DJI’s Causeway Bay store likely to be split into smaller units as landlord may struggle to find tenants for massive space
- Phoenix Property has a better chance of finding tenants by splitting the space occupied by DJI across three levels at Tower 535 into multiple units, market observers say
- Billionaire Francis Choi Chee Ming’s Early Light Group has still not found tenants for nearly 20,000 sq ft of space in Plaza 200 vacated by Prada in June 2020
The first floor has an asking price of HK$150 per square foot (US$19) and HK$50 per square foot for the second floor space, they said.
Some other landlords with similar floor plates in the area once occupied by sole tenants have struggled to find takers despite agreeing to bring down rents sharply and split them into small units to accommodate the needs of different retailers.
“From the latest market sentiment, [the space] will probably take three to four months [to lease] with a reasonable market rental level and flexible layout,” said Kevin Lam, executive director and head of retail services at Cushman & Wakefield. He added that a smaller floor plate, especially a single-floor format, that can accommodate the different requirements of tenants would make it easier to lease the space.
Phoenix did not reply to an email requesting comment on the plans for the vacant space.