Despite recording an 8.1 percent year-on-year ruse in shopping centre rents, Manila is still the cheapest location in Asia-Pacific for retailers to set up shop.
Data from real estate firm JLL also noted a 1.9 percent quarter-on-quarter rise in rents during Q3 2015, with prices in the central business district of Makati standing a US$ 546 per sqm per annum.
The next closest city to Manila was Jakarta, with a rate of US$ 590 per sqm per annum, while Hong Kong topped the list of most expensive locations with its Central area recording retail rents of an eye-watering US$ 15,663 per sqm per annum during Q3 2015.
Noting that food and beverage, along with mid-tier brands, are currently the main drivers of retail demand in Asia-Pacific, JLL reported that retail rents in the most expensive locations throughout the region remained relatively static during the period, with only Jakarta, Manila and Guangzhou recording quarterly increases of more than 1 per cent in the 18 monitored markets.
In Manila, demand from retailers remained strong, it said, with notable food and beverage establishments including Baskin Robbins, Krispy Kreme and Tim Ho Wan adding to their existing store networks, while Japanese restaurant chain Ooma and Maisen and British coffee shop Costa Coffee opened their first restaurants in the country.
To read to complete JLL Asia-Pacific Retail Report for November 2015 click here.
