The market is shaving, and more and more owners are reducing rents
The Central Plains (Industry and Commerce) said that in September this year, a total of 104 shop rentals were temporarily recorded in Hong Kong, down 36% month-on-month. The rent reduction led the market, with a general reduction of more than 20%. For example, there are difficulties in renting shops in Tsim Sha Tsui to reduce rents. The owner promised to reduce the rent to 180,000 yuan, down 22% from the initial offer.
in the first half of September, a total of 104 shop rents were recorded, down 36% month-on-month and down 43% year-on-year
In fact, after the impact incident, the rent of the shop began to fall in July. In August, there were only 319 cases, which fell by about 20% month-on-month, reflecting the further slowdown of the business mindset of the tenants.
the Tsim Sha Tsui and Mong Kok areas were the hardest hit areas in Kowloon
In the first half of the year, only about 6 and 9 lease transactions were recorded, down by 62.5% and 40% respectively. For those tenants who have signed leases earlier, they are required to reduce their rents. For example, Shop G34, G/F, Wah Yuen Building, 83-97 Nathan Road, Tsim Sha Tsui, has an area of about 500 square feet. The owners will let them rent about $230,000 a month. At the beginning of June, it was reduced to about $190,000, which was leased by the retail industry. The subsequent amendments caused a series of violent shocks. The retail situation went from bad to worse. The tenant asked the owners to reduce the rent and was reduced to about 180,000 yuan, which was about 22 lower than the original asking price.