Finance sector boosts net take-up in Central in July

Thanks to consolidation and expansion requirements.

Consolidation and expansion requirements from the finance sector helped lift net take-up in Central to a market leading 61,000 sq ft in July.

According to a research note from JLL, although occupancy levels improved in most buildings, tenant downsizing and decentralisation did result in a number of buildings experiencing mild net withdrawals.

Net take-up in the overall market reached an in-year monthly high of 164,100 sq ft in July.

Here’s more from JLL:

The redevelopment of Swire Properties’ techno-centres in Hong Kong East continues to serve as a catalyst for demand in the submarket.

Fuji Xerox, for example, will relocate into two floors in Cityplaza Four.

Their existing office space in Cityplaza Three will be used to accommodate the relocation of the government’s offices from Cornwall House.

The growth of the occupier market saw rents edge higher across most submarkets in July; especially in the top-end of the Central office market where vacancy has tightened to a three-year low.