Shops have encountered cold fronts
Owners generally reduce rents by 1 to 20%.
Social disputes have hit local retail and catering businesses, and top-floor rents and rent reductions have been renewed in the core areas. In September, the number of merchants who rented top rents increased nearly 10 times, most of which was for the catering industry. In other core areas, it was difficult to obtain rents in the shops, and the average owners reduced rents by about 1 to 20%.
In recent months, demonstrations continued and the business environment was hard to be affected. Apart from retail sales, the catering business was also seriously affected. The operation of small and medium-sized restaurants was difficult. The agent revealed that in September, the top rents increased significantly. In the first two weeks of the survey, about 20 new top-selling rental sources have been received, which is nearly 10 times more than the previous two to three cases.
In the first two weeks, 20 shops have been rented
It is understood that most of the shops involved in top renting and topping are catering, such as the underground area of 506-508, Jaffe Road, Causeway Bay. The area is about 900 square feet. It is rented by the restaurant at 138,000 per month. It is reported that it is now rented in the market. In addition, the ground floor of 11A Hau Fuk Street, Tsim Sha Tsui, covers an area of about 1,000 square feet. The restaurant is rented at a monthly rent of $160,000.
In addition, the agent revealed that many restaurants also topped the market at the same time. The restaurant at No. 128 Leighton Road, Causeway Bay now has a monthly rent of about 65,000 yuan. According to the agent, the tenant intends to end the business and put it on the top. 150,000 yuan. The ground floor of the Fu Lai Garden Shopping Centre in Yuen Long is about 430 square feet. The restaurant is rented at $70,000 a month. It is reported that it is also topping the market, involving about $100,000.
Apart from top renting, some restaurants have moved out early in the lease, such as the 1st floor of No. 175 Lockhart Road, Wan Chai, covering an area of 8,850 square feet. The restaurant rents 430,000 per month and leases until May 2021. The agent said that the tenant has Decided to move out this month, the current owner rented the shop in the market, the monthly rent fell to 380,000 yuan, a reduction of about 12%.
The retail outlets of Jishang have not yet been digested. Owners generally want to reduce rents. For example, there are 5 shops in the core section of Sai Yeung Choi Street, including No. 68 underground and attic. The total area is about 2,000 square feet. The rent is about 850,000 yuan. Under the lease, it has recently dropped to about 780,000 yuan, a decrease of about 8%.
Mong Kok “Pan King" Reduced price by 28% for rent
Near the junction of Sai Yeung Choi South Street and Tai Po Road, it is considered to be one of the “shopping kings" in Mong Kok. The peak monthly rent is 1.6 million yuan. In recent months, the tenants have moved out. The original asking price is $1.8 million per month. It fell to 1.5 million yuan and was reduced to 1.3 million yuan in the past month, a decrease of about 28%. It is still not rented out.
Zheng Deming, senior director of the business, investment and business and investment department of Lijiage (Industrial and Commercial), said that the number of top-selling cases in the market has increased recently, while the top-selling merchants are almost all catering, he said that if the restaurant is located in the retail core area As the demonstrations continued, the number of mainland tourists decreased, causing the business to deteriorate.
He analyzed that many restaurants are at the same time. Because of the licenses, decoration and basic wealth management tools, the top tenants and top-hand discs are still attractive to businessmen who are interested in catering. After all, they can save on the cost of opening. He expects that the top rent will increase after the overall consumption is affected.