Office rents in Central dipped 1.2% in 1Q13

Landlords may have reduced asking rents by 15%.

According to Colliers International, overall Hong Kong ofice rentals were generally flat in 1Q 2013 and rents in Central fell by 1.2% QoQ during the same period. 

Colliers noted that this can probably be a result of individual landlords of top-tier buildings anticipating an increase of backfill space in the district as tenants relocated; so they reduced their asking rents by nearly 15% within just three months. However, major tenants have recently chosen to stay put in Central, and the limited amount of new stock in the pipeline has caused asking rentals for these buildings to raise again more recently.