Google taken whole floor of Time Square
- Grade A office leasing remains active in Hong Kong. It is recorded that the world's internet giant, Google, has taken the whole of 21st floor of Times Square Tower 2 sizing around 20,000 sq.ft. ...
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 - 4th Quarter 2014
- Overall Vacancy Rate of Grade A office found dropped slightly. Central, Admiralty and Sheung Wan: Vacancy Rate drops from 3.8% to 3.3%; Rental growth +0.4%. Tenants from financial secto ...
Technical Information of Leasing and Sale office in Hong Kong
- Area Definitions There are only limited regulations governing the quoted area of leased premises in Hong Kong and tenants should take care in confirming the net areas. The following plan and ...
Business Registration in Hong Kong
- Start doing business in Hong Kong requires a registration in The Companies Registry. There are hundreds of accounting firms and solicitor firms in Hong Kong which help their clients to do the business ...