• Office leases subdued in Central but strong in Kowloon, says Knight Frank report

    15 January 2015

    The Grade-A office leasing market in Central was subdued in November, according to Knight Frank’s monthly analysis released in the middle of last month.

    Knight frank 2013

    However, in Kowloon, leasing and sales activity remained strong on the back of the availability of large spaces. Central’s office market has been driven by two main developments, the report says. A lack of availability in the majority of Grade-A office buildings has seen mainland financial institutions find it difficult to secure additional space.

    Also, international finance firms have been downsizing since the financial crisis and require less CBD office space, boosting vacancies. In the residential category, robust activity was registered in the primary sector, with developers actively clearing their stock of flats. In the retail property market, with consumer patterns shifting and ongoing political strife, street-level shops in major districts saw rents decline.

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