An office from this area houses Facebook amongst its other blockbuster tenants.
The spotlight moves away from Central as up-and-coming Quarry Bay in Hong Kong Island is poised to be the go-to CBD for finance and professional services with the arrival of One Taikoo Place, according to Colliers International quarterly office report.
Swire Properties’ One Taikoo Place is a one million sq ft triple Grade-A rated property that that houses social networking giant Facebook and international law firm Baker McKenzie amongst its wide array of multinational tenants.
Colliers places its bets on Quarry Bay with the belief that its improved connectivity via the Central-Wanchai bypass, high-quality offices and improved business amenities will result in the fastest rental growth across all Hong Kong office submarkets in 2018.
As a growing number of firms decentralise to avoid sky-high Central rents, Kowloon West is also expected to benefit from the shift as it emerges as a strong contender thanks to its high accessibility to the MTR and proximity to container ports.
“The upcoming Guangzhou – Shenzhen – Hong Kong Express Rail Link, expected to be completed in 2018/19, will improve the accessibility for the district, benefiting companies which have businesses across the border,” said Colliers senior analyst Zac Tang.
Moreover, the development of the West Kowloon Cultural District is poised to significantly improve business amenities in Tsim Sha Tsui and increase its attractiveness to potential tenants especially in the media and technology sectors.
Photo from Swire Properties
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