Mainland Chinese companies most active group in Hong Kong’s flagging office rental market, an international property agency’s report says

The vacancy rate in grade A office buildings rose to a record 12.2 per cent in the first three months of the year, according to an international property agency’s report on Monday

The premium office space market continued to face ‘weak demand amid economic uncertainty,’ says the property agency

Mainland Chinese companies were more active than any other group in Hong Kong’s office leasing market in March, favouring space in the city’s newest prime office towers, analysts said.

However, their appetite for premium space was not enough to stem a steady increase in the vacancy rate as more office premises came online and overall demand shrank.

The vacancy rate in the city’s grade A office buildings rose to a record 12.2 per cent in the first three months of the year, a 0.7 percentage point increase from the previous quarter, according to an international property agency’s report on Monday.

“The Hong Kong Island grade A office market continued to face weak demand amid economic uncertainty,” the report said.

Vacancy estimates vary considerably from agency to agency. Colliers, for example, said the vacancy rate in Hong Kong’s prime office space hit a record of 15.1 per cent towards the end of August of last year.

New buildings have made more office space available in the city. For example, Six Pacific Place, with 218,000 sq ft of gross floor area in Wan Chai, and the 27-storey Viva Place covering about 300,000 sq ft in Wong Chuk Hang came on the market between January and March, according to another property agency.

Among mainland Chinese companies that leased new office space in the span were Beijing-headquartered medical equipment supplier Golden MediTech, which moved from the Bank of China Tower to a 6,000 sq ft space in The Henderson, according to the agency. Carmaker Brilliance China Automotive Holdings also moved into The Henderson, leasing 6,300 sq ft of floor space.

“Most mainland Chinese companies are looking for spaces of about 6,000 sq ft so they will not be enough to significantly bring down vacancy rates,” an agent said.

Grade A office rents fell 2.7 per cent quarter on quarter, according to the agency.

“Higher quality space will remain the focus of occupiers,” another agent said. “The office leasing demand was mainly driven by consolidation and upgrading activities in the first quarter of 2024.”

Although there have been a number of large leasing transactions in the past few months, the agent said office rents are likely to decline between 5 per cent and 10 per cent this year.

Prudential Insurance leased an entire floor measuring 53,600 sq ft in AIRSIDE, the mixed-use development by Nan Fung group in Kai Tak that includes a grade A office tower and a 700,000 sq ft retail complex, according to market sources. Singaporean bank OCBC leased 54,800 sq ft in the same building, according to another agency.

Other leasing activities in the quarter included the Hong Kong Monetary Authority signing up for three full floors with a gross area of 79,200 sq ft in the city’s tallest tower, the International Commerce Centre in Tsim Sha Tsui, and the Hong Kong University of Science and Technology leasing two floors for a total area of 29,700 sq ft in The Millennity Tower 1 in East Kowloon, the agency said.

Asia Infrastructure Solutions, an engineering firm, leased 40,400 sq ft on two floors in Two Harbour Square in Kowloon East, the agency added.

(South China Morning Post)

For more information of Office for Lease at Pacific Place please visit: Office for Lease at Pacific Place

For more information of Grade A Office for Lease in Admiralty please visit: Grade A Office for Lease in Admiralty

For more information of Office for Lease at Viva Place please visit: Office for Lease at Viva Place

For more information of Grade A Office for Lease in Wong Chuk Hang please visit: Grade A Office for Lease in Wong Chuk Hang

For more information of Office for Lease at The Henderson please visit: Office for Lease at The Henderson

For more information of Grade A Office for Lease in Central please visit: Grade A Office for Lease in Central

For more information of Office for Lease at AIRSIDE please visit: Office for Lease at AIRSIDE

For more information of Grade A Office for Lease in Kai Tak please visit: Grade A Office for Lease in Kai Tak

For more information of Office for Lease at International Commerce Centre please visit: Office for Lease at International Commerce Centre

For more information of Grade A Office for Lease in Tsim Sha Tsui please visit: Grade A Office for Lease in Tsim Sha Tsui

For more information of Office for Lease at Two Harbour Square please visit: Office for Lease at Two Harbour Square

For more information of Office for Lease at The Millennity - Tower 1 please visit: Office for Lease at The Millennity - Tower 1

For more information of Grade A Office for Lease in Kwun Tong please visit: Grade A Office for Lease in Kwun Tong

星光行5976萬售 呎價跌3成

商廈錄蝕讓，消息指，尖沙咀星光行1208至14室，面積約5,692平方呎，以5,976萬元易手，呎價約1.05萬元，以交吉交易。翻查資料，原業主為資深投資者盧華，於2021年3月以1.412億元向日資玩具商TOMY購入該廈逾9,000平方呎單位，呎價約1.46萬元。按此計算，是次沽部分單位，呎價料跌3成，蝕約2,333萬元。

宏安 (01243) 及投資者趙朗續拆售屯門鄉事會路88號天生樓舖位，消息指，天生樓地下3號舖，面積約395平方呎，以2,100萬元沽出，呎價約5.3萬元。舖位現由菜檔租用，租約7萬元，回報率約4厘。

(星島日報)

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長沙灣9項目重建 勢成西九新商貿圈

長沙灣近年加速轉型，新世界 (00017) 旗下3個商業項目，提供超過210萬平方呎商業樓面，連同區內多個工廈重建項目，推動長沙灣形成西九龍新商貿圈。

長沙灣過往屬於傳統工業區，區內交通方便，設有荔枝角、長沙灣兩個港鐵站，以及多條主要幹道接駁。按照規劃署《2020年全港工業用地分區研究報告》顯示，長沙灣區內設有98幢工廈，涉及多達1,680萬平方呎樓面，當中46%樓面作為辦公室用途，反映該區對於辦公室有相當需求。而現時長沙灣工業區已經獲劃為「其他 (商貿)」用途，長遠推動轉型作商業區發展。

新世界4幢甲廈 樓面216萬呎

特別是新世界於2017年間，半年內斥約148億元連奪長沙灣3幅商業地，興建4幢甲級商廈，打造成約216萬平方呎樓面的商圈，包括收租項目瓊林街83號「PORTAS」、拆售項目「永康街83號」，以及在過去幾年已經拆售的荔枝角道888號「南商金融創新中心」。

當中「永康街83號」屬於28層高商廈，基座設有約8,600平方呎的零售空間、空中花園等，而5樓以上為寫字樓，總樓面面積達44萬平方呎，現時已經入伙，發展商正在部署拆售。

瓊林街83號 只租不賣

至於另一幢地標式項目則為瓊林街83號「PORTAS」，屬於雙子塔式甲級商廈，分為A、B兩座，各自樓高23層，總樓面達114萬平方呎，並且設有約3.1萬平方呎的平台花園，以及約2.5萬平方呎零售舖位，另備有一個逾300座位的Town Hall (多功能演講廳)，項目將作為長綫收租，發展商表示「只租不賣」。

除了新世界發展的4幢甲級商廈外，長沙灣區內仍有不少重建計劃，按照政府截至2021年8月底數據顯示，城規會所批出52宗工廈重建申請，合共涉及約1,167萬平方呎樓面，當中長沙灣區內6宗個案獲批，屬於全港獲批宗數第4多地區。

而第一集團近年在長沙灣區內亦購入3個工廈重建，分別位於大南西街及長沙灣道，分別發展成環球商貿廣場一期及環球商貿廣場二期，以及東方國際大廈，涉及樓面約47.8萬平方呎。

(經濟日報)

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