Not afraid of the periphery, the business is actively expanding

Jones Lang LaSalle reported that even if the external market conditions are unknown, the expansion of shared space is still relatively positive.

Jones Lang LaSalle’s latest “Hong Kong Property Market Watch” pointed out that despite the continued uncertainty of the global economy and fluctuations in the local stock market, the operators of the shared workplace were still active last month, which was the main source of demand for the office leasing market. It is reported that one of the shared workshops, Eaton House, leased 14,000 square feet of No. 3 Garden Road, Central, last month, and the area rented in the building was doubled. The transaction also showed that the high rents have not deterred some companies and are still willing to expand in Central.

In the overall office market, due to the traditional low season of the long holidays, the office market recorded a negative absorption of 94,000 square feet last month. The office leasing market is still dominated by relocation, and insurance companies continue to move to non-core business districts. China Merchants Haida Insurance Consultants leased 12,000 square feet of floor space at South Island Place in Wong Chuk Hang and will be moved from Sheung Wan.

Tsim Sha Tsui vacancy rate lowest in each district

The head of the commercial department of Jones Lang LaSalle, Bao Yali, said that the vacancy rate in traditional commercial districts was low, driving overall office rents up by 0.6% month-on-month. The vacancy rate of office buildings in Tsim Sha Tsui was the lowest in the districts. The rent rose by 1.4% last month. The crown of each district. The trend of moving away from the core will continue as there is a large rent gap between office rents in traditional business districts and rents in emerging business districts. With the opening of the Central and Wan Chai Bypass and the Eastern Corridor Link, more companies will be encouraged to consider moving out of Central.