The unit at Admiralty Centre measures 2,611 sq ft, according to Centaline Commercial. In comparison, average office rent in Kowloon West was HK$37.1 per sq ft in the third quarter, data from Cushman & Wakefield shows.
CBRE also estimates the vacancy rate of Hong Kong Grade A offices will reach 10 percent at the end of the year from 9.6 percent in the third quarter.
High street shop rents fell 5.7 percent quarter-on-quarter in the third quarter, said CBRE.
"With many social distancing measures remaining in place, retailers continued to adopt a cautious approach," said Lawrence Wan, senior director for advisory and transaction services in retail for CBRE Hong Kong. "Significant rental drops since last year, however, encouraged some local brands to explore leasing opportunities at low costs that had not existed for many years. Should the local pandemic remain contained, we expect to see a slight rebound in leasing activity in the fourth quarter."In the primary market, New World Development (0017) opened three show flats for The Pavilia Farm atop Tai Wai Station.
In the secondary market, a 649-sq-ft flat at Taikoo Shing in Quarry Bay changed hands for HK$13.7 million, or HK$21,109 per sq ft, after HK$1.3 million was cut from the original asking price.Separately, the one-month Hong Kong Interbank Offered Rate, a benchmark for the local mortgage rate, rose to 0.44125 percent.
