Kowloon, Jiaxia Huiyong, rents rebounded
In the first half of the year, the lease of the property was booming. Knight Frank believed that the rental of the Kowloon area was ideal in the second quarter. The rents rebounded and it is expected to increase by about 2% to 4% this year.
Two floors of Fengshu, Kwun Tong
According to the monthly rental statistics of Knight Frank, the vacancy rate in Central has dropped again. The latest vacancy rate is 0.8%. Since 2001, the vacancy rate has fallen below 1% for the first time. In May, traditional commercial rents rose by 0.7% on a monthly basis. Class A commercial buildings are higher at 196.2 yuan, up 2% month-on-month, and rents are close to 200 yuan. The rents of commercial buildings in all districts of Hong Kong are now rising, which is significantly higher in Causeway Bay, up 2% month-on-month.
For the Kowloon area, the rentals were also satisfactory. The vacancy rates in Kowloon, Tsim Sha Tsui and Cheung Sha Wan fell to a new low this year. The Kowloon East rentals were expedited, including a large-scale tenancy at the Fengshu Centre in Kwun Tong, involving two floors of the middle floor of the property, totaling about 70,000 square feet, which was leased by HSBC. In addition, a surveyor originally rented Hong Kong Island. The office building is now subletting the office building of the High Silver Financial International Center for approximately 63,700 square feet.
The city of Genesis 5, 35,000 yuan rented out
High rents on Hong Kong Island have caused many merchants to move to Kowloon East. For example, the Kwun Tong Millennium City Phase 5 commercial building recorded a tenancy transaction involving the full floor of the 12th floor of the property and some floors of the 13th floor with a total area of about 35,000 square feet. Hey, you can see 40 yuan for rent.
The building is located upstairs in the apm shopping mall. The rent has always been the East Kowloon indicator commercial building. The new tenant is Starbucks, a chain of coffee brands, for office use. The brand originally used office buildings in Wanchai, and the relocation can save a certain amount of rent. Another Landmark East AXA Tower recorded a full-floor rental, covering the entire 20th floor, covering an area of about 14,000 square feet, and renting out about 40 yuan per square foot. According to the news, the new tenant CITIC Group’s telecommunications department, the original Renting a Taikoo Square commercial building will save rental expenses.
Knight Frank said that due to the low vacancy rate in Jiasha, the rent increase of Jiasha in Hong Kong Island continued in the first half of the year, and it is expected to continue to improve in the second half of the year. For the Kowloon area, the new supply continued to be concentrated in East Kowloon, which caused the rent to be under pressure. However, in the first half of the year, many large-scale rentals were recorded in the district. A large number of flats were absorbed. In the second quarter, the rents of commercial buildings in Kowloon stopped falling. The increase is about 2% to 4%.