There is 9.8 million sq ft of empty grade A space in the city, equivalent to about five Two International Finance Centre or 170 football fields, according to a property agency’s report on Tuesday

Kowloon East had the highest vacancy rate, at 14.6 per cent, while in the city’s main business zone, Central, the rate was 8.2 per cent

The vacancy rate in Hong Kong’s premium office market climbed to 12 per cent in June, the highest in almost 19 years, as a rising number of companies adopt work-from-home arrangements and cost saving measures to cope with the economic downturn.

There is 9.8 million square feet of empty grade A space in the city, equivalent to about five Two International Finance Centre or 170 football fields, according to a property agency’s report on Tuesday.

“As the trend of downsizing and cost saving continue, measures like work-from-home arrangements will remain, which leads to such high vacancy rates in all submarkets,” an agent said.

Some of Hong Kong’s main office districts – Wan Chai and Causeway Bay, Hong Kong East, Tsim Sha Tsui and Kowloon East – saw double-digit vacancy rates last month. Kowloon East had the highest at 14.6 per cent, the data showed.

The vacancy rate in the zone covered by Central, Admiralty and Sheung Wan increased from 7.6 per cent at the end of last year to 8.2 per cent by the end of June.

In February, Mark Leung, associate director of Hong Kong and China real estate research at UBS, said in a Spotify podcast that the office market in Hong Kong will continue to be disrupted by the work-from-home trend this year as the coronavirus pandemic rages on.

Several banks in Hong Kong were among the employers who adopted flexible working arrangement as the city continues to guard against covid-19 infections.

“We support our employees to adopt flexible and alternative ways of working where possible, including working from home and different hours,” said a spokesperson at HSBC in response to a query from the Post.

The largest drop in office rents in the first half of 2022 was seen in Hong Kong East, where the average rate fell 3.9 per cent on a year-on-year basis.

The agent said that Hong Kong’s office rents have fallen by 13 per cent from their historic peak in December, 2018. However, she forecasts a rise of between 3 and 8 per cent rise in the second half of 2022, provided the border with mainland China is reopened.

The agent said that the decline in average rents has been led by a surplus of supply in the market, which happened as companies tried to control costs by adopting remote-working policies.

The agent anticipates new office supply surging to 3.7 million square feet by the end of 2022, from 576,200 square feet last year.

“With business momentum forecast to resume along with the potential return of Chinese enterprises, leasing activity is expected to increase in [the second half of] 2022,” the agent said.

Overall, grade A office rents fell by 0.4 per cent in the second quarter, bringing the total decline for the first half of 2022 to 1 per cent. Gross leasing activity dropped 23 per cent to 855,700 square feet in the second quarter, resulting in a 6.7 per cent year-on-year slump in leasing volume.

Another agent said that opportunities remain for both investors and occupiers as discounts are relatively large right now. The potential return of Chinese firms and a possible change of quarantine policies gives office owners a glimmer of hope, though they will still face challenges.

“The supply boom and a limited increase in demand will intensify competition,” the agent said.

(South China Morning Post)

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

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

Home buyers snap up Sino Land’s Villa Garda flats in Lohas Park, enticed by 16 per cent discounts

Eager home-seekers snapped up 225 of the 238 flats on offer at Sino Land’s first project in Tseung Kwan O’s Lohas Park

Hong Kong’s overall housing market will continue to soften in the third quarter, says property agent

Hongkongers snapped up almost every flat in the second phase of Sino Land’s Villa Garda project in the Lohas Park district of Tseung Kwan O in the New Territories, shrugging off the city’s rising mortgage rates.

The developer sold 225 flats, or 95 per cent of the 238 units on offer at Villa Garda I as of 7pm, for close to HK$2 billion (US$255 million) in sales proceeds, according to Sino Land’s executive director Victor Tin.

“Including the sales launch on June 30, Villa Garda I sold 463 units, about 97 per cent of the total launched units,” Tin said, adding that the developer has raked in HK$4 billion in total sales from the project.

The current batch of flats were priced between HK$17,106 and HK$21,346 (US$2,180 and US$2,720) per square foot after an average discount of 16 per cent, cheaper than the HK$23,000 per sq ft price in the neighbourhood.

The cheaper entry price made the project popular among young, first-home buyers, a property agent said.

“The developer is selling at close to the market price, or even lower than the prevailing price,” the agent said. “It is very [popular] among young first-time buyers. Everyone thinks Lohas Park is a district with great potential.”

Flats at Villa Garda are priced between HK$6.43 million and up to HK$13.7 million for the most expensive unit measuring 721 square feet. A 335-square foot unit sold for HK$7.42 million, or HK$22,151 per sq ft, making it the most expensive unit by square footage, Tin said.

Buyers of Villa Garda I were mostly young families and residents of the neighbouring district Tseung Kwan O, who wanted bigger homes for their own use, Tin said.

Hong Kong’s home prices softened in the first half, as a resurgent Covid-19 outbreak forced developers to postpone all property launches for three months, writing off the first quarter.

Prices fell in every major district on Hong Kong Island, the New Territories and Kowloon during the second quarter, dropping between 0.4 per cent and up to 10.9 per cent in housing estates.

“Property prices are expected to continue [softening] in the third quarter, as the United States continues to raise interest rates,” another agent said.

Hong Kong’s banks have kept their prime rates unchanged, even after the Hong Kong Monetary Authority (HKMA) raised the city’s base rates by a whopping 75 basis points on June 16, in lockstep with the US Federal Reserve.

Still, mortgages tied to the Hong Kong Interbank Offered Rate (Hibor) have risen, as the cost of money has increased to surpass a two-year high of 2.1 per cent, a trend that would dampen appetite for property purchase in the city.

Some of that had already been evident, when two projects launched in the first week of July received the collective cold shoulder from buyers.

Billion Development and Project Management failed to find a single buyer when it released 283 unsold flats in its The Horizon and Centra Horizon projects in Pak Shek Kok, not even with discounts of up to 6 per cent.

On Sunday, only a fraction of the 72 units at the Grand Jeté project in Tuen Mun by CK Asset Holdings and Sun Hung Kai Properties was sold, even with prices that were 10 per cent cheaper than the other new projects nearby.

(South China Morning Post)

June presale approvals hit 31/2 year high

Presale approvals for new homes hit a three-and-a-half year high of 4,611 in Hong Kong last month while the number of private flats completed reached nearly half of the annual target as of May.

The flats across seven projects include three phases of Villa Garda in Lohas Park in Tseung Kwan O, which provides a total of 1,880 flats, according to data from the Lands Department.

Wheelock Properties' two projects with Sun Hung Kai Properties (0016) and others in Kai Tak, which offers 1,219 flats altogether, have also won the nod for presale.

Approvals have also been given to SHKP's phase 1A of Novo Land in Tuen Mun and phase 2B of Silicon Hill in Tai Po, providing 824 and 668 units, respectively.

The department received two new applications last month, including phase 12 of Lohas Park with 650 homes.

As a result, the number of residential units pending presale consents dropped by 16 percent to 20,688 as of the end of last month.

Meanwhile, figures from the Rating and Valuation Department showed that the number of private flats completed in the city plunged 37.6 percent to 1,183 in May from April but the total number in the first five months was 11,162 or nearly 49 percent of the annual target of 22,851 flats.

In the primary market, at least 95 percent of the 238 homes on sale yesterday at Villa Garda I, phase 11B of Lohas Park, were sold, said the developers.

They pocketed over HK$2 billion from the sales of 225 units yesterday and said the Villa Garda II with 644 units will be put on the market soon.

The project with 592 flats is jointly developed by Sino Land (0083), K Wah International (0173), and China Merchants Land (0978).

In Tuen Mun, SHKP said the first price list with at least 165 units at phase 1A of Novo Land will be unveiled soon.

The fist batch will comprise homes from studio units to three-bedroom units, the homebuilder said.

In the shops market, Citibank is said to have renewed the lease of a 7,585-sq-ft shop in Causeway Bay for HK$939,250 per month for another three years, more than 50 percent cheaper than the peak level seen in 2014.

The rent is around 35 percent lower than the last contract and even less than the rent of HK$950,000 recorded during the 2007-08 financial crisis.

In other news, DBS Bank (Hong Kong) has launched green mortgages to support customers' green living and promote sustainable development of the society.

(The Standard)

中環中心每呎43元跌33%

核心區甲廈租金急下滑，中環中心一個低層單位，於交吉一個月後，以每呎約43元租出，較舊租金急挫33%，創今年以來該廈呎租新低，回報更低見1.2厘水平，業內人士指，由於疫情走勢反覆，加上甲廈市場正處供應高峰期，料甲廈租金持續受壓。
市場消息透露，中環中心22樓3室，建築面積1651方呎，最新以每呎約43元租出，月租約70993元，上址上一手租約於2019年5月以每呎約65元租出，至今年5月屆滿，故交吉僅一個月即再度租出，租金急挫約33%。
屬今年以來呎租新低
據大型代理行資料顯示，該甲廈於今年以來頻錄承租，租金介乎每呎55至85元，故上述創該甲廈今年以來新低水平，該廈低位租金需追溯至去年12月，為該廈低層10室，建築面積1810方呎，當時以每呎約40元租出，月租約7.24萬。
租金回報僅1.2厘
據業內人士指出，上述全層由資深投資者蔡志忠拆售，業主於2018年購入該單位，當時正值市場高峰期，購入價約6864.9萬，每呎造價達41580元，以最新租金計，租金回報僅約1.2厘，實屬偏低水平。
代理亦指出，上址雖鄰近升降機，惟因位處低層，景觀為樓景為主，最新租金屬市價水平。該名業主為廠家，本身為表帶生產商，並涉資物業投資，先後購入大潭浪琴園、中半山麥當奴大廈等豪宅，並持有上環德輔道西46至50號乙廈西區中心大廈多個單位。
據業內人士指出，中環中心於商廈市況高峰期時拆售，當時備受投資者及用家追捧，令售價水漲船高，惟及後受疫情等負面因素打擊，令市況急轉直下；資料顯示，該廈早前頻錄減租個案，其中，由外號「小巴大王」馬亞木持有的中環中心中層單位，建築面積約4233方呎，早前以每呎約80元續租，較舊租金下跌約15%。
此外，代理亦指出，雖然第五波疫情減退，但企業對承租寫字樓的態度仍然審慎，空置率仍偏高，令租售價持續受壓。該代理又指，近日疫情有反彈迹象，加上通關前景未明，相信寫字樓市場在短期內仍然難以快速反彈復甦。

(星島日報)

更多中環中心寫字樓出租樓盤資訊請參閱：中環中心寫字樓出租

更多中環區甲級寫字樓出租樓盤資訊請參閱：中環區甲級寫字樓出租

上半年工商鋪錄2655宗 代理：買賣按年跌28.5%

有代理指出，今年上半年工商鋪錄約2655宗買賣，按年跌28.5%，成交金額錄約497.1億，按年跌31.6%。不過本港疫情穩定，市場憧憬有望通關，故料下半年工商鋪市況穩步上揚，成交量有望達2900宗，較上半年升約一成。
該代理指，對於美國加息對市場影響，該代理認為，市場對加息早已消化，加上本港息口仍處低水平，本港亦不必跟隨美國加息步伐，故對後市仍感樂觀。
疫情穩定憧憬通關
另一代理稱，上半年甲廈市場走勢疲弱，租金及售價分別跌3%及1.7%，上半年50大甲廈錄39宗買賣，按年急挫6成。然而，隨甲廈租售價從高位大幅回落，該代理認為甲廈市況已「見底」，料下半年租售價回升3%至5%。
料後市穩步向上
另一代理表示，工廈市場上半年錄1573宗成交，按年跌約21.2%，惟期間租金升約1.4%，因環球正處高通脹，工廈吸引投資者入市，料下半年工廈成交1700宗，較上半年升約一成，租售價亦升約5%。

另一代理指，受第五波疫情影響，上半年鋪位錄655宗成交，按年跌32.5%，成交金額涉149.6億，按年跌23.2%，惟受消費券等利好因素推動，料下半年核心區鋪市走勢平穩。

(星島日報)

外資代理行指上半年甲廈租金跌1.7%

有外資代理行指出，儘管今年第二季，甲廈整體租金於上半年跌1.7%，惟第二季跌幅0.8%，較首季0.9%收窄，然而，隨着待租樓面回歸市場，目前整體甲廈待租率高達13.8%，屬20年來新高，未來料繼續上升，至年底高達16%。租客方面，仍然以銀行及金融行業主導。
該行代理總結，甲廈於今年第二季錄負吸納量17.69萬呎，整體待租率按季升0.2%，至13.8%，預料年底升達16至17%水平，屬歷史新高。以租賃面積計算，銀行及金融行業佔29.2%，其次專業服務及房地產佔17.5%，按季增7.6%，消費及製造業亦趨活躍。
次季負吸納量17.69萬呎
該代理表示，踏入第二季，寫字樓整體租金按季回落約0.8% (首季跌幅0.9%)，上半年累跌1.7%，次季以港島東及九龍西租金跌幅較大，按季分別跌1.6%及2%，各區平均租金從2019年4月份高位累跌逾27%，料下半年租金跌幅介乎1至2%，核心區受銀行和金融機構追捧，引領復甦。
該行另一代理指，展望未來，個別地區租金有機會回升3%至5%，零售及餐飲業鋪租下半年將升1%至5%，抵銷1至6月份跌幅，全年整體租金平穩發展。

(星島日報)

外資代理行：下半年租務改善 港島租金料升

近日整體甲廈租務活動有改善，有外資代理行認為，隨着經濟正在恢復，下半年港島區甲廈租務反彈，租金料升。

據該行每月商廈租金走勢資料顯示，中環最優質商廈按月升0.3%，每呎約135元，而中環整體呎租按月微升，按年升2.6%，反映租金較穩定。其他各商業區升跌不足1%，整體變化不大。盡管核心地段的寫字樓租金有見底的迹象，但北角和黃竹坑等地點的寫字樓租金仍然面臨壓力，空置率處於高水平。

近1個多月來，核心及非核心區租務均有增加，中環方面，國際金融中心二期2.75萬平方呎樓面，獲美資投資銀行富瑞金融集團 (Jefferies) 租用，該公司原租用同區長江集團中心，趁租金下跌轉租國際金融中心二期。據悉，有關樓面原由野村證券租用，集團早前棄租。另外，另一家美資機構景順投資 (Invesco)，租用怡和大廈約3.1萬平方呎樓面，機構原租用同區花園道3號 ，亦屬辦公室升級。

The Henderson 2萬呎獲預租

另一宗較具指標成交，為明年落成的 The Henderson 1層半樓面，涉及逾2萬平方呎，獲一家美資機構租用。該機構目前辦公室位於金鐘太古廣場二座，樓面約2萬平方呎，是次搬遷可作少許擴充，而最重要是可升級至中環全新超甲廈。市場人士估計，是次成交呎租約130元。

至於非核心區，則錄得今年市場最大宗租務，涉及鰂魚涌太古坊二座低層及中層各3層樓面，合共6層樓面，以每層面積約2.2萬平方呎計算，涉逾13萬平方呎。按面積計，為疫情後港島區最大手甲廈租務成交個案。新租客為大型中資機構中信銀行 (國際)，集團原租用太古坊的德宏大廈多層，是次搬至同屬太古地產 (01972) 旗下物業，而太古坊二座為全新甲廈，質素大幅提升，樓面上未有擴充。

遙距工作普及 共享空間需求升

有外資代理指，共享空間需求上升，如一家網上旅遊中介公司，原租用中環商廈，現轉租銅鑼灣商廈共享空間。該行指，一些規模較大的公司對共享工作空間的租賃需求強勁，以實現更大的靈活性。在靈活和遙距工作安排日益普及的推動下，預計更多規模大的公司將採用共享工作空間，這將成為未來12個月值得注視的趨勢。

整體港島區租務上，該行指，疫情較年初為穩定，經濟亦正在恢復，預計今年下半年港島區甲廈租務可反彈，相信全年甲廈租金可升5至10%。

(經濟日報)

更多The Henderson寫字樓出租樓盤資訊請參閱：The Henderson 寫字樓出租

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東九新商廈 吸引搬遷

九龍區方面，有外資代理行指，東九龍新式甲廈質素理想，吸引租客搬遷，需求甚高。

該行指，隨着第5波疫情得到控制，九龍區寫字樓市場的租賃活動重拾勢頭，5月面積超過1萬平方呎的中型寫字樓交易不斷增加。九龍東繼續成為市場焦點，需求主要來自電子和製造業。

啟德配套漸佳 長遠睇好

新供應項目甚多的東九龍，錄大手預租。消息指，新地 (00016) 觀塘巧明街98號，當中8萬平方呎樓面，獲積金局租用，呎租料約30元。據悉，該租客原租用不同地區寫字樓，搬遷可作整合業務，以及為辦公室升級。據了解，項目總樓面115萬平方呎，其中2幢寫字樓合共約65萬平方呎。

該行認為，疫情期間一些大規模公司減少寫字樓面積，並在更優質的寫字樓物業租用辦公空間。隨着租戶繼續以可承擔的租金租用寫字樓，租戶對頂級辦公樓的需求依然強勁。相比之下，老化寫字樓物業可能面臨更高的空置壓力。另外，該行亦看好啟德區，而該區今年新落成 AIRSIDE 每層樓面達5萬平方呎，適合企業升級或擴充，而周邊配套日漸理想，長遠看好該區前景。

(經濟日報)

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更多啟德區甲級寫字樓出租樓盤資訊請參閱：啟德區甲級寫字樓出租

中港倘通關 甲廈空置率可改善

香港作為亞洲金融中心，核心商業區指標商廈向來為本地及中、外資企業爭相進駐之地，以往黃金核心地段中環商廈更是長期一盤難求，空置率低。惟過去2年半全球受疫情影響，經濟環境淡靜，加上入境香港受限，商務人士長時間未能親身到港物色寫字樓，令商廈市場氣氛持續寂靜，各核心區甲廈空置率上升。要改善甲廈空置率情況，討論已久的中港通關成為關鍵，市場人士認為，香港金融地位鞏固，只要新政府上場後為通關事項落實具體方案，以及為在港隔離措施作出修訂，配合疫情持續回穩，將可大大改善寫字樓市況，長遠而言對寫字樓市場抱審慎樂觀。

根據代理行統計，5月份港島區整體指標商廈空置率錄得約9.76%，按月增多0.19個百分點。5大核心商業區中，中環、上環及銅鑼灣空置率均呈升勢，其中，中環區由4月約8.19%，上升0.45個百分點至最新約8.64%，反映經濟前景未明朗下，企業對租用寫字樓態度趨向保守審慎。

力寶中心每呎38元租出 跌兩成

早前金鐘指標甲廈力寶中心二座高層04室，單位面積約1,341平方呎，以呎租約38元租出，對比舊呎租約48元，租金下調約2成。同時，灣仔指標商廈會展廣場辦公大樓中高層11至12室亦錄得成交，該單位面積約3,692平方呎，由去年中以呎租約50元招租，1年後終獲租客青睞承租，成交呎租約43元，對比意向呎租減約14%，同時對比單位舊呎租約75元更大幅減低約43%，據知，該單位亦獲多家企業競投承租，反映單位呎租叫價跌至吸引水平，隨即獲市場承接。

寫字樓市場走向最關鍵因素為中港能否通關，而談論已久的通關問題一直受疫情影響而未能落實，由去年底政府高調宣布積極與中央討論通關，至農曆新年過後香港爆發第5波疫情而再度暫緩。特首李家超上場，早前亦表示將努力與內地溝通通關以及研究縮短來港人士隔離時間，意味着新政府亦意識到通關事宜為振興經濟的重點議題。市場人士預期，香港金融中心地位仍然存在，過去2年寫字樓租金大幅調整，已屆落後大市階段，甲級商廈定必成為企業兵家必爭之地，長遠而言核心商業區寫字樓前景仍見審慎樂觀。

(經濟日報)

更多力寶中心寫字樓出租樓盤資訊請參閱：力寶中心寫字樓出租

更多金鐘區甲級寫字樓出租樓盤資訊請參閱：金鐘區甲級寫字樓出租

更多會展廣場辦公大樓寫字樓出租樓盤資訊請參閱：會展廣場辦公大樓寫字樓出租

更多灣仔區甲級寫字樓出租樓盤資訊請參閱：灣仔區甲級寫字樓出租

市局西營盤重建項目 下周一截標

測量師：加息因素 估值調低約1成

市建局旗下西營盤崇慶里 / 桂香街發展項目將於下周一 (11日) 截標。有測量師認為，地皮屬於港島罕有供應之一，估計落成後開售呎價可達3.2萬元，惟地皮的景觀則稍遜。而考慮近日加息因素後，該測量師調低估值約1成至約13.8億到14.5億元。

該測量師認為，項目主要優勢是其交通方便，由項目步行約2至3分鐘可到達港鐵西營盤站出口，而乘坐電車約3站，已經可以到達上環商業區一帶。同時，鑑於西營盤的地皮供應量十分少，區內新供應大多靠舊樓收購，加上地皮規模不大，所以相信項目將受各類型的發展商歡迎，預計是次可以接獲15份或以上標書。

估值降至13.8億至14.5億

不過，該測量師提及，由於當年市建局沒有就項目以東的數座舊樓提出收購，故令項目的地形呈不規則，但是該測量師認為，中標發展商日後可以透過設計解決這個缺點。同時，項目位處內街，變相景觀會相對遜色，整體單位面向樓景為主，惟參考附近同樣位處內街的藝里坊系列，其銷情相當不錯，所以預計景觀對日後項目銷情不會構成大影響。除外，在市建局訂立的單位面積限制下，該測量師預計將來項目供應戶型以1及2房為主，亦會提供少量3房。

資料顯示，中標發展商日後需要擴寬由項目接駁崇慶里兒童遊樂場的通道，並須興建車位。至於項目的配套方面，該測量師認為項目周邊設有多間民生商店、食肆等，配套充足，加上西營盤對出的海傍設中山紀念公園，該處提供球場、泳池及海濱長廊，可提供優質的休閒地點。

該測量師又指出，早於4月時，該測量師預測地皮估值約14.7億至16億元，每呎樓面地價約1.55萬至1.7萬元。而考慮近日加息等因素後，該測量師最新把項目估值調低約6%至1成，至約13.8億至14.5億元，即每呎樓面地價約1.46萬至1.53萬元，預料項目落成後開售呎價可達約3.2萬元。

該測量師直言，由於這區屬於優秀的市區地段，而且大多項目擁有999年地契，所以吸引發展商「插旗」。但是，該測量師留意到過去幾年區內收購舊樓的活躍度稍為減慢，因為這區有很多項目已經發展，而且不少發展商會計劃把細型地盤改劃作寫字樓或酒店發展，變相項目與周邊舊樓沒有連貫性，所以剩下的地盤比較零碎，相對難發展。

(經濟日報)

花旗近94萬續租銅鑼灣舖 減價35%

本港疫情反覆上落，影響商舖舖租回落，部分核心區大面積商舖在續租時租金下調。當中由花旗銀行租用一段長時間，位於銅鑼灣軒尼詩道逾7500方呎複式舖，最近成功續租，惟月租僅約94萬元，相比高峰期回落逾五成外，更低於2008年金融海嘯時的95萬元。

資料顯示，花旗銀行租用多年、位於銅鑼灣軒尼詩道513號維寶商業大廈地下、1樓及2樓，涉及樓面面積7585方呎，該銀行成功在上月簽訂新租約，租約期為3年，在今年10月起每月租金調整至93.925萬元，呎租約124元，至2025年9月底。

據了解，花旗銀行早在1999年維寶商業大廈落成時，已租用有關商舖，至今已長達23年。最初首度租用時月租62萬元，至2008年金融海嘯期間以95萬元續租，隨後至2014年舖市高峰期，該舖更以高達199.44萬元續租；但之後舖市回落，在直至2019年3月在反修例風波前，該舖租金下調至144.5萬元。現時該巨舖最新續租租金93.925萬元，相比2014年高峰期199萬元低53%，而較上一份租約，則減租約35%。

(信報)