Office vacancy rates have declined across Hong Kong, with multinational companies taking up large amounts of space as the economy improves.
The average vacancy rate fell to 8.3 per cent from 8.4 per cent in September, according to FPDSavills. The vacancy rate was the lowest in Wan Chai/Causeway Bay at about 6 per cent and the highest in Island East at 13 per cent.
The vacancy rate in Central fell to about 7per cent after Societe Generale and Philips Electronics Hong Kong took up more than 140,000 square feet of space at Three Pacific Place.
In Kowloon, Gap International has committed to taking about 75,000 sqft in Millennium City V in Kwun Tong, boosting occupancy rates in this new development to 85 per cent.
Insurance company AIA is taking about 65,000 sqft in Gateway Tower 6 in Tsim Sha Tsui.
The Kowloon market is expected to see new supply as Great Eagle Holdings begins leasing its 700,000 sqft of office space at Langham Place in Mongkok. Asking rents range from $10 per sqft to $20 per sqft.