No new supply of Grade A office in 2013

Scarce supply of Grade A office premises will continue in 2014.

Colliers International reported:

Completed in July 2012, 28 Hennessy Road in Wan Chai, developed by Swire Properties, added a total of 102,240 sq ft of net floor area to Hong Kong Island’s Grade A office market. Moreover, the occupation permit for Elite Centre in Kwun Tong was issued in August 2012, adding about 184,340 sq ft of net floor area to the market.

For 2012 as a whole, 1.13 million sq ft of Grade A office stock will be provided. By the end of 2012, the scheduled completion of CCB Tower in Central and One Pacific Centre in Kwun Tong will provide a total net floor area of about 373,570 sq ft.

Looking into 2013, there will be no new supply on Hong Kong Island. The coming new supply will focus on four new developments in Kowloon East, one in Cheung Sha Wan and another in Kwai Chung, totalling 1.48 million sq ft of net floor area. The scarce supply of Grade A office premises will continue in 2014; only three new office developments of 570,000 sq ft of net floor area are expected to be completed.