Forecast: Grade A office rents will fall in Hong Kong
As the city enters a rental level correction phase, a 5 to 6 percent drop in average grade A rents in the final quarter of the year is anticipated.
Jones Lang LaSalle reported:
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Hong Kong: there is clear delineation between Central and other sub markets. Leasing activity in the banking and finance sector has slowed considerably and we do expect to see some firms in this sector looking to downsize in 2012, though not to the same degree as in 2008 and 2009. We are seeing some very moderate expansion amongst law firms and some other businesses that are choosing to relocate to lower cost buildings. We do not expect to see rental growth in Q4 2011 as a result of low vacancy rates and the decentralisation trend. |
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Tags: Hong Kong office rents
