Market Update Summary - Sep 2018

South Island Place received its Occupation Permit in August, delivering 307,200 sq ft of Grade A office space to the Wong Chuk Hang office market. The realisation of pre-commitments in the building, however, was offset by returning space in Kowloon East, resulting in net take-up amounting to just 28,300 sq ft in the overall market for the month. Returning space in Kowloon East is likely to continue to weigh on overall net take-up over the short-term due with about
452,000 sq ft (equivalent to 2.7% of the submarket’s stock) to be vacated upon lease expiry over the next 12 months.

Despite new lettings in Central dropping by 51% m-o-m, a number of finance related firms sought to expand in the submarket. Most notably, BitMEX, a cryptocurrency trading platform, reportedly leased the whole of the 45th floor (19,200 sq ft) at Cheung Kong Center, paying a monthly rent of HKD 225 per sq ft, a record high in the building. BitMEX will be relocating out of a non-Grade A office in the New Territories. Fullshare Holdings expanded in-house to 9,700 sq ft at Admiralty Centre Tower 1.

Grade A office rents advanced by 0.7% m-o-m in August with Wanchai/Causeway Bay posting the strongest growth, up 1.0% m-o-m, on the back of robust demand. In Central, rents grew by 0.9% m-o-m while rents in Grade A1 offices grew by 1.6% m-o-m amid tight vacancy.

Pricing in the strata-titled sales market remained hot with Mexan Limited announcing the purchase of a small unit in the high zone of Far East Finance Centre in Admiralty for HKD 165.0 million, or HKD 59,353 per sq ft, the second
highest unit price in the building.

  • Market Update Summary - 3rd Quarter 2016

  • Lease expiries along with the on-oing relocation of tenants affected by the upcoming redevelopment of Warwick House and Cornwall House in Quarry Bay contributed to a net withdrawal of 76,400 sq ...
  • 4/11/2016
  • Market Update Summary - 2nd Quarter 2016

  • In Q2 2016, leasing demand in Central was driven by expansion requirements from the banking and finance sector. Notable transactions included Julius Baer expanding into a whole floor at Two Exchange S ...
  • 11/8/2016
  • Market Update Summary - 1st Quarter 2016

  • Capped by a tight vacancy environment, leasing activity remained subdued with the total number of new lettings dropping 5% m-o-m to 36 transactions in March, about 35% below the monthly level recorded ...
  • 19/4/2016
  • Market Update Summary - 4th Quarter 2015

  • Central The main themes of the rental market in Central – relocation and inbound demand – remained consistent during Q4 2015 and throughout the year since the implementation of Shanghai-Hong ...
  • 28/1/2016
  • Market Update Summary - 3rd Quarter 2015

  • Central, Admiralty and Sheung Wan: Financial sector remains as the main occupiers among office spaces in Central, Admiralty and Sheung Wan. With a low vacancy rate and a shortage of major ne ...
  • 3/11/2015
  • Market Update Summary - 2nd Quarter 2015

  • Central, Admiralty and Sheung Wan: Tenants from financial sector remain as the main occupiers among office spaces in Central, Admiralty and Sheung Wan, probably contributed by the result of ...
  • 19/7/2015
  • Market Update Summary - 1st Quarter 2015

  • Kowloon East Commercial activities at Kowloon East business are becoming mature which is appealing to varieties of companies with their head quarters settled down in the area. Expected to hav ...
  • 17/3/2015
  • Twitter launch their sale office in Hong Kong

  • Twitter has launched their sale office in Hong Kong. Twitter’s Hong Kong office will seek out companies in China which want to go international. ...
  • 17/3/2015
Prev 1 ...    1  2  3    ... 3 Next