One Hennessy 7-Floor, Wan Chai
The new supply of commercial buildings on Hong Kong Island has attracted a good supply. One Hennessy at 1 Hennessy Road, Hua Hin, this year has enjoyed an ideal pre-leased condition. The property has a total of 80,000 square feet on the lower 7-storey building, and has been pre-leased from a shared working space, with a lease rate of 90 yuan.
Former Xi Xin Building completed in the second quarter of next year
One of Chinatown’s 1 Hennessy Road commercial complex in Wan Chai, known as One Hennessy, provides 315,000 square feet of floor space and is still under construction. It will be completed in the second quarter of next year. As the project is located in Wanchai and adjacent to Admiralty, nearby Pacific Place Phase 3 has a strong commercial atmosphere, so the pre-rental response is satisfactory. According to market sources, the project has recorded a large-hand rental, involving a low-rise seven-storey building with an area of about 12,000 square feet per floor, a total of about 84,000 square feet, and closing fees for about 90 yuan, close to Pacific Place. 3 period rent.
The predecessor of the property was Xixin Building. Huayuan decided to dismantle and rebuild it in the early years. The total investment of the project is 1.68 billion yuan. The project is being reconstructed into a commercial building and will be reserved for the post office downstairs.
Naked Hub rents the highest voice
According to the news, the new tenants have been actively expanding their shared work space in the past year and have achieved the highest number of calls from the naked Hub. Since the official establishment of the brand in Sheung Wan last year, the brand has expanded in various regions, including hiring two-storey flats on the top floor of Two Harbour Square in Kwun Tong with a floor space of 58,000 square feet. In fact, many commercial space sharing offices have also settled in Wanchai District. Another shared space brand, WeWork, last year leased the 7th floor of Huihan Building in Wanchai.
In the next two years, office supply peaks, but the new supply is mainly concentrated in East Kowloon. As the rental of commercial buildings in East Kowloon is booming, the rents are under pressure. On the other hand, the new supply on Hong Kong Island is still low. The newly completed commercial buildings on Hong Kong Island are watched by tenants. For example, in Phase 3 of Causeway Bay Lee Garden, which is completed this year, the current occupancy rate is over 90%. The property has 22 floors and a total of 5 floors with an area of 92,000 square feet. The investment bank Goldman Sachs leased about 60 yuan per square foot. .
Hong Kong Island East New Supply focuses on one and two restaurants in Taikoo Place. One of them is completed this year with a total gross floor area of 1 million square feet. More than half of the floors are pre-leased by many large multinational corporations, including Baker McKenzie’s attorney services. According to Baker McKenzi, the pre-rent rate is over 50%, and the lease rate is between 50 and 70 yuan.