Prime street shop rents drop by 1.9pcBusiness | 4 Jul 2019 4:15 pm
Real estate advisor Savills believes the retail leasing market is slowing in tandem with retail sales.
There is little change in shopping mall rents in the second quarter, while rents of prime street shop rents dropped by 1.9 percent.
Food, pharmaceuticals, and cosmetics with a 3.1 percent year over year growth are out-performing other retail sectors with one percent year-on-year increase in May.
Savills believes that the retail market in the second half will be quiet, with no big headline deals.
Retail sales over the January to May period continued decline steadily, falling by 1.8 percent from a year ago.
The overall prime shopping street rent fell by 1.2 percent quarter on quarter with Central district dropping the most at 3.8 percent over last quarter.