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Gross office leasing volume increased by 35% q-o-q to 1.3 million sq. ft. in Q1 2024, partly driven by relocation and consolidation demand in recently completed buildings.
Net absorption totalled 612,000 sq. ft., with 400,000 sq. ft. of this figure involving pre-leased space in three newly completed buildings.
Most submarkets except Greater Central reported positive net absorption. Occupancy in Hong Kong East rose by 71,600 sq. ft., the first growth since Q4 2022. Kowloon East registered 233,300 sq. ft. of net absorption.
New supply totalled 925,200 sq. ft.. Slow pre-leasing in new projects ensured overall vacancy reached another all-time high of 14.7 million sq. ft. or 16.7%.
The vacancy overhang saw rents fall 1.2% q-o-q, the 20th consecutive quarterly decline. -
Commercial real estate investment volume (deals worth over HK$77 million, excluding related transactions) rose 8.5% q-o-q to HK$15.5 billion in Q1 2024. However, this marked the fifth consecutive quarter in which investment volume failed to breach the HK$20 billion mark.
Just 20 deals were completed this quarter, with two large transactions accounting for 71% of total investment volume. Most investors continued to adopt a wait-and-see attitude amid the high interest rate environment.
Private investors accounted for HK$8.8 billion or 56.8% of total investment volume this quarter.
Hotel properties received interest from co-living operators for conversion this quarter.
Cash-rich investors continued to seek distressed assets offering high returns, with many owners keen to offload properties to replenish capital. -
Leasing momentum was subdued this quarter owing to sluggish external demand and limited space availability.
Occupiers also remained cautious due to ongoing global economic uncertainty. Two major deals in newly completed warehouses comprised more than half of total new leasing volume this quarter.
Warehouse vacancy slightly increased to 5.5%, a rise of 0.16-ppt from the previous quarter. Vacancy for ramp-access space fell 0.44-ppt to 7.8% but that for lift-access space increased by 1.06-ppt to 2.0%.
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