It’s hip to work in Quarry Bay, as foreign firms exodus Central
Swire, the biggest landlord in Quarry Bay, recently reported it has seen bumper numbers of high-profile tenants setting up offices in the area, having moved from Central Hong Kong
Quarry Bay is quickly becoming Hong Kong’s new hip business district, as mainland companies take over Central, and foreign firms leave in their droves.
As mainlanders continue to swoop on trophy buildings in Central, foreign multinationals are relocating to the east of Hong Kong Island, and this “decentralisation” has been the prominent trend in the office market, say leading property agents.
Property developer Swire is the biggest landlord in Quarry Bay, and recently reported it has seen bumper numbers of high-profile tenants setting up offices in the area, having closed their Central offices.
Among those new tenants are financial services companies Prudential, FWD Insurance and AllianceBernstein, and three leading international law firms.
Swire also says luxury brands such as Burberry and Gucci are also moving into its flagship development in the area, Taikoo Place, from Causeway Bay.
This whole theme of decentralisation in Hong Kong will continue, and kind of follows what other financial centres in the world have experienced