HONG KONG—Real estate consultancy Cushman & Wakefield on April 7 revised its forecasts for Hong Kong office rents to fall as much as 18 percent in the full year while retail rents to drop as much as 40 percent in the first half, as the CCP (Chinese Communist Party) virus takes a toll in one of the world’s most expensive property markets.
Renting of office and high-street shops in prime districts, such as Central and Causeway Bay, has declined 4 percent and as much as 20 percent, respectively, in the first quarter compared to the end of last year.
