Dongjiu Commercial Building rents cheap
The Government promoted the second core business district in Kowloon East. The Kowloon East Commercial Institution survey recently completed by the Planning Department showed that the proportion of companies working in commercial buildings in the district has doubled from 11% to 22%. More than 60% of the companies operate in commercial buildings.
The survey was conducted by the Planning Department from April to July 2018. A total of 8,684 institutions were successfully interviewed. The estimates were based on the institutional unit records. The total number of institutions located in the Kowloon East survey was estimated to be 27,136.
Banking finance industry, etc.
Compared with the similar survey conducted by the Planning Department in 2011, the proportion of commercial establishments in commercial buildings and converted commercial buildings increased from about 11% to 22%. This trend is particularly evident in the Kwun Tong business district, where commercial establishments are located in the district. The percentage has doubled from about 32% to 64%.
By industry classification, the number of institutions engaged in banking and financial services and insurance, as well as real estate and professional and commercial services, the so-called FIRE industry, has increased significantly, from about 6% in the 2011 survey to 19% in the 2018 survey.
According to the survey, about one-quarter of the institutions were relocated from the non-core business districts or the traditional core business districts to East Kowloon. Among them, 55.7% of the institutions were located in Kowloon East because of the low rents and low operating costs.