Market Update Summary - Aug 2019
- Retail sales continue to weaken in Hong Kong The Central occupier market contracted by 56,100 sq ft in July amid subdued leasing demand pushing the vacancy rate up to a three-year high of 2. ...
Market Update Summary - May 2018
Strata-Titled office transactions surpass the HKD per HKD
60,000 per sq ft mark
Net absorption in the overall market amounted to 634,200 sq ft in April, buoyed by the realization of pre-commitments at Mapletree Bay Point in Kwun Tong, which received its Occupation Permit (OP) during the month. The largest deal reported during the month, involved DBS leasing seven floors (138,000 sq ft) at Two Harbour Square in Kwun Tong, consolidating their back office operations out of Millennium City 6 (Kwun Tong) and One Island East (Quarry Bay).
Leasing demand in Central was underpinned by expansion requirements from the banking and professional services sectors, accounting for 53% of new lettings during the month. PRC corporates remained a key driver of demand with Guotai Junan reportedly leasing 10,100 sq ft at Man Yee Building.
Rents in the overall market grew at their fastest pace in more than two years, up 1.1% m-o-m amid a tight vacancy environment and an active leasing market. With tenant demand focusing on Hong Kong East and Kowloon East—accounting for 76% of the new lettings, in terms of floor area, in April—rents to advanced by 3.1% m-o-m and 1.2% m-o-m, respectively.
The investment market for offices continued to reach new heights after whole floors in the high zone at Far East Finance Centre and 9 Queen's Road Centre were reportedly sold for HKD 660.0 million (HKD 61,111 per sq ft) and HKD 514.2 million (HKD 60,000 per sq ft), respectively, breaching the HKD 60,000 per sq ft level for the first time.
Market Update Summary - May 2019
- Economic uncertainly results in softer office rental growth The overall market recorded a modest net absorption amounting to 12,200 sq ft, behind a 71% m-o-m growth in new lettings. Leasing ...
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, h ...
Market Update Summary - May 2018
- Strata-Titled office transactions surpass the HKD per HKD 60,000 per sq ft mark Net absorption in the overall market amounted to 634,200 sq ft in April, buoyed by the realization of pre-commitmen ...
Market Update Summary - January 2018
- Housing prices in 2017 increase at their fastest pace in five years The realisation of pre-commitments at Lee Garden Three, issued with its Occupation Permit (OP) during the month, and new ...
Market Update Summary - August 2017
- Office Leasing activity slowed amid the summer school holidays with a net withdrawal of 17,300 sq ft recorded in the overall market. Wanchai/Causeway Bay and Kowloon East benefitted from ong ...
Market Update Summary - April 2017
- Padded by tenant decentralisation, net take-up amounted to 52,000 sq ft in March. Wong Chuk Hang continued to attract strong interest with two Government departments reportedly leasing 57,500 sq ft at ...
Market Update Summary - February 2017
- Despite a slowdown in leasing activity around the Chinese New Year holidays, net take-up in the overall market still amounted to 54,300 sq ft in January on the back of consolidation and/or relocation ...