Rents in world’s priciest office market seen falling in 2019
(181024) — MACAO, Oct. 24, 2018 (Xinhua) — Journalists take photos outside the Macao frontier inspection building of the Hong Kong-Zhuhai-Macao Bridge, Oct. 24, 2018. Xinhua/Cheong Kam Ka) (zyd)
INTERNATIONAL – Rents in the world’s costliest office market, Hong Kong, may fall for the first time in four years as an equities rout weighs on sentiment in the financial hub.
Grade-A office rents in Central and Admiralty will decline by about four percent in 2019, Colliers International Inc. said in a report. That compares with an estimated gain of 9 percent this year.
Declines in stocks this year have undermined confidence at the financial firms that rent more than half of the Grade-A office space in the central business district, the property brokerage said. Looming interest-rate increases and the U.S.-China trade war will also take a toll on sentiment, it said.
Office occupancy costs in Central stand at $307 per square foot, topping London’s West End and Beijing’s Finance Street, according to CBRE Group Inc.
Rents in the world’s costliest office market, Hong Kong, may fall for the first time in four years as an equities rout weighs on sentiment in the financial hub.BLOOMBERG
Source: iol.co.za