Swire Properties’ HK office occupancy holds steady at 93% in Q12024

It also maintained nearly full occupancy at its Pacific Place with 98%.

Swire Properties maintained a 93% overall office occupancy rate in Hong Kong for the first quarter of 2024 ending March.

The developer also sustained a robust 98% occupancy at its Pacific Place, with a 17% drop in rental reversion.

Additionally, overall occupancy at Swire’s Taikoo Place also held steady at 91%, with a 13% decline in rental reversion.

In the retail sector, The Mall of Pacific Place, Cityplaza, and Citygate Outlets reported strong occupancy rates of 96%, 100%, and 100%, respectively. 

Pacific Place saw a decline in its retail sales by 1.2%, whilst Cityplaza experienced a 3.28% decline. Meanwhile, Citygate Outlets saw a 6.5% increase in sales.

On the mainland, Taikoo Li Qiantan in Shanghai experienced a slight increase of 0.7% in retail sales, whilst other mainland properties, including Taikoo Li Sanlitun, Beijing; Taikoo Hui, Guangzhou; INDIGO, Beijing; Taikoo Li Chengdu; and HKRI Taikoo Hui, Shanghai, saw declines ranging from 2.4% to 19.4%.