues to improve, retail is once again emerging as a preferred asset class for investors who see consumption as being closely aligned to the region’s growth. China will witness the strongest growth in the retail markets of its top 50 cities, as Hong Kong continues to leverage its proximity to the mainland to fuel its own retail boom. Meanwhile, India still awaits the new FDI regulations to kick-start investment in the market.”
“However we are also seeing more retailers expand into The Philippines, Thailand, Sri Lanka and Indonesia, where the retail market is driven by a growing middle class and an increasingly young, generously salaried and highly aspirational population,” he said.
-
News4 weeks ago
Brigade Group’s Real Estate Sales Grows 25% QoQ to ₹ 1,249 Crores
-
News4 weeks ago
Diwali: Perfect Occasion for RE Investment
-
News3 weeks ago
CapitaLand India Trust Diversifies Funding Sources With Rs 13 Bn Onshore Loan To Develop Its Navi Mumbai Data Centre
-
Interviews4 weeks ago
Reinventing RE Sales & Marketing
-
News4 weeks ago
‘Square Yards’ Arm, PropsAMC, Assists Over 300 Homebuyers In Recovering Rs 100 Cr From Legal Disputes With Developers
-
News4 weeks ago
Bharat Housing Network raises Rs 125 cr in its Series A led by NABVENTURES Fund
-
News4 weeks ago
Group 108’s IT/ITES Project in Noida, ONE FNG, Commits Rs 1000 Cr Investment
-
News4 weeks ago
60% of Grade A office stock in India is green, Top 10 micro-markets account for 62% of the country’s total green stock: KPMG, Colliers