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Office Snapshot Q1 2017
Hong Kong
MARKETBEAT
Economic Indicators
Grade A CBD Market Indicators
Overall Grade A Rent & Availability
Supply Pipeline
cushmanwakefield
0%
2%
4%
6%
8%
$70
$72
$74
$76
$78
$80
Av
ail
ab
ilit
y R
ate
(%
)
Re
nt
(H
KD
/sf
/m
o)
Overall RentOverall Availability Rate (%)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
20172018201920202021
MSF(Net)
Economy
Hong Kong¡¯s GDP increased by 3.1% y-o-y in the fourth quarter of
2016, resulting in growth of 1.9% for the year. The city¡¯s labour
market remained tight in the quarter with unemployment remaining
unchanged at 3.3%, while growth in consumer prices slowed in the
quarter to 1.2% y-o-y.
Market Overview
Activity in Hong Kong¡¯s office leasing market picked up strongly in
the first quarter 2017 with net absorption totaling 416,288 sf. Much
of the activity focused on core submarkets, including the areas of
Greater Central, Wanchai/Causeway Bay, and Greater TsimSha
Tsuiwhich all recorded absorption of over 90,000 sf.
Banking, tech, and legal firms were amongst the most active with
several undergoing expansions in the quarter. Notably,
international law firms are increasingly being seen to follow in the
footsteps of the foreign banks in relocating out of Greater Central,
with Freshfieldssigning a lease in Swire¡¯s One Island East in the
quarter.
The rebound in leasing activity, together with an absence of new
supply, pushed the overall availability lower in the quarter to 6.3%
from 7.0% as at the end of 2016. Due to continued strong demand
for office space in Prime Central, the availability rate there fell to
2.8%, the lowest level since the global financial crisis in 2008. On
the other hand, relatively weaker demand in decentralized areas
such as Kowloon East and Hong Kong South left availability rates
little changed in the quarter, at 10.7% and 14.1%, respectively.
Overall, rents in Grade A offices in Hong Kong edged higher in the
quarter by 0.8% to $79.29 per sf per month. Core areas of Hong
Kong Island where much of the demand has focused, however,
continue to outperform the broader market, with rentals in Greater
Central climbing 1.7% in the quarter to $122.16 per sf per month.
Outlook
Approximately 2.7 million sf of Grade A office space is scheduled
for completion in 2017, the majority of which is only slated for
release in the second half of the year. As such, the market is
expected to come under increasing pressure as competition
intensifies. Much of that, however, will be narrowly focused on
Kowloon East where two thirds of the new supply is concentrated.
With availability in Greater Central remaining extremely tight,
rentals there are set to continue on an upward trend. As a result,
the rental gap between core and decentralized areas is set to
widen further, which will continue to fuel relocations by corporates
seeking cost savings.
Q316Q41612-MonthForecast
GDP Growth2.0%3.1%
CPI Growth2.7%1.2%
Unemployment Rate3.3%3.3%
Q416Q11712-Month Forecast
OverallRent (HK$/SF/MO)$120.09$122.16
Availability4.2%3.6%
Source: Census and Statistics Department, Oxford Economics
10-year Historical Average = 1.53 million sf
HONG KONG OFFICE
Office Snapshot Q1 2017
Hong Kong
MARKETBEAT
cushmanwakefield
Copyright2017 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.
About Cushman & Wakefield
Cushman&Wakefieldisagloballeaderincommercialrealestateservices,helpingclientstransformthewaypeoplework,shop,andlive.Thefirm¡¯s43,000employeesinmore
than60countriesprovidedeeplocalandglobalinsightsthatcreatesignificantvalueforoccupiersandinvestorsaroundtheworld.Cushman&Wakefieldisamongthelargest
commercialrealestateservicesfirmsintheworldwithrevenuesof$5billionacrosscoreservicesofagencyleasing,assetservices,capitalmarkets,facilitiesservices(branded
C&WServices),globaloccupierservices,investmentmanagement(brandedDTZInvestors),tenantrepresentationandvaluations&advisory.Tolearnmore,visit
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SUBMARKETINVENTORY(SF NET)AVAILABILITY
UNDER
CONSTRUCTION
(SF NET)
GRADE A NETEFFECTIVE RENT
HK$/SF/MOUS$/SF/MOEUR/SF/MO
Prime Central7,531,6962.8%0136.03 US$17.51 €16.22
Greater Central (CBD)15,419,9853.6%0122.16US$15.73 €14.56
Wan Chai / Causeway Bay8,836,2724.2%498,40074.11 US$9.54 €8.84
Hong Kong East7,356,5223.5%2,124,90047.46 US$6.11 €5.66
Hong Kong South1,974,601 14.1%484,60030.04 US$3.87 €3.58
Hong Kong Island Total 33,587,380 4.4%3,107,80085.43 US$11.00 €10.19
Greater TsimSha Tsui9,429,4957.7%282,60066.56 US$8.57 €7.94
Kowloon East11,843,43710.7%4,487,40029.72US$3.83 €3.54
Kowloon West3,693,3056.1%834,20040.90 US$5.27 €4.88
Kowloon Total24,966,2378.9%5,604,20042.35 US$5.45 €5.05
Overall Total58,553,617 6.3%8,712,00079.29 US$10.21 €9.45
KeyLeasing Transactions Q1 2017
PROPERTYSUBMARKETTENANTSFLEASE TYPE
TimesSquare ¨CTower 1WanChai / Causeway BayAlibaba105,000Expansion
PCCW TowerHongKong EastBNP Paribas56,000Relocation
One Island EastHong Kong EastFreshfields43,200Relocation
InfinitusPlazaGreaterCentralUBSAG35,700Relocation
Lee GardenThreeWanChai / Causeway BayOracle34,500Relocation
*Grade A Net Effective Rent is exclusive of service charges and government rates and based on net area. US$/HK$ = 7.767; €/HK$ = 8.387 as at 23 March 2017
Significant Projects UnderConstruction
PROPERTYSUBMARKETDEVELOPERSFCOMPLETIONDATE
18 King WahRoadHong Kong EastHenderson256,000Q3 2017
Wang Chiu Road Kowloon Bay ProjectKowloon EastSwire511,000Q3 2017
MapletreeBaypointKowloonEastMapletree532,000Q4 2017
Hong Kong K11 OfficeGreater TsimSha TsuiNew World283,000Q4 2017
Lee Garden ThreeWanChai / Causeway BayHysan317,000Q4 2017
Contacts
John SiuJames ShepherdReedHatcher
Managing DirectorManaging Director Director,Head of Research
16/F, JardineHouseResearch, Greater China16/F, JardineHouse
1 ConnaughtPlace, Central, Hong Kong1366 Nanjing West Road, Shanghai1 Connaught Place,Central, Hong Kong
Tel: +85229567088Tel: +86 21 2208 0769Tel: +8522956 7054
john.siu@cushwakejames.shepherd@cushwakereed.hatcher@cushwake
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