S&P Global Ratings takes office space in Central

S&P Global Ratings has rented two floors at Three Exchange Square in Central.

The space measures about 22,000 square feet in total, according to Hongkong Land.

Assuming the average rent is HK$100 per sq ft, the monthly rent will be about HK$2.2 million for S&P, according to local media reports.

S&P moved to International Commerce Centre in Kowloon in 2012.

The move comes as foreign firms relinquish space in the city's pricey office market to cut costs, amid concern that Hong Kong's appeal as a global financial hub is starting to fade due to Beijing's crackdown.

Bloomberg reported in February that Standard Chartered (2888) was relinquishing its lease on eight floors in the Standard Chartered Bank Building in Central and would rent out three levels in the Kwun Tong office that it owns.

The vacancy rate of Grade A offices was 7.2 percent in Greater Central in the first quarter, down by 0.1 percentage points from the fourth quarter last year, according to CBRE. Greater Central rents fell by 3.2 percent quarter-on-quarter.

Separately, stamp duty collected from property transactions more than doubled to HK$995 million in March from a month before, data from the Inland Revenue Department showed.

The amount of buyer's stamp duty collected surged by 250.26 percent month-on-month to HK$268.3 million.