New | Chinese tenants queue up to take over Central’s office space
In the first two months of 2017, JLL has been asked to secure about 150,000 sq ft of office space in Central for mainland corporates – 40pc of the total amount leased in the whole of last year
Mainland Chinese firms are showing no signs of slowing their expansion in Hong Kong, the world’s most expensive office market.
After a record year of mainland enterprises snapping up 43 per cent of all new lettings in the city’s Central financial district, industry experts say demand continues to grow as firms remain on the “waiting list” to take space in skyscrapers in the area.
“Our team continues to carry a heavy book of mainland Chinese client requirements,” said Paul Yien, regional director of Hong Kong markets at JLL.
In the first two months of 2017, the property agent has been asked to secure about 150,000 square feet of office space in Central for mainland corporates, representing 40 per cent of the total amount leased in the whole of last year.
China’s capital markets opening up and ongoing improved access between Hong Kong and the mainland, has led to increased demand for office space in Central in the past few years. The vacancy rate was as low as 1.5 per cent in the area at the end of February.