Hongkong Land is releasing a Grade A office building in Quarry Bay, the group's first project outside Central, to tap the growing demand for quality office space in decentralised locations. The 30-storey curtain wall building at 1063 King's Road, on the site of the former Crown Motors Building, provides 294,000 square feet of gross floor area, including three levels of car parking, and is scheduled to be ready for occupation in the second half of the year. A spokesman from Hongkong Land said the building had generated positive response from the market given its convenient location, about five to 10 minutes walking distance from the nearby MTR station. She said the company was negotiating with a number of companies but refused to identify the potential tenants. Hongkong Land, the biggest office landlord in Central, owns a large quality office portfolio comprising 10 buildings in the core business district. It includes Exchange Square I, II and III, Forum, Jardine House, Prince's Building, Landmark East, Alexandra House and Gloucester Tower. The new office building in Quarry Bay would cater for companies demanding quality property management services in decentralised locations, she said. Offices in the new building are served by eight high- speed passenger lifts and one service lift. The lettable area of each floor measures between 7,326 sq ft to 11,482 sq ft with floor headroom (from finished raised floor to finished suspended ceiling) of approximately 2.7 metres. There are 115 car parking spaces and the building has retail shops on the ground floor. Agents said office rents in the area were about $20 per sq ft. According to government figures, it is expected there will be 792,200 sq ft of Grade A office supply this year and 145,300 sq ft in North Point by 2000. Last year, North Point's office vacancy rate was 16.7 per cent.