Office absorption in Q1 grew to 77,101 sq ft from negative territory in last quarterAmid the weak demand from PRC firms and co-working operators, rents in Greater Central were flat but were largely stable in other submarkets, supported by continued decentralizationRetail locations on the Kowloon side are benefiting from the new transportation links and are forecast to see relatively strong rental growth this year.HONG KONG, CHINA - Media OutReach - 10 April 2019 -Office absorption rose to 77,101 sq ft in Q1 from negative territory, supported by the realization of pre-commitments in two recent completions totalling 127,483 sq ft along with some easing in trade tensions between China and the U.S. Demand was heavily driven by relocation and consolidation requirements, with the insurance sector particularly active. However, rents in Greater Central which were flat in the quarter showed signs of beginning to peak, on the back of weak demand from PRC firms. In the retail leasing market, core retail areas in Kowloon are benefiting from new transportation infrastructure, which is funnelling visitor traffic into West Kowloon and Tsimshatsui, as noted by Cushman & Wakefield, a global leader in commercial real estate services. The territory-wide net Grade A office absorption rose from a negative -11,744… Read full this story
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