Office rents soar amid the changing Central landscape
Hongkong Land, Central's biggest landlord, said rents in its offices increased more than 20 per cent year on year in the first quarter.
Although executive director of commercial property Raymond Chow declined to put a figure on the average rent, he said it had surpassed the 1997 level but had yet to reach the record high of 1994 when an office in Central was leased for more than $100 per square foot. Occupancy improved from 94 per cent to 95 per cent in the quarter.
At the end of December, Hongkong Land's average office rent in Central stood at $40 per square foot.
The company yesterday launched the latest phase of its Central Cityscape project - watched by chief executive Nicholas Sallnow-Smith (inset) - a double-lane lay-by on Queen's Road Central to enhance the physical environment of the financial district.