Newmark picks a down-time to open Hong Kong office, betting on recovery in the world’s most expensive commercial property market
- Newmark, with its head office on New York’s Park Avenue, has leased shared space from Atlaspace in Hong Kong’s Tsim Sha Tsui area to house even staff
- The office is on the 16th floor of the Harbour City building
Newmark Group has opened its first office in Hong Kong, as one of America’s biggest listed commercial real estate consultancies picked a down-market moment to establish a foothold in the world’s most expensive property market.
Newmark, with its head office on New York’s Park Avenue, has leased shared space from Atlaspace in Hong Kong’s Tsim Sha Tsui area to house seven staff, most of them hired from CBRE and Colliers. The office is on the 16th floor of the Harbour City building.
“A lot of Hong Kong investors are focusing on local retail because they expect the retail market to bounce back pretty quickly during the course of this year, so they seek opportunities there,” said John Davies, managing director at Newmark Hong Kong. “We’ll still see a steady flow of capital from China coming into Hong Kong [later this year] for the right product.”
Newmark will initially focus on the industrial and office segments before adding retail to its services, executives said.