August 28: Rental spaces in prime commercial areas of Kathmandu are going vacant due to the crisis caused by coronavirus. Shops in  down town Kathmandu are closing due to the impact of the four-month long lockdown and the ongoing restriction on public movement imposed by the government to contain the spread of the that has infected more than 35,000 persons in the country.

According to an informal estimate, almost forty percent of the shops in the capital have already been vacated by the owners because of the decline in business due to Covid-19.

New Road, Asan, Indrachowk, Thamel, Koteshwor, Baneshwor, Chabahil, which are considered as the main business hubs of Kathmandu are witnessing an unprecedented crisis. Shops in the inner parts of the city have also been vacated.

According to entrepreneurs, the increase in the number of coronaviruses cases in the valley has led to a spike in the number of shops and rental areas being vacated as an economic activities have come to a halt.

Thamel, in particular, has the majority of rental space for commercial use in Kathmandu and is witnessing the highest number shops being vacated.

Bhavishwar Sharma, vice-chairman of the Thamel Tourism Development Board, informed that around 700 entrepreneurs have vacated their shops and flats in Thamel so far.

He informed New Business Age that the upper floors of the houses used for tourism business and office purpose have also been vacated.

Sharma estimates that there are around 10,000 rooms rented by tourism entrepreneurs in the area around Thamel. Those are basically used as hotels, restaurants, travel agencies, money exchanges, and handicraft shops.

He informed that tourism entrepreneurs in Thamel pay between Rs 15,000 to Rs 4.5 million per month as rental charge depending on the location and size of the commercial space.