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Hong Kong's retail sector had an impressive start into 2018 with retail sales growing 13.9% YOY so far this year, and reaching record levels comparable to the last market peak. Millennials and Generation Z have been driving the retail market towards more lifestyle consumption and experiential shopping. Premium, leading fashion, and health and beauty are creating robust expansion needs for prime space.
Nonetheless, the retail rental should only see a moderate recovery in 2018 with the overall highstreet rents growing by 1-3% YOY in 2018 and 3-5% YOY in 2019.
Download the Report Read MoreThe GPR/APREA AsiaPac Performance Snapshot tracks the dynamics of listed real estate securities (including REITs) across 12 AsiaPac countries/regions and eight sectors, over multiple time horizons.
Download the Report Read MoreBusiness sentiment firmed amidst Singapore’s solid economic growth of 4.4% y-o-y in 1Q2018. The finance & insurance sector expanded by 9.1% y-o-y, while the information & communications sector grew by 5.7% y-o-y. Office-using employment increased by 7,100 workers in 1Q2018. Private economists now expect 2018 GDP growth to exceed 3%.
Download the Report Read MorePRC co-working operators continue to move into the Hong Kong office market.
Office
Leasing activity in the overal market picked up in May, with net absorption int the overall market amounting to 153,400 sq ft. Demand was mainly focused on new and upcoming Grade A offices, accounting for about 48% of all new lettings, in terms of floor area. At One Hennessy, a new Grade A office being built in Wanchai, Shanghai Pudong Development Bank reportedly leased eight floors (85,400 sq ft) for their first centre in Hong Kong, KR Space is also reportedly negotiating additional locations around the city.
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Office take-up in Southeast Asia accelerated over the last five quarters. In 1Q18 office take-up in the region grew by 6.8% year-on-year (yoy). Office demand is well correlated to Gross Domestic Product (GDP) growth in Southeast Asia and is expected to grow by 6% annually in 2018-2021.
Office demand was the strongest in...
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