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A recent report from Jones Lang LaSalle revealed that due to low vacancy rates, more commercial real estate retail space could appear in Hong Kong due to both local and international retailers who want to get involved in the market.
Retail sales in Hong Kong increased 15.9 percent during the first quarter when compared to the same point in 2011, according to Channel News Asia, citing the report. Total value of top-level retail space during the first quarter jumped approximately 10 percent quarter-over-quarter.
"There is limited growth in a lot of the retail sectors in other region and Americas as compared to Asia, in particular Hong Kong and China where we saw full-year growth of 25 percent year-on-year growth on average in 2011," Tom Gaffney, head of retail at Jones Lang LaSalle, told the news source.
The report said that average rents for retail properties increased over the past eight years, and some of this is due to an increase in tourism, the news source added. In 2011, Chinese tourists to the island increased 24 percent, and spent approximately $32.4 billion in Hong Kong-based goods.
