Steady demand for I/O space in Kwun Tong
Demand for industrial-office (I/O) properties remained steady with the lease of a new building in Kwun Tong receiving an encouraging response.
The newly-completed 23-storey project, Spectrum Tower, at the junction of Hung To Road and Tsun Yip Street, has leased seven floors or 50,000 square feet since it was launched recently, says leasing agent FPDSavills.
New Hung Property, the developer, is now releasing another three floors for rental between $5 and $10 per sq ft.
The rental is in line with the market level of between $6 and $10 per sq ft, the leasing agent said. Most of the floors with a sea view have already been taken up while spaces above the 16th floor enjoy a view of Victoria Harbour.
Tenants, who leased spaces in the first phase, are mainly engaged in the electronic trading business as well as computer companies, FPDSavills said.
From the fourth floor to the 22nd floor the building offers quality office area with various sizes ranging from about 1,736 sq ft to a whole floor size of approximately 7,928 sq ft.
The entire floor is a column free design with ceilings more than four metres high. The flexible design serves to meet diverse business needs.
FPDSavills said the project remained attractive given its competitive rental rate.
Other new buildings in the area have also generated good response, indicating market sentiment has improved.
Kwun Tong, a conventional industrial area, is gradually being transformed into a secondary office location similar to Quarry Bay with various new quality I/O buildings being completed.
Buildings such as Sun Hung Kai Properties' Millennium City project and other quality projects, including Prosperity Centre and Westley Square, have given a new look to the area.
Millennium City, comprising a total gross floor space of 180,000 sq ft, is about five minutes walk from Kwun Tong MTR station and is readily accessible by bus, mini-bus and taxi.
The nearby Eastern Cross Harbour Tunnel and Kwun Tong Bypass provide quick and easy access to districts all over the SAR.
Car parking occupies the first to third floors providing 43 private spaces and eight lorry parking spaces.
There are three high-performance, high-speed passengers lifts, one cargo lift and one lift for the disabled.
Agents said I/O properties were increasingly favoured by medium-sized companies.