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News Release

HONG KONG

F&B remains aggressive in expansion

Vacancy rate of the street-level shops at Tang Lung Street dropped to 5%


​​HONG KONG, 16 August 2015, Retail rental in Causeway Bay softened this year, with opportunities emerging for retailers targeting local customers with expansion in core shopping districts. Research by JLL shows that the vacancy rate of the street-level shops at Tang Lung Street, an up and coming food street in Causeway Bay, is very low and sits at only 5%.  This is despite the 20% surge in retail rents over the last 12 months.

JLL has recently been appointed as the sole leasing agent for Shop C on G/F and 1/F on 41-51 Tang Lung Street in Causeway Bay.   The shop is located in a prime location, near Soundwill Plaza II-Midtown and Times Square. Providing a floor area of approximately 1,100 square feet on the ground floor and a floor area of 4,367 square feet on 1/F, it is one of the few street shops with individual entrance on ground floor. The asking rent of the shop is​ HK$350,000 a month.

Only a year ago things appeared very different in this area, the vacancy rate in August 2014 was over five times the current rate at 26%.  The shop on 41-51 Tang Lung Street is the only shop remaining vacant on the street.

Eric Cheng, associate director of retail at JLL, said: "Many food and beverage operators are still looking for expansion opportunities, despite the Hong Kong retail market having slowed. Retail rents in Causeway Bay have softened and this has also encouraged retailers to expand in the area,"

"Tang Lung Street has become an up and coming food street in the town, following the completion of Soundwill Plaza II-Midtown and the introduction of well-known restaurants such as Jamie's Italian and Butao Ramen in the area.   We believe the remaining retail space on this street is sure to attract the attention of many food and beverage operators," he added.

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