Hong Kong’s CBD rental gap shrinks amidst COVID-19, creating 'recentralisation' opportunities for tenants
Colliers has released its latest Flash Report, “After Covid-19: New Trends of the Hong Kong Office Market”. This report looks at ‘recentralisation’ opportunities, the new role of technology and workplace wellness becoming an expectation, not a value-add strategy.
Key highlights from the report:
- Hong Kong’s overall CBD rental gap against non-core areas narrows under the impact of COVID-19 and anticipated to decline further by 2022
- Space optimisation, cost-effectiveness of rental rates and flight-to-quality provide strategic drivers for Hong Kong’s tenant-centric office leasing market
- Hong Kong’s Grade A office market in a consolidation phase with the CBD now offering ‘recentralisation’ options
- CBD becomes tenant-centric as vacancy rates increase and cost-saving exercises become a priority