Some street shops in Causeway Bay see rental value stabilized

Some street shops in Causeway Bay saw their latest rental value stabilized following a continuous decline in the past few years amid a changing retail landscape, according to the Rating and Valuation Department.

Russell Street, once the world’s most expensive street by rents, saw the rateable value of G/F - 3/F Plaza 2000 with an area of more than 15,000 square feet unchanged at HK$24.4 million, data from the 2026-27 Valuation List and Government Rent Roll showed.

Rental value of the place, previously the flagship shop of Italian luxury fashion brand Prada (1913) with a monthly rent of HK$9 million at its peak, has declined more than 60 percent from its highest. 

A shop rented by luxury brand Chanel at Capitol Centre, recorded a 3.7 percent slide in rateable value to HK$48.98 million in the latest data. It was down by half from its peak.

There are also some shops that posted a gain in rental value, including shop A2, G/F at 2 Cannon Street. The 50-sq-ft mini shop recorded a 29 percent surge in rateable value to HK$744,000 in the latest data. 

Offices, however, remained weak, with the rental value of the top floor at The Center falling 6.8 percent to HK$7.68 million.