Hong Kong Office Leasing

Housing Investment Consultancy
Office Leasing

October 2018

With muted demand from PRC firms, fintech and a decentralizing legal sector seem to be taking up the slack.

Wanchai/Causeway Bay rents increased by 2.3% over the third quarter, proving to be the main driver of rental growth again as Central costs continued to drive tenants elsewhere in search of savings.

BitMEX, a Crypotocurrency trading platform, leased a whole floor in Cheung Kong Center for HK$225 per sq ft per month, a record-high for the territory in per square foot terms, as fintech joined PRC and co-working operators as an important new player in the leasing market.

WeWork took 100,500 sq ft in The Quayside in Kwun Tong, their fifth co-working location in Hong Kong as the sector shows no obvious signs of cooling.

One Taikoo Place is emerging as a hub for major law firms in Island East, with three international firms taking up 150,000 sq ft. Legal firms have traditionally clung to Central locations and this marks a major change in thinking.

Kowloon East saw mild rental growth over the quarter despite a slight increase in the vacancy rate.

 

Key contacts

Simon Smith

Simon Smith

Senior Director
Research & Consultancy

Two Exchange Square

+852 2842 4573

 

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