Tsim Sha Tsui Street Shop rent reduction and reduction

The society continues to be unstable, the tourism and retail industries are greatly affected, and the street shop rents are reduced and then reduced

The monthly rent of a street shop on Nathan Road in Tsim Sha Tsui was originally reduced to less than $200,000 and was leased to a pharmacy. After that, the market conditions deteriorated. The tenant proposed a reduction in rent. The owner lowered the price by $10,000, which was lower than the original price. Accumulated less than 20%.

The Nathan Road Street Shop in Tsim Sha Tsui, which was reduced by rent, is now being leased by a pharmacy

The Central Plains (Industry and Commerce) pointed out that the G34, G/F, Wah Yuen Building, 83-97 Nathan Road, covers an area of ​​about 500 square feet. The landlord rented about $230,000 a month earlier and reduced it to about $190,000 in early June. After the pharmacy rented, the demonstrations broke out and the retail market went from bad to worse. The tenant immediately requested a reduction in rent and reduced it to about 180,000 yuan.

Shop lease transaction fell

Shop rentals fell by 36% during the month

Pan Zhiming, the managing director of Zhongyuan (Industrial and Commercial), said that in the past two months, the number of inquiries about renting shops was reduced by about half. Tenants were asking for a reduction in rents. Individuals were more likely to reduce rents by 40% to 50%. In order to avoid losing tenants, individual owners will discuss the reduction of rents at their discretion. If some of them fail to open, they will be exempted from rent.

Huang Weiji, director of the store’s retail department, said that the performance of the retail market has not seen any improvement in recent years. The parade since the revision of the Fugitive Offenders Ordinance broke out in mid-June, making the shop market worse. According to the statistics of the bank, a total of 104 shop rental transactions were recorded as of the 15th of this month, which was a decrease of about 36% compared with the same period of last month and a decrease of about 43% over the same period of the previous year. If the demonstration continues, there will be a chance to reduce the number of rentals for this month to less than 250.

The Group’s deputy regional business director, Li Yongheng, pointed out that the latest leasing performance in the core areas was inferior to that of the previous month. In the first half of September, Tsim Sha Tsui and Mong Kok recorded only about 6 and 9 transactions respectively, which fell by about 62.5%. And 40%.


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