HK office rentals fall

Business | Kevin Xu 18 Jul 2019

The Grade A office market recorded negative net absorption of 139,500 square feet in June with new rentals down by 63 percent month-on-month, according to a report by Jones Lang LaSalle.

Rent in the overall market declined by 0.3 percent month-on-month in June as an uncertain outlook on leasing demand led to landlords cutting rent to accelerate the backfilling of space vacated by decentralizing tenants.

Meanwhile, co-working space operator WeWork will lease 21 Collyer Quay, a 21-storey building in Singapore's financial district currently occupied by The Hong Kong and Shanghai Banking Corporation. The lease will start in the second quarter of 2021 for a period of seven years.

Separately, Matsumotokiyoshi, Japanese drugstore chain operator, will expand its business to Hong Kong and Vietnam.

The company has yet to disclose the timetable of opening stores in Hong Kong but expects the extension plan will only have a slight impact on its annual financial performance March 2020 year end.

Matsumotokiyoshi will set up a Hong Kong arm by turning a market-research business established in 2007 into a wholly-owned subsidiary, according to Nikkei Asian Review.

It will buy the entire stake from Matsumotokiyoshi president Kiyoo Matsumoto by the end of July.

Matsumotokiyoshi has 33 stores in Thailand, and three stores in Taiwan as of June 30.

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