HONG Kong and Shanghai Hotels is ready to lease the Peninsula office tower, part of the extended Peninsula Hotel. The 10 office floors, totalling more than 100,000 square feet, are in the 30-storey tower currently being built. The floor have gross floor areas between 7,000 and 11,210 sq ft. Nigel Smith, senior associate director of leasing agent Jones Lang Wootton, said the Peninsula office space would probably be leased successfully because of the shortage of office space. ''Due to the current lack of available stock and the recent positive political and economic indicators, it is likely that the demand-supply imbalance will continue,'' he said. ''We have received excellent early interest, with several enquiries from companies on Hong Kong Island as well as Kowloon side, and we expect to be able to announce details of pre-leasing commitments in the very near future.'' According to Jones Lang Wootton Research, less than 4.9 per cent of grade A office space in Tsim Sha Tsui is empty. This is due to an increase in tenant demand from both local and overseas companies during the past nine months. The research indicates that vacancy rates fell by about 55 per cent during the first six months of 1993. Since then, Park Lane Square phase two has received its occupation permit, pushing the vacancy rate back up, although since then the rate had fallen 20 per cent. In the past nine months, office rentals increased by 10 per cent in Tsim Sha Tsui. Wilson Nei, executive director of Vigers Hong Kong, said rents for prime office space in Tsim Sha Tsui had continued to accelerate in recent months, forcing some tenants to relocate to other convenient areas along the Mass Transit Railway route. ''As a result, good quality office buildings in Yau Ma Tei and Mong Kok areas have become very much sought after by tenants,'' he said. Vigers is marketing the 22-storey office building, Tung Nam Commercial Centre, in Yau Ma Tei for lease. Mr Nei said there were many enquiries about the lease, which reflected the buoyant leasing market in retail and office properties in Kowloon. Tung Nam Commercial Centre, developed by Aimsglory Investments, offers office space ranging from 646 to 2,400 sq ft at monthly rentals of $23 to $26 per sq ft.