The shortage of new grade A office space expected this year should help Sun Hung Kai Properties (SHKP) with the leasing of the west tower at Grand Century Place in Mongkok, agents say.
The shortfall in new grade A offices, which will be particularly acute for companies on both Hong Kong and Kowloon side looking for more than 10,000 square feet of space, should be relieved slightly thanks to the development's generous 21,600 sq ft floor plates.
For now, SHKP will start leasing one of the two office towers, or 240,000 sq ft of the mixed-use development.
The project, a joint venture with the Kowloon-Canton Railway Corp (KCRC), includes a 730-room hotel and a 720,000 sq ft shopping centre, which is currently being leased out as well.
A number of agents said multinational companies now based on Hong Kong Island might be tempted to move to Kowloon just because of the tower's ample floor plate.
The office portion of this development spans 11 floors from the ninth to the 20th.
One of the unique features of the building is that the twin towers are linked on the ninth floor and could provide a tenant with a massive 48,000 sq ft of space.