RENTS for Grade A office space in Hong Kong rose by 19 per cent in the first two months of the year to an average $71 per square foot as compared with the final quarter of 1993, according to recent statistics released by Treasure Land Realtors.
During the same period, rents in Tsim Sha Tsui increased almost seven per cent with average rentals at just over $37 per sq ft.
Taking the longer view, data showed that rents from the first quarter of 1991 went from $44.20 to $61.40 per sq ft during the fourth quarter of 1993.
The increase was not smooth. Prices fell from the third quarter of 1991 and began to recover only during the third quarter of 1992. From then on, prices rose steadily from $47.20 per sq ft to the current level.
It was between the second and third quarters of last year that prices really began to shoot up.
Sales figures for Grade A office space on Hong Kong island were much more consistent.
