Grade A office rents on the rise

Business | Annie Qiu 12 Jul 2018

The average rents of grade A offices across all districts in Hong Kong are set to increase by 6 to 8 percent this year, according to Cushman & Wakefield.

It said that Greater Central rents hit a record high of HK$137 per square foot per month in the second quarter of the year.

Rents in Greater Central and Prime Central will record the highest increase among all submarkets and are expected to rise 8 to 10 percent while Kowloon East rents will rise by 4 to 6 percent for the year.

Sky-high rents of Greater Central will continue to drive companies to non-core areas such as Hong Kong East and the decentralization trend is expected to continue over the next few quarters, Cushman & Wakefield managing director John Siu said.

Meanwhile, mainland operators absorbed 87 percent of all grade A office space leased by co-working players (254,000 sq ft) in the first half of 2018.

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