Credit Suisse joins move to ICC amid soaring Central rents

Credit Suisse Group has become the second financial giant stung by soaring rents in Central, confirming it is deserting Exchange Square for the 118-storey International Commerce Centre in Kowloon.

The Swiss group yesterday said it expected to move its entire Hong Kong operations to ICC by 2011, underpinning the landmark building's position as an alternative to the established Central business district.

Hit by soaring rents and limited space in Central, some of the biggest names in finance are abandoning their long-held offices for cheaper cross-harbour accommodation.

Morgan Stanley in August said it had leased 10 floors in ICC, more than doubling its office space to 350,000 square feet.

JP Morgan, CLSA and Deutsche Bank are also reported to be in talks about moving to ICC, Hong Kong's tallest building when completed in 2010.

Credit Suisse will occupy the top 10 office floors with a total gross floor area of 300,000 sq ft, 40 per cent more than its current office. Its move will start in the second half of next year.

About 60 per cent of the building's gross floor area, or 1.5 million sq ft, had been leased, with an average monthly rent of HK$42 per square foot, said Victor Lui Ting, an executive director of Sun Hung Kai Real Estate Agency. That compares with an average rent of more than HK$100 per square foot in Central.