Companies find falling rents in Central hard to resist as they lap up office space in Hong Kong’s main business district
- Rents in Central have fallen by 26.4 per cent from their peak in the second quarter of 2019, providing an incentive for some firms to return to the main business district
- JLL expects grade A office rents in Hong Kong to fall by as much as 10 per cent this year before rising by up to 5 per cent next year
HashKey Group, a pan-Asian global digital asset financial services group, is moving its headquarters to Three Exchange Square, in Connaught Place, from Pok Fu Lam, taking up the entire 14th floor, or 10,105 sq ft, from September 16, landlord Hongkong Land announced on Wednesday.
“Our new offices at Three Exchange Square will be our global headquarters and our largest office,” said HashKey, which was founded in Hong Kong and has offices in Singapore and Tokyo.
The new headquarters is 50 per cent bigger than HashKey’s 6,773 sq ft current base in Cyberport, which it plans to retain for its technology and support teams.
Rents in Central, the city’s main business district, have fallen by 26.4 per cent from their peak in the second quarter of 2019, and this is providing an incentive for some firms to return, said real estate consultants, who added that Hong Kong remains a top choice for international companies setting up headquarters.