COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Overall rents climbed 9.0% in 2015

It's the highest since mid-2008.

It has been noted that overall rental growth for Q4 2015 was also the lowest of the year, partly due to the lack of transactions.

According to a release from CBRE, the 1.3% q-o-q increase brought the full-year rise to 9.0%.

The report also noted that average rents reached their highest level since mid-2008.

Here's more from CBRE:

New office supply for 2015 totaled 1.7 million sq. ft., while the net absorption for the year stood at 2.5 million sq. ft. Vacancy in Central edged up 0.2 percentage points q-o-q to 1.2%, while that in Sheung Wan saw the lowest ever recorded level of 1.0%.

Rental growth in Central decelerated to 1.7% q-o-q, but the y-t-d growth of 14.1% was still the highest of any district on Hong Kong Island. In Tsim Sha Tsui, vacancy fell from 2.2% in Q3 to only 1.3% in Q4, the lowest quarter recorded, mainly due to activity in ICC.

Overall Kowloon and New Territories rental growth for the whole of 2015 registered 6.3%. 

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