• Tourist arrivals in October and November combined fell by 49.8% y-o-y, making it likely that Q4 2019 will record the largest decline in visitors since the SARS outbreak in 2003.
  • Retail sales fell by 24% y-o-y in October and November combined, with Q4 2019 likely to register largest quarterly fall on record.
  • Leasing activity was limited in what is traditionally a quiet period. Most retailers also remained cautious towards committing to expansion or relocation due to current sociopolitical unrest. 
  • Overall high street rents fell by 9.7% q-o-q in Q4 2019, bring the annual rental fall to 19.2% y-o-y, the largest in history. Shopping mall rents fell by 4.4% y-o-y.
  • CBRE expects overall high street rents in core districts to fall by 15%-20% in 2020 should the current downturn continue.