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May 30, 2017

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Taipei City eastern district costs most in storefront rent dough

TAIPEI, Taiwan -- The majority of storefronts that command the highest rents are located in Taipei City's eastern district, and the most expensive rent reaches NT$27,500 per ping per month, according to government statistics.

In an effort to promote real estate pricing transparency, the Ministry of the Interior started to register real estate transaction data in a database about one and a half years ago. The database was recently debuted for public access online.

Sinyi Realty (信義房屋), one of Taiwan's largest realty companies, compiled data from the database to list the 10 storefront locations that charge the highest rents. The No. 1 spot is located on the south side of Taipei Main Station. The rent is NT$738,500 per month for a 26.83-ping area (one ping equals 3.31 square meters, or 36 square feet). That is the equivalent of NT$27,500 per ping. The storefront is occupied by a South Korea-funded cosmetics company. The No. 10 spot charges NT$12,900 per ping, which is located on Section 4 of Zhongxiao East Road in Xinyi District.

The realty firm found that six out of the 10 spots are located on the east side of Taipei City, with two exceptions at Yongkang commercial district (close to the Dongmen MRT station) and Ximending commercial district (close to the Ximen MRT station). The former spot commands NT$18,900 per ping, while the latter sits at NT$13,500 per ping.

According to Sinyi Realty research manager Tseng Chin-der (曾敬德), tenants of those storefronts change hands often, as it is difficult to generate enough business to pay such high rent. Nevertheless, these spots rarely go vacant, as the streaming crowds always attract new tenants, Tseng added.

Many internationally well-known brands and boutiques have set up stores in Taipei's eastern district, where tourists roam in high numbers. Property owners have divided their storefronts into separate sections to lease to several tenants simultaneously. This generally results in a higher total rental income. An area of less than 8 ping charges a premium price of NT$19,000 per month. Six out of the top 10 storefronts are less than 12 ping in total size, the government database shows.

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