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The dynamics defining the Hong Kong office market at present have been broadly outlined in a new report from Knight Frank’s analysts in the Far East.
Landlords in the city are reportedly finding themselves with ever greater demand for their premises and the associated rental rates are being forced upwards as a result.
The picture varies in each part of the city but, in general terms, supply has not been able to keep up with demand across Hong Kong in recent months and particularly since the beginning of this year.
Economic growth is now being maintained, which has encouraged many businesses to expand their operations and start looking for more office space to rent in Hong Kong, Knight Frank reports.
The cost of renting office space in the city is now forecast to rise by as much as a quarter over the course of this year. “By the end of 2011, it is likely that grade A office rents in all major business districts in Hong Kong would surpass their previous 2008 peaks,” the new report states.
Rent-free periods are now being less frequently agreed to in the city as landlords realise the strength of their position and the level of demand that currently exists for high-quality office space in central Hong Kong.
The Knight Frank review of Hong Kong’s office market follows a report from Cushman & Wakefield suggesting that office space in the city is now the most expensive to be found anywhere in the world, surpassing even that of London’s West End.
A number of other Asian markets also look particularly strong at present, with both Shanghai and Beijing having seen notable rises is the cost of renting their office spaces.