For the first time in five years, the demand for retail space in Hong Kong has not declined.
Results from the RICS (Royal Institution of Chartered Surveyors) Hong Kong Commercial Property Monitor for this year’s first quarter indicate that the demand for retail space has not changed from last year’s fourth quarter.
The Occupier Sentiment Index (OSI) increased modestly to 14 from 10 the previous quarter, while the Investment Sentiment Index (ISI) grew six points to 19.
There was a moderate increase in the number of retail properties available or rent, with respondents reporting an increase in landlord incentives for retail space.
“Occupier demand continued to rise at a headline level for the first quarter,” says RICS Hong Kong external affairs committee member Frank Wong.
There was a minor decrease in foreign demand for retail properties.