New | Macau faces tight supply in office space
Companies having hard time finding suitable premises as more firms set up in city and rents soar
Finding an office in Macau these days is nothing short of hitting the jackpot. While bigger companies have a hard time finding suitable places, smaller firms are closing, moving to tiny places or forced to share space.
Metro International Clinic, a private medical centre, which for 11 years occupied a 350 sq metre space in a commercial building in the heart of the city, had to move out in October last year.
"The current rents are unbearable, so we had to move to a much smaller place. Our new office is a third of the size of the previous one," said clinic director Alberto Pereira.
The clinic had tried to stay in a central area since moving away would turn away many regular patients, Pereira said.
Other businesses are also facing similar problems finding affordable, ready-to-move-in office spaces with parking facilities.
While Macau's retail property market began to show signs of a slowdown last year, the residential and office sectors continued to grow, according to a JLL review.
Like Hong Kong, Macau is facing increasing housing demand. The lack of affordable housing has led to growing discontent and pressured the government to launch more public housing projects. But according to industry insiders, Macau's office space shortage is even greater.