Hong Kong’s retail market sees an evident comeback in visitor arrivals and retails according to this month’s Property Market Monitor from JLL.
- Net absorption in the overall market amounted to 376,700 sq ft in March on the back of tenant decentralisation and expansionary requirements. Leasing demand in Central continued to be led by requirements from the PRC banking and finance sector, accounting for 76% of new lettings in the submarket during the month. Huaxia Bank reportedly leased 14,000 sq ft at Two IFC to accommodate expansion plans while Ping An Securities leased a whole floor (14,300 sq ft) at CITIC Tower in Admiralty, expanding out of offices in Sheung Wan.
- According to data released in March, home sales declined to 4,263 in February, down 22.2% m-o-m, amid a lack of new launches over the Chinese New Year holiday period.
- Buoyed by the Chinese New Year Holiday, total visitor arrivals surged 9,9% y-o-y in January-February, with visitors from mainland China jumping 13.6% y-o-y over the same two-month period.
- On the back of strong demand from the US, imports and exports grew 10.5% y-o-y and 10.7% y-o-y in January-February. Airfreight cargo climbed 8.9% y-o-y over the same period though container throughput increased by a milder 2.2% y-o-y.