Office leasing trends in Hong Kong
In the last 10 years, around 18 million square feet of office space has been built in Hong Kong, representing approximately 20% of the current total.
Hong Kong’s Central district remains one of the most sought-after CBDs in the world. Landmark office buildings are complemented by first-class hotels, luxury retailing, excellent public transport connections, and interconnected walkways. But other districts are now attracting tenants away from the city’s traditional office hub.
Financial and professional services firms and legal practices are already relocating eastwards to Quarry Bay, keen to take advantage of a major redevelopment of the area and the Central-Wanchai Bypass, which will cut down commuting times significantly. Other corporates are making the move across Victoria Harbour to Kowloon East, an area at the heart of the Hong Kong government’s regeneration plans and the site of an emerging CBD, as well as large-scale residential and retail developments.
With the development of these districts and more, Hong Kong’s office market is embarking on an unprecedented growth spurt. The changes that lie ahead will provide immense opportunities for both occupiers and investors alike.
References: A Space Odyssey: Will increasing new supply lead Hong Kong’s Grade A office growth over the next 10 years?