Latest news with #vacancyrate
Yahoo
13-07-2025
- Business
- Yahoo
Oxford High Street in top three UK cities for fewest empty shops
A new study has revealed Oxford High Street has the third fewest empty shops of all major UK cities. A report from Centre For Cities revealed Oxford has a vacancy rate of just 9 per cent this year, in a ranking of 62 major city centre high streets in the UK. It came behind London and Cambridge for having the fewest number of empty shops, which had vacancy rates of 7.4 and 8.5 per cent respectively. READ MORE: Urgent search for man who entered water at Faringdon lock At the other end of the scale, nearly 20 per cent of shops were empty in cities like Blackpool, Bradford and Newport, the report found. Authors of the report said: "The performance of the Great British high street is seen as a political bellwether, creating a very visual symbol of the success of an area. Help support trusted local news Sign up for a digital subscription now: As a digital subscriber you will get: Unlimited access to the Oxford Mail website Advert-light access Reader rewards Full access to our app "When reading research reports and newspaper articles you would be forgiven for thinking that the high street is suffering everywhere. "While it has certainly come under pressure from the rise of out-of-town retail, and more recently online shopping, in some centres it is still performing well." READ MORE: Oxford United lose in President's Cup final to Port FC In asking what drives the differences in high street performances between places like Oxford, where around one in 10 shops are empty, and those like Newport, where the number is more like one in five, researchers identified four key factors. The size of the catchment, both in terms of the size of the city and the number of competing shopping centres, made a difference, as did catchment incomes. The geography of the economy, including where it clusters and how well it performs, and the size of the visitor economy were also found to impact the high street. Read the full report at
South China Morning Post
07-07-2025
- Business
- South China Morning Post
Retail rents in Hong Kong under pressure after vacancy rate hits 4½-year high
Retail rents in Hong Kong are expected to remain under pressure, as the trend of residents travelling to the mainland for leisure has led many businesses to opt for short-term leases, experts have said after the vacancy rate in the city's busiest districts hit a 4½-year high. Advertisement Analysts on Monday also attributed the mounting vacancies to shifting consumer preferences and the difficulty landlords faced in securing high-value tenants once luxury goods shops, such as watch and jewellery stores, had moved out. Property agency Midland IC&I's index earlier showed that about 900 stores were empty in four core districts – Causeway Bay, Central, Tsim Sha Tsui and Mong Kok – reflecting a vacancy rate of 12.1 per cent in the first quarter of this year, the highest level in 4½ years. 'The vacancy rate is relatively high. Additionally, the trend of northbound travel among Hongkongers has shown no signs of slowing down. In these past months, the figures for northbound travel have set new records,' Ryan Ip Man-ki, vice-president of Our Hong Kong Foundation and executive director of the Public Policy Institute, said on a radio show. 'It seems that the vacancy rate and rent of retail spaces, in particular street-level stores, will continue to be under pressure.' Advertisement A slew of established restaurants and shops have shut down in recent months, with some citing high rents amid an economic slowdown as the main reason.
South China Morning Post
05-07-2025
- Business
- South China Morning Post
CY Leung renews call for Hong Kong landlords to cut rents amid rising vacancies
Hong Kong's former leader Leung Chun-ying has challenged landlords to 'adjust their mentality' over rental yields as he renewed his call for price cuts to stem a 40-year high vacancy rate for commercial properties from rising further amid a slackening economy. Leung, now a top political adviser to the country, also warned that landlords would be harmed in the end if they refused to budge on lowering rents. 'It is sheer self-delusion if landlords think they can get the rent level they want by leaving the premises vacant and waiting [instead of cutting the rents],' Leung said on Saturday. Leung, now a vice-chairman of the Chinese People's Political Consultative Conference, weighed in on the debate over Hong Kong's commercial rents last week after the latest government report showed that, by the end of 2024, the total vacant floor area of private commercial buildings reached 1.4 million square metres. The empty space represented a vacancy rate of 11.8 per cent – a record high over the past 40 years. The slackening economy has also resulted in a string of high-profile shutdowns of established restaurants in recent months, with some citing high rents as a reason. 'The overall economic environment is like that now. Perhaps it is partly because people are going north to spend, or people are getting used to buying takeaway, or shopping online,' Leung said.
South China Morning Post
03-07-2025
- Business
- South China Morning Post
As more Hong Kong restaurants close, landlords must cut rents
Vicious cycles are difficult to break. As Hong Kong scrambles to identify and chip away at factors behind a wave of closures in catering and food production, lowering commercial rents may be a logical next step. A recent high-profile victim of the spiral was City'super's Amazing Food Hall in the upscale Times Square shopping centre and office complex where the company opened its first flagship store in December 1996. Advertisement The pricey yet popular venue was the company's final food court before it closed on June 30. City'super cited changing consumer patterns as a reason for the closure. Struggling retailers have been told to reinvent their offerings so they can better compete, but it is increasingly clear that alone will not be enough. Former Hong Kong leader Leung Chun-ying is among those urging landlords to lower rents. He noted that the city's commercial property vacancy rate was at a 40-year high of 11.8 per cent at the end of 2024 and many building owners have loans tied to the valuation of their properties. But Leung said rather than let space sit vacant, landlords must 'face the reality' and procrastination would 'only make businesses dry up'. Advertisement The Hong Kong Retail Management Association said landlords were generally willing to discuss lease renewals, but retailers find most offers insufficient. The Hong Kong Federation of Restaurants and Related Trades said some landlords had reduced rents, but operators still face much higher costs than their mainland counterparts.
CTV News
03-07-2025
- Business
- CTV News
Vacancy rate, rent prices continue to rise in Halifax
Many Halifax landlords are offering incentives to prospective renters in order to fill vacancies. Halifax's rental vacancy rate has reached approximately 3.1 per cent – a notable jump from the historically low levels seen roughly a year-and-a-half ago – but rental prices are continuing to rise. 'Nationally, asking rents are down about three-and-a-half per cent compared to this time last,' said Giacomo Ladas, spokesperson for 'But Halifax saw a three per cent increase year-over-year – and when you look at once-bedroom apartments, Halifax is actually up over seven per cent.' According to Kevin Russell, executive director of Rental Housing Providers of Nova Scotia, leasing activity has slowed down significantly. 'It's taking a lot longer to lease apartments,' he said. 'What used to take six months is now taking eight or nine – even to get to 95 or 96 per cent occupancy in new builds.' He said a lot of it has to do with fewer international students. 'We've seen a lot of international students leaving the area and that opens up more units to the market and that's why the vacancy rate is going up,' he said. Crane A crane works on a building in Halifax. (Source: Hafsa Arif/CTV News Atlantic) That lag has prompted rental incentives from property managers, particularly in newer, more expensive buildings that were constructed during peak inflation. 'They're offering one or two months free rent, free internet, or even gift cards,' said Ladas. 'They'd rather give renters something than drop the asking price.' Both Ladas and Russell say the market is struggling to meet demand for more affordable rentals. While high-end units sit longer on the market, more budget-friendly apartments remain in short supply – with vacancy rates under one per cent for rentals priced below $1,400 a month. 'There's just no inventory in the lower rental segment,' Ladas said. 'Those units don't exist, and that's where the demand.' The influx of new units – roughly 1,700 are expected to hit the market in the next eight or nine months – could help ease some pressure. But both experts warn that unless governments step in to reduce construction costs and red tape, truly affordable housing may remain out of reach. 'Newer buildings were constructed with materials during the height of inflation,' said Russell. 'That's reflected in the rents and it's not what people are looking for.' 'We still need more supply, especially affordable supply. Without it, these rental challenges will persist,' Ladas said. Construction A building under construction in Halifax is pictured. (Source: Hafsa Arif/CTV News Atlantic) For more Nova Scotia news, visit our dedicated provincial page
