DEVELOPERS seeking to redevelop old industrial properties for mixed usage find the prospect of composite industrial-office properties promising.
Francis Li, director of C.Y. Leung & Co, said the shift of the Hong Kong economy to tertiary industry had fuelled the demand for industrial-office properties.
He said many old industrial properties, usually poorly maintained, could not satisfy rising demand for good quality premises among industrialists and manufacturers.
According to him, industrial and godown space accounts for 26 per cent of total private building stock in the territory, and 45 per cent of such space is more than 15 years old.
He said there was tremendous potential for redevelopment of these old industrial properties into composite industrial-office premises.
He said industrialists were willing to pay higher prices and rentals for space in new high-quality industrial buildings.