In Hong Kong, the economic outlook has dimmed, and the commercial rental market is also quiet
Chen Yanlou, director of the office building of Zhongyuan (Industrial and Commercial), said that according to the statistics of the bank, only about 343 office buildings were recorded last month.The rental transaction fell below the 400 level and fell by 27.8% month-on-month, reflecting the market’s wait and see.
The decline in office rentals has dragged down the overall rentals. I believe that the office rent reduction will continue in the coming months and there will be opportunities for the second-tier commercial buildings to gradually spread to the Grade A commercial buildings held by developers
The market recently recorded a case of rent reduction in commercial buildings. Room 05, High Floor, No. 118 Connaught Road West, Western District, with an area of about 2133 square feet. The transaction was about $25.7, which was about 30% lower than the rent price in June.
The other floor of the 12th floor of Wyndham Commercial Centre, 44 Wyndham Street, Central, covers an area of about 3,480 square feet. The lease price is about $40, which is about 50% lower than the owner’s intention to rent in April this year.