F&B Rents in First Rise Since Q3 2016 yet Relaxation of Cross-Border Restrictions may Impact Short-Term Demand
Highlights of Office Market
– Citywide rents dropped 1.4% q-o-q, mild decline from -2.0% q-o-q in Q1
– Net absorption at -192k sq ft, improved from -900k sq ft in Q1
– Availability rate at 14.4% is expected to remain stable in 2H 2021
Highlights of Retail Market
– YTD retail sales increased by 8.5% y-o-y
– Vacancy rate remained flat
– Overall rents to stabilize in 2H 2021
– Relaxed travel restrictions will induce a short-term drop in retail demand as locals resume outbound travel
HONG KONG SAR – Media OutReach – 7 July 2021 – Global real estate services firm Cushman & Wakefield revealed today that both office and retail rental markets have shown initial signs of stabilization in Q2 2021. While office leasing activity is on the rise, the average availability rate is expected to remain at a similar level of 14.4% throughout 2021. Leasing activity was most active in the finance and insurance sectors.
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