COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Prime office rents in Admiralty up 10.9% in December

Rents cost $112.1 psf beating Central to post the largest annual change in office submarkets.

Prime office rents in Admiralty rose 10.9% in December to $112.1 monthly rent per square feet to post the largest recorded annual growth for prime office submarkets, according to Knight Frank’s Hong Kong Monthly. 

Major office buildings in Admiralty include Lippo Centre, CITIC Tower and Pacific Place.

Grade-A office rents in Sheung Wan also rose significantly in December at 9.4% YoY to $80.4 psf monthly. 

Central, however, continues to post the largest monthly rent at $152.2 per square feet despite only posting a 5.2% YoY increase thanks to sustained demand from PRC firms wishing to set up shop in the highly-sought after office district. 

Knight Frank adds that rents in Central are projected to rise by as much as 5% in 2018 amidst limited supply. 

Rents in Causeway Bay also increased at $79.7 psf whilst rents in Wan Chai are at $75.9 psf.

Tsim Sha Tsui rents went up to $63.6 monthly rent psf whilst office rents for Kowloon East declined marginally 0.1% at $34.4 psf.

Photo from WiNG - Own work, CC BY-SA 3.0

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