Tsim Sha Tsui, Aberdeen, rents 16% to crown Hong Kong

The Hong Kong section of the Guangzhou-Shenzhen-Hong Kong high-speed rail (hereinafter referred to as the high-speed rail) is about to open to traffic. Tsim Sha Tsui is expected to become the preferred location for mainland enterprises to set up offices in Hong Kong. Colliers International pointed out that in the past year, Grade A office rents in Tsim Sha Tsui have risen by more than 16%, outperforming the rest of the territory. It is expected that there will still be at least 10% upside potential next year.

Yan Huiping, general manager of Colliers International (Hong Kong) Commercial Property Services, said that the vacancy rate of office buildings in the core area of ​​Hong Kong is extremely low, causing rents to rise. According to the bank’s research data, as of August this year, the overall Grade A office rents in Hong Kong rose by 8.5%, with Central and Admiralty rising by 11.1%. The growth rate was less than 12.9% in Wan Chai and Causeway Bay and 16.2% in Tsim Sha Tsui.

Yan Huiping said that the rents in Wan Chai, Causeway Bay and Tsim Sha Tsui have been considerable. Apart from the high rents in the core area of ​​the Central District and the limited availability of rental floors, the Chinese-owned shared space operators actively expanded in recent years have leased more than two in the above two districts. stronghold. As the high-speed rail will be fully operational, the location of the offices of Mainland enterprises in Hong Kong will no longer be limited to the core areas of Central and Admiralty. The current rent of office buildings in Tsim Sha Tsui is only half of the Central District. It is expected that the rent of Grade A office buildings in Canton Road will be most driven. There is a 10% increase.