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A shortage of office space in Hong Kong is forcing some companies to look to Singapore instead, according to property consultants.
Hong Kong, which currently has the most expensive office space in the world, is experiencing a severe shortage, which has made some companies move to rival Singapore, fund manager MGPA told Reuters.
Simon Treacy, the Group Chief Executive of MGPA told the news outlet: “Unlike Singapore, Hong Kong has not managed its land supply well. Vacancies are very low in Hong Kong and rents are rising.
“Some international banks will more actively consider Singapore as the area where they’ll expand, so on a net-net basis, Singapore’s growth will outpace Hong Kong.”
The sky-high rents in Hong Kong as well as the difficulty in finding space are also a factor in the equation.
In the second quarter of this year rents in the former British colony rose to a historical high of HK 120 per quare foot for office space in central downtown.
Savills’ Senior Director of Research and Consultancy, Simon Smith, who is based in Hong Kong, told the Straits Times that the increase had been so marked due to
“mainland initial public offerings, growth in the financial services sector and also the demand from mainland (Chinese) institutions”.
Property consultant CB Richard Ellis has stated that only a small amount of office space is expected to become available in Hong Kong this year, as opposed to Singapore, were more than three million square feet of office space will come onto the market this year.
In comparison Hong Kong will be able to offer only 1.3 million square feet, with almost none of it in the central business area.