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Source: Media Outreach
HONG KONG SAR – Media OutReach – 12 April 2021 – While office and retail rental performance went in the same downward direction, retail sales picked up gradually from the already-bottomed baseline since 4Q 2020. Retail sales rose by 30% in February 2021, whereas office rental was driven down further by 17.6% in 1Q 2021 Y-o-Y as a result of the downsizing trend since 2020. Yet, the market has been active with large occupiers shopping around for more cost-effective office space as alternatives.
Table 1 – Hong Kong Office Rents Comparison
Table 2 – Rental Forecast till End of 2022
Table 3 – Retail Sales Comparison
Table 4 – Retail Rental Value Comparison
Source: Cushman & Wakefield Research