rental war among global brands will quickly push the exact property prices

The glitz and prestige of the latest York’s 5th Avenue causes it to become one of the most famous streets on this planet. But a torrent of mainland China visitors and also a rental war among global brands will quickly push the exact property prices in Hong Kong’s Central district greater than Big apple’s most high-priced address. canada goose expedition parka

As CNN’s Ramy Inocencio reports, Colliers predicts that by 2014, the normal retail space in Hong Kong’s Central district (pictured above, left) will eclipse the $2,600 square foot tariff of New York’s 5th Avenue (pictured above, right). Presently, the typical cost is about $1,800 per sq . ft . in Central, but prices are actually zooming higher as retail brands jostle for prime property therein tightly packed territory.

canada goose jackets We residents in Hong Kong have grown to be accustomed to the blink-and-it’s-gone lifespan of businesses getting edged from retail spaces by sky-high rents. A buddy of mine who's a restaurateur in Central’s Soho district has seen his rent double before four years. Coach just re-signed its lease on its flagship store here in Hong Kong for triple its original rent – now paying nearly $one million per month. Spanish clothier Zara takes over the property now rented by Swedish competitor H&M through providing double the amount of rent to $1.5 million monthly.

As Ramy reports, the prize on this rental arms race is mainland Chinese customers who stream into Hong Kong. moncler jackets

Only at that rate, Hong Kong has decided to contain the priciest real property on earth. But will it be worthwhile? Will the rental rates continue skyward, or is often a crash coming?

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