Skip Ribbon Commands
Skip to main content

News Release

HONG KONG

Rental cut is not the only choice to lure tenants


​​​HONG KONG, 12 August 2015, It has been well documented that the Hong Kong retail leasing market has softened because of the slowdown in visitor arrivals and the changing shopping patterns of Mainland Chinese tourists this year. This has led to shop owners in prime shopping districts more willing to accept lower offers of rent. But this is not the only choice for retail landlords – some have divided their property into smaller shops to attract more tenants. ​

JLL has been appointed as the sole leasing agent for shop No. 29 and 30 on the Ground Floor and 1/F, Parklane Shopper's Boulevard in Tsim Sha Tsui. The 3,470-square-foot shop was previously leased to a lingerie retailer and has been vacated for around three months following the lease expired. Eric Cheng, Associate Director of the Retail department at JLL, commented that: "The landlord at Parklane would consider dividing the shop into two sized 2,626 and 844 square feet for leasing. The flexibility could fit different requirements of various retailers and is helping to attract tenants as a result,"

The total asking rents of the shops are more than HK$1 million a month.

Following the recent change in retail leasing market, some shop owners are willing to offer flexible leasing terms. Cheng said it could increase competitiveness and attract more tenants to prime shopping areas.

"Although the leasing market has softened, many retailers such as fast fashion and cosmetic shops remain keen to operate in Hong Kong. They will likely take advantage of the opportunities to secure shops in prime shopping locations as watch and jewelry groups scale back their footprints," he added.


If you would like to enquire further please contact:

Terrance Chan

Director, Retail

+852 2846 5809

Terrnace.chan@ap.jll.com


Eric Cheng

Associate Director, Retail

+852 2846 5810

Eric.cheng@ap.jll.com