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Cushman & Wakefield : Office Leasing Activity Grows but Availability Remains High

F&B Rents in First Rise Since Q3 2016 yet Relaxation of Cross-Border Restrictions may Impact Short-Term Demand

Highlights of Office Market

– Citywide rents dropped 1.4% q-o-q, mild decline from -2.0% q-o-q in Q1

– Net absorption at -192k sq ft, improved from -900k sq ft in Q1

– Availability rate at 14.4% is expected to remain stable in 2H 2021

Highlights of Retail Market

– YTD retail sales increased by 8.5% y-o-y

– Vacancy rate remained flat

– Overall rents to stabilize in 2H 2021

– Relaxed travel restrictions will induce a short-term drop in retail demand as locals resume outbound travel

HONG KONG SAR – Media OutReach – 7 July 2021 – Global real estate services firm Cushman & Wakefield revealed today that both office and retail rental markets have shown initial signs of stabilization in Q2 2021. While office leasing activity is on the rise, the average availability rate is expected to remain at a similar level of 14.4% throughout 2021. Leasing activity was most active in the finance and insurance sectors.

Table 1 – Hong Kong Office Rents Comparison

Source: Cushman & Wakefield Research

Table 2 – New Leasing Transactions

Source: Cushman & Wakefield Research

Table 3 – Retail Sales Comparison

Source: Hong Kong Census & Statistics Department; Cushman & Wakefield Research

Table 4 – Number of Fitness Centres in Hong Kong

Source: Hong Kong Fitness Guide, Asian Academy for Sports & Fitness Professionals (HKSFP)

The F&B sector retail rental value recorded an overall mild increase for the first time since Q3 2016, mainly as a result of growing demand for fine-dining options as residents have turned to upscale dining experiences as an alternative to the travel they enjoyed before the pandemic. Meanwhile, demand from lifestyle and wellness brands, including gyms and fitness operators, continues to rise as people’s daily routines and attitudes towards healthier lifestyles continue to take shape.

Office Market – Leasing Activity Increasing

Overall rental value declined at a milder pace in Q2 2021, resulting in an all-district average drop of 1.4% q-o-q. Office rents in Greater Tsimshatsui and Kowloon East have dropped 3.5% and 2.3% q-o-q respectively, the highest two among all sub-markets. Mr. John Siu, Cushman & Wakefield’s Managing Director, Hong Kong, commented, “Office rental value is still under pressure as most occupiers remain cost-conscious, availability of office space for lease is high, and the economy is still in its early stages of recovery.”

Net absorption recovered significantly from the record negative high figure of -900,000 sq ft in Q1 to -192,400 sq ft in Q2. Surrendered stock dropped by 223,700 sq ft, or 31% q-o-q, from 724,500 sq ft to 500,800 sq ft. Amongst the reduced surrendered stock, 131,100 sq ft (59%) was leased by replacement tenants, and the remaining 92,600 sq ft (41%) returned to the market as direct stock. In terms of total area, most of the new lettings in Q2 were committed by tenants in the banking & finance (22%) and insurance (21%) sectors. MNCs contributed 65% of the new lease area in the quarter, while mainland China and Hong Kong companies accounted for the remaining 20% and 15% respectively (Table 2).

Meanwhile, the overall availability rate remained at a similar level of 14.4%, as compared with 14.0% in Q1. Mr. Siu added, “We have seen a gradual increase in leasing activity and enquiries in Q2 as office occupiers have become more prepared to make real estate decisions in the past few months. Yet the overall availability rate still lingers at around 14%. We forecast the rate to remain quite stable for the rest of 2021, but overall space availability will rise next year when new projects are due for completion.”

A total of 2.75 million sq ft of new office supply will enter the market in 2022, including Two Taikoo Place, AIRSIDE, Millennium City 8, 388 Kwun Tong Road and 888 Lai Chi Kok Road. With new office space added to the market, we anticipate that more large occupiers will take advantage of the current market downturn to make pre-lease commitments in these new projects for office consolidation, with a view towards minimizing their occupancy costs and improving their working environment.

Retail Market – F&B & Wellness Demand on the Rise

Local consumption has supported positive retail sales with an 8.9% y-o-y increase in the first five months of the year. Sales from Jewellery & Watches and Fashion & Accessories segments demonstrated positive growth of 34.2% and 25.6% y-o-y respectively (Table 3). Yet overall retail rents were flat in Q2, as both tenants and landlords remain conservative and cautious on the overall economic recovery in the long-run.

Diving deeper into segment analytics, F&B and health and wellness are outperforming other sectors. Mr. Kevin Lam, Cushman & Wakefield’s Executive Director, Head of Retail Services, Hong Kong, said, “The impact of the pandemic has resulted in pent-up demand for relaxation and lifestyle adventures. We are seeing surging demand for fine-dining as an alternative, prompting the F&B sector, especially high-end authentic and specialty luxury dining, to lease superior retail spaces in town. Yet, current demand is focused on F&B brands that emphasize culinary journeys and personal experiences, and hence traditional and chain F&B outlets may not benefit as much from this cycle of recovery. However, we anticipate that relaxation of cross-China border restrictions in the near future will prompt a short-term drop in overall retail demand, especially in the F&B sector, as local residents resume outbound travel.”

Meanwhile, health and wellness brands are evolving and expanding their footprint in Hong Kong. The number of fitness centers, in particular 24-hour gyms, has grown exponentially since the pandemic. This fitness trend is expected to prevail in 2021 and into the years ahead (Table 4).

Furthermore, the new HK$5,000 electronic consumption voucher offer to each eligible Hong Kong permanent resident and new arrival aged 18 or above, totaling HK$36 billion, will boost the economy by 0.7 percentage points. Apart from stimulating the local consumption market, the scheme will also encourage smaller merchants, and consumers, to adopt e-payment channels. Mr. Lam continued, “With the registration starting on 4 July, we believe the scheme will give the market quite a positive boost for the rest of 2021. Together with the potential release of the cross-China border restrictions in the near future, we remain cautiously optimistic about the gradual recovery of the Hong Kong retail market.”

Notes: All sq ft measurements refer to Net Floor Area (NFA). Availability includes confirmed leasing stock that is currently vacant or becoming vacant over the next 12 months.

Please click HERE to download the event photos and presentation deck.

Photo Caption

Photo1: (From Left to Right) Mr. John Siu, Cushman & Wakefield’s Managing Director, Hong Kong and Mr. Kevin Lam, Cushman & Wakefield’s Executive Director, Head of Retail Services, Hong Kong

Photo 2: (From Left to Right) Mr. Kevin Lam, Cushman & Wakefield’s Executive Director, Head of Retail Services, Hong Kong and Mr. John Siu, Cushman & Wakefield’s Managing Director, Hong Kong

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. Across Greater China, 22 offices are servicing the local market. The company won four of the top awards in the Euromoney Survey 2017, 2018 and 2020 in the categories of Overall, Agency Letting/Sales, Valuation and Research in China. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).

#Cushman&Wakefield

Laos Walks Back Kappa Variant Report

Covid-19 update

Laos has said that the Kappa variant of Covid-19 had been erroneously confirmed during sequencing on a recent imported case.

Laos Garment Industry Requires Over 10,000 Workers

A garment factory in Laos

The garment industry in Laos requires over 10,000 workers, with both skilled and inexperienced laborers needed, according to the Lao Garments Association.

Champasack Province Locks Down After New Community Spread of Covid-19

Champasack locks down following new community spread of Covid-19
Champasack locks down following new community spread of Covid-19.

Authorities have locked down Champasack Province following one new community transmitted case of Covid-19, as well a high number of imported cases.

Demerara Distillery Names SPUN Spirits as its First Distributor in Southeast Asia for El Dorado

SINGAPORE – Media OutReach – 7 July 2021 – SPUN Spirits (the “Company”) has been appointed the official distributor for the coveted El Dorado rum in Singapore by its producer, Demerara Distillers Limited (the “Distillery” or “DDL”).

Demerara Distillers Limited has established a reputation over the last 300 years for producing the world-renowned Demerara Rum. El Dorado, the Distillery’s flagship brand, is a winner of many prestigious awards, and is recognised as one of the finest rums internationally.

“We are delighted to add El Dorado to our portfolio,” shares Mr Matthew Fergusson-Stewart, Managing Director and co-founder, SPUN Spirits. “We have already made inroads with the brand into the finest bars and hotels in Singapore, and are poised to grow its presence in Singapore and beyond.”

El Dorado draws on three centuries of passion and wisdom in Caribbean rum crafting. It is a culmination of time-honoured tradition, modern knowledge and technology, and most importantly, distillation by possibly the oldest and original rum stills left remaining in the world. Since its launch, El Dorado has gone on to produce a range of rums, aging from 3 to 25 years old. Each product is unique, containing their own special blend of rums and a collection of special cask finishes.

Wooden Continuous Coffey or EHP Wooden Still

Double Wooden Pot

French Savalle

The original and last fully working of its kind in the world from the Enmore Sugar Estate founded nearly 200 years ago.

250 years old. Originated from the Port Mourant Estate, founded in 1732.

Original four-column metal French Savalle Still inherited from the 18th century.

Table 1: Rum stills used by Demerara Distillers for El Dorado.

“We are happy about this new partnership with Spun Spirits. This is the first time we have officially appointed a distributor in Southeast Asia, and we are very confident that the brand will make great impressions under the stewardship of SPUN Spirits.” says Mr Komal Samaroo, Chairman, Demerara Distillers Limited.

With the rare and unique stills, DDL is able to produce a range of El Dorado rums with richness and depth in character, and complexity in nose and notes that no other rums can replicate. El Dorado is available at:

RETAIL

https://www.spunspirits.com

BARS & RESTAURANTS

Rum Specialty Bars

Asia’s 50 Best Bars

Lime House Caribbean Restaurant & Bar

28 HKS

Low Tide Bar

Sago House

The Bar at 15 Stamford

Tippling Club

Media kit is available: https://tinyurl.com/SPUN-EDMediaKit

About SPUN Spirits Pte Ltd

SPUN Spirits is founded by award-winning industry leaders who have collectively more than four decades of experience and technical expertise. With a wide industry network in Asia especially in Singapore, and a framework proven to drive conversations and sales conversions, SPUN Spirits is well-poised to be the celebrated spirits solutions company for consulting, distribution, marketing and events of fine spirits in Singapore and beyond.

About Demerara Distillers Ltd

Demerara Distillers Limited is one of the leading manufacturing companies in Guyana, and an internationally recognised producer of award-winning rum. Exclusively owning and operating the only remaining distillery in Guyana, the Diamond Distillery at Plantation Diamond on the East Bank of Demerara, the company is celebrated for producing the award-winning El Dorado rums.

Hong Kong Healthcare Market Research and Consulting’s Gastrointestinal Health of Working Women Survey: 1/3 of women experience lengthened defecation time during the pandemic, exceeding 5 minutes in more than half of the women

  • 90% are stressed out during the pandemic; 70% have no shortened working hours

HONG KONG SAR – Media OutReach – 6 July 2021 – Women account for more than 50% (Note 3) of the labor population in Hong Kong. During the pandemic, many working people experience sudden changes in their job and living environment, possibly affecting their defecation habit. Some studies have shown that women experience more serious constipation problems than men (Note 2).The Hong Kong Consortium for Medical, Nursing and Healthcare Development (“MNHD”) (香港醫療護理發展協會) and the Hong Kong Society of Gastrointestinal Motility Limited (“HKSGM”) (香港腸胃動力學會) commissioned the Medical Research and PR consulting company, the Hong Kong Healthcare Market Research and Consulting Ltd. (“HKHMR”) (香港醫護市場調查及策劃) to conduct a questionnaire survey intended to understand changes in working women’s defecation habits during the pandemic and focus on women’s constipation problems.

In order to gain an insight into changes in working women’s defecation habits compared to before the pandemic, HKHMR dispatched investigators to distribute 209 questionnaire copies in 81 enterprises from April to May, 2021. 181 effective questionnaires were successfully collected.

According to the results of questionnaire surveys conducted in Hong Kong (Note 4), compared to before the COVID-19 outbreak, 22.1% of the respondents experienced a decrease in defecation frequency. Among them, more than 50% (52.5%) experienced a decrease of three times or more a week. In terms of the number of times, more than 30% (30.9%) of the people experienced longer average defecation time in the toilet than before the pandemic. The survey also showed that 12.2% of the respondents experienced symptoms of constipation (Note 4). At the same time, the ratio was higher for respondents with children compared to that of respondents with no children, accounting for 15% (14.7%) and 10% (10.6%) respectively. As for the daily habits of the respondents, 61.9% of the working female respondents worked 46 hours or longer per week. Compared to before the pandemic, about 70% (65.2%) of the respondents disagree with “shortened working time”, 85.1% believe their stress increased, and 82.3% believe their exercise time decreased. According to director, Wong Mong-Shuen of the HKHMR, “The figures reflect major impacts on working women’s defecation time and their significantly increased stress.” This indicates that their defecation habits may be associated with changes in defecation. Among women with constipation, the ratio is higher in women with children than women without children. The survey shows Swomen with two jobs have a more serious constipation problem, which should be taken seriously.”

Constipation is manifested by granular or sausage-like feces, which is mainly caused by improper daily habits.

According to Gastroenterology specialist, Dr. Chau Tai Nin (周泰年), the consultant of MNHD, “Everyone can conduct an initial constipation evaluation through a self-assessment questionnaire (Note 5). Generally speaking, defecating three times daily to three times a week and within five minutes each time is considered normal (Note 6). In addition, everyone can observe their feces according to “Bristol stool scale” and gain an insight into the degree of constipation”. Constipation (Note 1) refers to diminished muscle contraction function of the colon, which causes a slowdown in the peristalsis of feces in the colon and retention in the intestines. In time, the moisture in the stool is absorbed by the colon, the feces harden, and discharge becomes difficult. Dr. Chau pointed out that “Improper daily habits mostly cause constipation problems in adults, especially stress that cannot be ignored. Lack of exercise, insufficient dietary fiber and water intake, and frequently holding back the desire to defecate all may result in constipation. Additionally, drug administration and disease may also cause constipation.”

According to a survey on pandemic prevention and control measures and constipation conducted in Mexico, 25% of respondents exercise less due to community lockdowns and activity restriction measures, leading to the emergence of constipation-related symptoms (Note 7). Dr. Chau said, “This finding coincides with the current survey results. Everyone with a constipation problem should take it seriously and consult a doctor. Medical diagnoses such as colonoscopies, rectal x-rays during defecation, hematological tests, anorectal tests, and so on, will aid in deriving a confirmed diagnosis of constipation and in determining the severity to take the correct actions”.

Hormone-driven women are prone to more serious constipation. Allot time for “drinking water” during work.

According to gastroenterology specialist, Dr. Sze Wan Chee (施蘊知), the honorary secretary of HKSGM, “Women are more prone to constipation than men (Note 8). This is because female hormones are more likely to affect peristalsis than male hormones. Menstruating or pregnant women are more likely to experience constipation”. Dr. Sze suggests that women find time to drink water and go to the toilet, such as drinking water every hour, going to the toilet every three hours, or dividing their work into several stages to drink water after completing each stage“. At the same time, Dr. Sze also advises everyone to move around regularly to avoid sitting for prolonged periods. When everyone is unable to exercise outdoors, everyone can spread a yoga mat and perform simple stretching and muscle exercises daily to release life stress and move the limbs from time to time. In addition, women can also slightly elevate their legs in the toilet to facilitate defecation (Note 6). Of course, it is also necessary to consume high-fiber foods, such as oats and legumes. Table 1

PEG and psyllium alleviate constipation. People aged over 50 with constipation problems should seek medical attention immediately.

If the constipation problem fails to be solved even after improvement on daily habits, consult a doctor to see if medication is needed for handling constipation. First-line pharmaceuticals such as PEG without electrolytes, methylcellulose, and psyllium can increase defecation frequency and alleviate abdominal pain. PEG, in particular, is less likely to cause bloating, flatulence, and other side effects (Note 6). Dr. Sze recommends that “People aged over 50 who experience constipation should seek medical attention as soon as possible or join the “Colorectal Cancer Screening Program” funded by the government to determine if they have colorectal cancer.

Women with two jobs are confronted by “triple pressure”. Advocate the promotion of flexible work assignments by employers.

According to Professor Wong Kwok Shing (汪國成教授), concurrently the Chairman of MNHD and the Dean of Hong Kong Nang Yan College of Higher Education School of Nursing and Health Care (香港能仁專上學院醫療及護理學院), “During the pandemic, many working women have resorted to a home office, thus the reduced mobility. Some face salary, work, and manpower reduction, resulting in increased working hours and other issues. Let us not forget that the husbands of these working women are also currently working and facing double pressure. The many classes suspension earlier have compelled women with schooling children to accompany their children throughout visualized learning at home, which is a triple pressure.” Ms. Yu working in an insurance company and with three children, has had constipation for three years. She shared, “I defecate about once every other day. My feces are hard. I have tried eating fruit and drinking plenty of water, but they don’t seem to work, as constipation may be stress-induced. Although my work is more flexible, I need to accompany my children learning from an iPad while working during the pandemic. I am under tremendous pressure”. It is hoped that the general public and employers be more considerate of working women’s stress and encourage them to work at home or have a flexible work schedule. Working women should also pay attention to their physical and psychological health and adhere to proper daily habits to maintain their intestinal health despite the pandemic.

Table 1 Easy to understand guide for gastrointestinal health during the pandemic (Note1 & 6)

1.

Dividing work into several stages to drink water after completing each stage.

2.

Find time to go to the toilet (once every 2-3 hours).

3.

Eat more high-fiber food such as oats and legumes.

4.

Perform simple stretching and muscle exercises.

5.

Use a footrest during defecation. Slightly elevate both legs.

6.

Drink a cup of water after getting up and before eating to help eliminate feces in the intestines.

7.

Do not deliberately hold back the desire to defecate.

Remark:

(Note 1) Department of Health (2014). Surveillance and Epidemiology. April, 2014.

(Note 2) Corsetti M, Brown S, Chiarioni G, Dimidi E, Dudding T, Emmanuel A, Fox M, Ford AC, Giordano P, Grossi U, Henderson M, Knowles CH, O’Connell PR, Quigley EMM, Simren M, Spiller R, Whelan K, Whitehead WE, Williams AB, Scott SM. Chronic constipation in adults: Contemporary perspectives and clinical challenges. 2: Conservative, behavioural, medical and surgical treatment. Neurogastroenterol Motil. 2021 Feb 1:e14070. doi: 10.1111/nmo.14070. Epub ahead of print. PMID: 33522079.

(Note 3) Census and Statistics Department (2020). Woman and Men in Hong Kong, Key Statistics (2020). 30th July, 2020.

(Note 4) Correct to one decimal points.

(Note 5) “Rome Criteria IV” from Wu, J. C., Chan, A. O., Cheung, T. K., Kwan, A. C., Leung, V. K., Sze, W. C., & Tan, V. P. (2019). Consensus statements on diagnosis and management of chronic idiopathic constipation in adults in Hong Kong. Hong Kong Med J, 25(2), 142-8.

(Note 6) Hong Kong Society of Gastrointestinal Motility Limited. June, 2020.

(Note 7) Remes-Troche, Jose & Coss-Adame, Enrique & Amieva-Balmori, Mercedes & Velarde Ruiz Velasco, Jose & Flores-Rendón, Angel & Gómez-Escudero, O. & Rodríguez-Leal, María & Durán-Rosas, Cristina & Pinto-Gálvez, Samanta & Priego Parra, Bryan & Triana Romero, Arturo. (2020). Incidence of “new-onset” constipation and associated factors during lockdown due to the coronavirus-19 pandemic.. 10.21203/rs.3.rs-77783/v1.

(Note 8) McCrea GL, Miaskowski C, Stotts NA, Macera L, Paul SM, Varma MG. Gender differences in self-reported constipation characteristics, symptoms, and bowel and dietary habits among patients attending a specialty clinic for constipation. Gend Med. 2009 Apr;6(1):259-71. doi: 10.1016/j.genm.2009.04.007. PMID: 19467522.

About us

Co-Host: Hong Kong Consortium for Medical, Nursing and Healthcare Development (MNHD) https://www.mnhd.com.hk/

Co-Host: The Hong Kong Society of Gastrointestinal Motility (HKSGM)

Supporting: Hong Kong Nang Yan College of Higher Education http://www.ny.edu.hk/web/home.html

Medical Market Research and Public Relations Consultant: Hong Kong Healthcare Market Research and Consulting Ltd https://www.hkhmrc.com/

Easing of Lockdown Sees Increase in Road Accidents in June

Traffic Accidents in Laos

The number of road accidents across the country increased slightly in June compared to statistics for May, while the death toll decreased.

City Chain Launches E-Commerce Website in Singapore, Bringing Another Dimension to the Retail Experience

Enjoy attractive discounts, online exclusives and free shipping on City Chain’s newly launched e-commerce website in Singapore. Be the first to get your hands on the National Day limited edition Solvil et Titus watch, which will be released on City Chain’s online store in the first week of July.

SINGAPORE – Media OutReach – 6 July 2021Watch enthusiasts can now shop from the comfort of their homes with the launch of City Chain Singapore’s e-commerce website, which will offer the latest timepiece models from renowned brands like Solvil et Titus, Seiko, Casio and more. This marks a significant milestone for the leading watch retailer, which has previously only operated brick-and-mortar stores in Singapore. The launch of the e-commerce site is part of City Chain’s efforts to refresh the brand and appeal to younger, tech-savvy audiences, such as the millennial generation. This year, City Chain will also be releasing a limited edition Solvil et Titus watch in commemoration of National Day.



Celebrate National Day With Limited Edition Solvil et Titus Watches

In commemoration of the nation’s upcoming 56th birthday, City Chain will release a limited edition uni-sex Solvil et Titus watch, which will feature a dial inspired by the Esplanade’s iconic “durian” roof.

Only 200 timepieces will be released, and each timepiece will come with a unique engraving that shows the year of celebration.

Shoppers can expect to get their hands on these limited-edition watches on City Chain’s online and physical stores from 6 July onwards.

Multifaceted Retail Experience for Everyone

City Chain is committed to offering a multifaceted retail experience for customers through innovative retailing methods, such as e-commerce expansion to adapt to the ever-changing retail landscape and cater to the needs of a wider audience. With its extensive store network and strong watch brand portfolio, the timepiece retailer maintains its strong foothold in the industry. City Chain continues to be the first retailer to receive stock of the latest models for brands like Solvil et Titus, Seiko, Casio and more in Singapore.

The leading watch retailer has also forged exclusive partnerships with international brands and celebrities to broaden its reach and develop its house brand, Solvil et Titus. Earlier this year, Solvil et Titus partnered with Peanuts to release the limited edition Solvil et Titus X Peanuts collection. With its tagline, “Time is Love,” Solvil et Titus continues to be an icon of romance for the style-conscious millennial generation.

Enjoy Exclusive Promotions Online With City Chain

Make the most of your retail experience by shopping with City Chain online. While the brand new e-commerce site will feature the same timepiece collections available in-store, shoppers can look forward to online exclusives with sizable discounts and monthly specials at attractive prices. Be rewarded with every purchase under the newly launched City Chain membership and get access to a series of exclusive privileges, such as lifestyle rewards, birthday vouchers and members-only promotions. On top of that, you also get to enjoy free shipping for all orders in Singapore.

About City Chain

Since its establishment in 1985 as Hong Kong’s first watch retail chain, City Chain has expanded its retail footprint to nearly 300 locations across Asia, including Macau, Singapore, Malaysia, Thailand and Mainland China. City Chain prides itself on its diverse product offerings and industry-leading customer service. Today, City Chain is committed to staying updated with the latest trends, offering customers quality timepieces from prestigious international brands.

#CityChain