On Hing gives top quality
ON Hing Building, located off Wyndham Street, is the only office space in Central now available to tenants with Grade A quality and Wan Chai prices, according to newly appointed leasing agents Colliers Jardine.
Since the building was launched on to the market in the last quarter of last year, about 45 per cent of the available 110,000 square feet - 20 floors of office and four floors of retail - has been leased.
Mr David Hui, associate director of the agents, said the On Hing Building offered a special proposition in the area, because it was the only new building asking an average of $30 per sq ft per month retail.
On Hing Building is three minutes' walk from Landmark and Central Mass Transit Railway station.
''We anticipate the remaining 48,653 sq ft will be leased swiftly,'' said Mr Hui.
He attributed the extra interest in the building to the fact that rental prices in Central Grade A offices were rising steadily due to the low (one to three per cent) vacancy rates.
Landlords such as Hongkong Land have already increased rentals by about 15 per cent during the last 12 months.
''Tenant interest is coming from firms seeking a less expensive Central location,'' said Mr Hui.
To date, financial services companies and solicitors' firms have taken up the bulk of the let space, together with an interior design firm and computer companies, which all need to be within walking distance of their Central clients.
Fifty per cent of the retail space at the On Hing Building is already let to restaurants and other operators, and floors one and two are destined to become Central's first Food Court, in the style of similar operations that have seen success elsewhere inHongkong.
Retail space in On Hing Building is letting for between $44 and $47 per sq ft.
The building was developed by the Hip Shing Hong Group.