The idle Kai Tak Airport, being tapped for housing, could be redeveloped to add as much as 40 million square feet of prime offices by 2021.
This, according to a Bloomberg report, is the estimation of Nicholas Brooke, founder of Professional Property Services Ltd. and former managing director of Swire Properties Ltd.
“Hong Kong’s abandoned Kai Tak Airport, idle for 13 years, may hold the answer to a space shortage in the world’s costliest office market where banks including Goldman Sachs Group Inc. jostle for towers,” said the report.
This is amidst the threat of investment banks relocating parts of their operations to other Asian cities if rents keep going up and Hong Kong doesn’t build more prime office space.
View the report here.
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