Hong Kong office occupier market shrank 476,600 sq ft in 4Q13

But here's some good news.

According to Jones Lang LaSalle, the withdrawal of two buildings earmarked for demolition resulted in the occupier market contracting by about 476,600 sq ft (net) in 4Q13. 

Excluding these withdrawals, net absorption was actually positive for the quarter, amounting to about 374,300 sq ft (net).

Here's more from Jones Lang LaSalle:

The Forum in Central, Global Trade Square in Wong Chuk Hang and Building 15W at HKSP in Pak Shek Kok were all issued Occupation Permits in 4Q13.

Marginal corrections in a handful of buildings in Central and Kowloon East led to a slight rent decline in 4Q13, trimming full-year growth to 1.0%.

A consortium led by Swire Properties acquired DCH Commercial Centre in Quarry Bay for HKD 3.9 billion (HKD 10,026 per sq ft, gross) while Goldin Financial was in negotiations to acquire the East Tower of One Bay East in Kwun Tong for HKD 5.2 billion (HKD 10,708 per sq ft, gross).

Two Government sites in Kowloon East were made available for sale via public tender with Swire Properties acquiring the Kowloon Bay site (NKIL 6312) for HKD 2.64 billion (HKD 4,753 per sq ft, gross).