As a shopping destination, Hong Kong has over the past decade charted a course towards the very high-end in brands — and it seems retailers are now paying a very expensive price for the trend.
With a 46 percent rise in rents, quarter on quarter, Hong Kong is now second only to New York in terms of what tenants pay for retail locations across the city.
Hong Kong last year surpassed Sydney as the second-most expensive city in the world, with the average cost being paid now hitting US$1,687 per square foot per year according to global commercial property company CB Richard Ellis.
New York still tops the charts with rents at US$1,900 but Hong Kong seems intent on closing the gap as the world’s leading brands continue to set up shop all over town.
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