Causeway Bay Shopped for Nearly Million or 50%
In respect of paving, the renting in the core area still has a correction. The rental transactions in the shops in Causeway Bay and Mong Kok have recently been completed. The rent has dropped by 3 to 50%.
In the recent rental transactions in the core area, the prevailing rent is still downward. For example, at the Shop Floor 13-16 of Yee Tung Shopping Centre, 26 East Point Road, Causeway Bay, with a total area of approximately 6,223 square feet, it was leased at a rate of nearly $1 million per month. At the peak of retail sales, the shop was leased by Broadway Electric, with a monthly rent of 2.2 million yuan. It was relocated in the middle of last year. The shops were paid for a few months and were recently rented by TWIST boutiques. The rent also fell by more than 50%. It is understood that at present, TWIST has branches in the World Trade Center in Causeway Bay, which is the relocation of the same district.
Shops in Mong Kok rented 900,000 and dropped 30%
As far as Mong Kok District is concerned, local fashion house Giordano rents $900,000 per month to rent Shops I and J, G/F, Wing Wah Building, 14-24 Sai Yeung Choi Street South, with a total area of about 1,600 square feet and a lease of about $563. The shop was originally rented by a local clothing brand Crocodile, with a monthly rent of 1.35 million yuan. The rent expires at the end of this month, which means that the latest rent has fallen by 33.3%. If compared with the peak retail period, shop rent has fallen by more than 40%.