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From the
Chairman
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COVER
STORY
December 2000 Issue the bulletin For the third year in a row, Hong Kong is ranked the most expensive retail location in Asia, according to a survey of global retail rents. The survey, Main Streets Across the World 2000, which is based on data gathered through June 2000, was conducted by global property consultants Cushman & Wakefield and Healey & Baker. Richard Middleton, regional director, Research & Advisory Services for Cushman & Wakefield Asia, said, "Hong Kong's Causeway Bay remains one of the most expensive retail locations in the region. Although globally its rank has slipped from 2nd place to 5th place with prime rents in Causeway Bay averaging US$377 sq ft/year at the time of the study, rents have actually increased by around 5 per cent during the first nine months of the year." "Increasing retail sales and more new entrants bode well for competition and a return to growth," Mr Middleton added. "Increasing competition from non-retail business sectors has also played a part in pushing up rents. An on-line stock brokerage company has reportedly paid well over US$580 sq ft/year for a prime retail unit in Causeway Bay. Moreover, a number of the busier retail areas have pedestrianization plans in place, and potential will be further boosted when China joins the WTO and when Disney Land is complete, attracting more tourists to Hong Kong."
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