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High rents slow office demand
Source: Bloomberg News |
December 7, 2011, Wednesday
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HONG Kong's prime office demand may slow after rents climbed 16 percent in the first 11 months of this year, according to the world's second-biggest publicly traded commercial property broker.
Hong Kong's prime office demand may slow after rents climbed 16 percent in the first 11 months of this year, according to the world's second-biggest publicly traded commercial property broker.
There's "temporary pressure" on rental in the city's core office district, Gavin Morgan, deputy managing director for Hong Kong at Jones Lang LaSalle Inc, said at a briefing yesterday, adding that any rental correction will probably be "short- lived" because of tight supply.
The city dropped out of the top five places for real estate investment in the Asia-Pacific region for the first time in five years, according to a PricewaterhouseCoopers LLP and Urban Land Institute report yesterday, which ranked Hong Kong 14th out of 21 among the region's top investment spots for 2012.
Prime office rents in Hong Kong have risen 60 percent since July 2009 as financial services companies expand amid increasing corporate finance activities by Chinese companies, according to CBRE Group Inc. Grade A office rents in Hong Kong reached US$213.7 per square foot a year as of June, the costliest in the world, according to Colliers International.
"Many interviewees believe Hong Kong is a fully priced market," Patrick Phillips, CEO of the Washington-based Urban Land Institute, said in Hong Kong yesterday. The shortage of land and high development costs means there's "limited upside potential."
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