Hong Kong residential, retail properties recover while office sector struggles with glut

Quick Summary:

Reports of brisk weekend home sales show the housing market will outpace offices in recovery going into 2025, consultancies say.

This is likely to make the vacancy rates worse by the end of 2025, while rents are will be depressed by another 5 per cent, according to CBRE.

Hong Kong developers and landlords are set to add about 3 million square feet of new office space next year, the firm forecasts, compounding a glut.

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Article Details

Author / Journalist: Cheryl Arcibal

Category: Business

Markets: Hong KongChina

Topics: Properties Consultancy Causeway Market Hong Vacancy Rates Likely Office Tsui Tsim

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 08:30:08 (3 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 250 words

Reading Time: 2 minutes read

Sentences: 6 lines

Sentence Length: 42 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23358175

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