Demand for Legitimate Use of Industrial Buildings from Non-Industrial Users Mounting
Hong Kong, May 24, 2017 – Driven out of traditional commercial spaces by high
rents, tenants from technology and retail sectors are coming together in
modern, high-specification industrial buildings. Demand from these industries
have shaped a new trend – industrial/retail hybrid buildings, according to
CBRE’s latest report, Alternative Uses for
Industrial Buildings.
“Conventional and
revitalised industrial buildings are increasingly popular substitutes for
businesses with flexibility to operate from alternative workspaces at a
fraction of the cost. We understand around
one-third of industrial space in Hong Kong is currently occupied for
non-industrial purposes, involving 87 million sq. ft. of space,” said Marcos Chan, Head of Research, CBRE Hong
Kong, Southern China and Taiwan.
“Today, occupiers from food and beverage, arts and culture, sports
and high-tech industries can all operate under the same roof, fostering the
growth of the retailtainment (retail-entertainment) and technology sectors,”
said Joe Lin, Executive Director, Advisory
& Transaction Services - Retail, CBRE Hong Kong. “Synergy can be created between these retailtainment industries as the
flow of people visiting sports and arts venues can drive demand for F&B and
shops within the same building. The reverse also applies.”
Combining retailtainment
and technology operators in one building presents an integrated real estate solution for product
manufacturers and technology companies.
New technologies such as
3D printing, virtual/augmented reality, nanotechnology rely heavily on customer
experience for research and development. With a customer experience lab, plant and showroom under the same roof, customer feedback can be
circulated to R&D teams in real-time.
The Future
Development Landscape
While some non-industrial trades operate legally in
industrial premises, others run under operational, legal and safety risks in
non-compliant properties. Amongst the
industrial property stock in Hong Kong, 40% of the space was constructed in the
1970s or earlier, while another 43% was built in the 1980s. These properties
are mostly outdated in design as well as building infrastructure and safety
features. Of the 1,448 industrial buildings in Hong Kong, over 300 do not have
fire sprinklers installed.
“Purpose-built
industrial-retail hybrid buildings which provide occupiers with the right
specifications, in a safe, legal and commercially viable environment will be
highly sought after,” said Samuel Lai,
Senior Director, Advisory & Transaction Services - Industrial, CBRE Hong
Kong. “Given the lack of sizable industrial development sites in recent
years, supply of such hybrid buildings has been very limited. The market needs
to have more choices for new industries.”
Rapidly
changing economic, social and technological trends mean that buildings should
have higher flexibility in terms of usage. While there are options in
quasi-government schemes, they are not usually backed by sizable catchment
areas to attract commercial tenants and are bounded by stringent admission
criteria. Of the 6.4 million sq. ft. of new industrial space supply in the
private sector, only 2.8 million sq. ft. is suitable for modern industrial use.
CBRE Research identifies four
districts, namely, Wong Chuk Hang, Kowloon East, Cheung Sha Wan and Tsuen Wan
as preferable for occupiers with both industrial and customer-facing needs. Of
the 377 single-owned industrial buildings in Hong Kong, 120 fall under these
four districts. These buildings are an average of 38 years old and
redevelopment into either high-spec industrial or commercial buildings will
unlock their underlying value."
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