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Harbour City and Times Square owner’s full-year 2023 profit fell 3 per cent to US$767.3 million even as revenue jumped 7 per cent. The company hopes to overcome headwinds through promotional activities with the Hong Kong government.
Goldin Financial Global Centre, the former headquarters of Chinese tycoon’s Goldin Financial Holdings in Kowloon Bay, has been renamed The Bay Hub.
Hong Kong’s grade A office rents will decline by another 5 per cent this year, as demand from mainland China-based companies has yet to return to pre-pandemic levels and vacancy rates remain high due to new completions, analysts said.
Owners of commercial properties in Shanghai are under pressure to cut rents to support restaurants and retailers facing the daunting task of sustaining their businesses amid lacklustre consumer demand.
Commercial premises will need to step up and cover a huge predicted deficit of EV charging stations, while the recycling and storage of EV batteries may spur demand for industrial and warehouse space, the property consultancy says in a report.
The church has secured several floors at the property at 413-423 King’s Road as its ‘future permanent home in Hong Kong’, it said in a statement on its website.
More office landlords and flexible work space operators are likely to form partnerships that will do away with the traditional lease business that has been ‘catastrophic’ for the industry, according to the founder of The Work Project.
Franklin Templeton, which has leased 21,700 sq ft on the 62nd floor of Two IFC, will shift from its present premises in Chater House. Last week, China Re leased 6,740 sq ft in the 88-storey tower.
State-owned reinsurance company China Re Asset Management is moving to the 41st floor of Hong Kong’s Two International Finance Centre in Central, where it has leased 6,740 sq ft for the same price it paid for its previous offices in Three Exchange Square.
Investment in Hong Kong property fell by 28 per cent to HK$37 billion (US$4.73 billion) last year, its lowest level since the 2008 financial crisis, but is expected to rise to HK$50 billion in 2024, Colliers says.
A weak office market in Shanghai is offering tenants the chance to strike lucrative leasing deals, allowing companies to save on rent amid a glut of new building supply and a slowing economy.
China’s office sector will remain a tenant’s market in 2024, and rents will continue falling pressured by an economic downturn and new supplies, property analysts said.
The amount fell by more than a fifth from the same period a year ago to US$21.3 billion, the lowest figure since the second quarter of 2010, according to a report by property consultancy JLL.
The stories behind the distinctive round windows and the unobstructed harbour view of what was once the tallest building in Hong Kong.
Hybrid work arrangements, which include some combination of working from homes working at a desk in remote co-working spaces and coming into traditional offices, are a way to create significant cost savings.
Shanghai’s office vacancy rates have continued to rise, as corporate tenants tighten their purse strings and new supply comes online, and rents have continued to decline.
The Hong Kong government will tender only a single parcel of land in the current quarter, as sales have been scaled down because of poor response and prevailing market conditions.
Hong Kong and mainland China might be facing headwinds currently, but investors should not write them off as investment opportunities still abound, analysts say at a family office conference hosted by the Post.
Flex space provider IWG says it is adding locations rapidly in the Greater Bay Area as property owners seek to capitalise on the trend. Major landlords Hongkong Land and Swire Properties also have their fingers in the co-working pie.
Swiss luxury watch brand Audemars Piguet became the latest tenant to sign up for space at The Henderson in Central, lifting the occupancy of Henderson Land’s flagship commercial building to about 50 per cent.
With a monthly average of US$609 per desk, Hong Kong tops the 13 Asia-Pacific cities tracked in a study by The Instant Group, which says demand in Singapore is set to increase by 41 per cent.
More than a fifth of office tenants in Hong Kong may downsize their space requirements with some looking to relocate to mainland China, Singapore and other parts of the world as they cut costs in a weak economic environment, a study released by Colliers revealed on Wednesday.
Shanghai-based White Space, co-founded by an American entrepreneur, hopes to attract Chinese businesses downsizing their real estate footprint amid a slowing economy.
Swire Properties says retail sales at some shopping centres are back at pre-pandemic levels, while Hysan Development reports rising tenant revenue. However, the office market lags as high vacancy rates persist.
The demand for rental homes in several prominent districts of Hong Kong struck an all-time high in July as an influx of mainland China professionals and graduates fuelled demand.
Hong Kong’s efforts to regain its status as an international business hub suffered a setback after its border reopening failed to stoke enough demand from corporate tenants as higher interest rates weighed.