Hong Kong – January 2021 MARKET IN MINUTES Retail Leasing Savills Research Savills team Please contact us for further information RETAIL Nick Bradstreet Managing Director Head of Leasing +852 2842 4255
[email protected] Barrie Chan Deputy Senior Director +852 2842 4527 A grim 2020 draws to a close
[email protected] A raft of poor economic data alongside travel restrictions meant a muted end RESEARCH to the year and a much more pragmatic attitude from landlords. Simon Smith Senior Director • The rate of decline in retail sales slowed further in October Asia Pacifi c during the fourth wave of COVID-19. “ While rents may continue +852 2842 4573
[email protected] • F&B continues to take up space as landlords are keen to to slip over the fi rst half of Kathy Lee sign up crowd-pulling concepts to support footfall in major this year, we can see some Director Retail Consultancy malls. Beyond F&B, market activity remains very low. activity returning after +852 2842 4591
[email protected] • Shopping centre landlords are now reconciled to market Chinese New Year with a Savills plc conditions and becoming more fl exible in both asking rents Savills is a leading global real and lease terms. estate service provider listed on market turnaround likely in the London Stock Exchange. The company established in 1855, has 2022.” a rich heritage with unrivalled • Amidst a sluggish leasing market, both prime street shop growth. It is a company that leads rather than follows, and now has rents and base rents of major shopping centres fell by -5.9% SIMON SMITH, SAVILLS RESEARCH over 600 offi ces and associates throughout the Americas, Europe, QoQ in Q4/2020.