But Chinese firms will remain the key demand drivers for offices in Central.
Numerous pre-lease transactions in Hong Kong Island were recorded in July. According to Knight Frank, shared-office provider WeWork pre-leased 14 floors totaling 85,000 sq ft in LKF Tower in Central. The tower was previously Hotel LKF, but is being converted into an office building. This will be WeWork’s third co-working centre in Hong Kong, with the other two located in Tower 535 in Causeway Bay and Asia Orient Tower in Wan Chai.
Knight Frank said Maybank pre-leased two floors in Lee Garden Three in Causeway Bay. In Quarry Bay, MetLife pre-leased a whole floor in One Taikoo Place.
"Looking ahead, the upcoming office supply on Hong Kong Island will provide more options for relocation from Central. Chinese firms, however, will continue to prefer Central and remain the key demand driver for offices in the CBD," added Knight Frank.
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