Commercial Retail

Rents inched up 1.1% in Q1. 

There was only 15,700sqm worth of retail space completed in Q1.

Net absorption was at 301,600 sq ft in the same period.

Vacancy rates in the City Centre submarket increased slightly to 17.5% in Q1.

Plans for seven new projects yielding 89,300sqm have been approved.

Net absorption reached 14,000sqm in Q1.

As a result, net absorption reached -7,300sqm during the quarter.

Rents slipped for the eighth consecutive quarter to reach JPY 73,233 per tsubo per month in Q1. 

Prime malls saw more of these two types of tenants in the quarter.

The ongoing renovations in some malls lifted vacancy during the quarter.

The 11 SKIES project added 1.1m sq ft of new space in Q1.

There were no new malls that opened during the quarter.

Rents of prime malls in the City Centre hit USD 64.2 per sqm per month.

Prime Suburban rents are also expected to rise by 2%. 

Q1 prime rents in the Orchard and Suburban areas increased 0.4% and 0.5%, respectively.

Russell Street in Causeway Bay has transformed over the course of the pandemic.