Hong Kong’s Causeway Bay is no longer Asia’s most expensive retail strip; however another Hong Kong shopping precinct has kept the city top of the list.
According to data released by Cushman & Wakefield, Tsim Sha Tsui is now the region’s most expensive city stretch at $1600 per square foot per year. Tokyo’s Ginza Strip comes in second at $1223 per square foot per year and Sydney’s Pitt Street Mall retains its third place spot at $974 per square foot per year.
Causeway Bay posted the sharpest decline in 2020 with Cushman & Wakefield’s Asia Pacific Main Streets Report detailing a decline of 43 per cent. Retail rents in Hong Kong’s Central declined by 42 per cent and in Tsim Sha Tsui, a decline was reported of 35 per cent.
Mainland China saw retail rents significantly less impacted over the past year, with an average rental decline of just 5 per cent.
