Two-thirds of retail strips in the Asia Pacific region saw rental declines in 2020, with Causeway Bay in Hong Kong experiencing the steepest decline of 43 percent, according to Cushman & Wakefield’s latest “Main Streets” report.

In contrast, the retail sector in mainland China saw the lowest average rental declines in the region, falling 5 percent last year, though different cities saw different levels of disruption. While Beijing’s Central Business District saw a 14 percent decrease, Shenzhen’s Luohu District’s 5 percent growth represented the largest jump in the region.

Overall, there was little change in rental rankings across the region and the top three most expensive cities for retail remain Hong Kong, Tokyo and Sydney.

“At the other end of the spectrum, Indian markets feature prominently, taking up the four least expensive spots in the region. In comparative terms, rents in Tsim Sha Tsui, Hong Kong are nearly 80 times more expensive than Banjarra Hills in Hyderabad,” said Dr Dominic Brown, Asia Pacific’s head of insight and analysis at Cushman & Wakefield.