4
Redefining office submarkets
Kowloon East
Hong Kong East
Greater Central
Tsim Sha Tsui & West Kowloon
Wan Chai / Causeway Bay
A range of factors including cost, business continuity planning, infrastructure and technological advancement have driven a shift in office leasing strategy in Hong Kong in recent years, with many occupiers now finding it feasible and desirable to base their operations in locations outside core office districts. As newer, cheaper and higher quality properties become available in decentralised areas, the role and function of Hong Kong’s office sub-markets will evolve.
Gradually attracting headquarters offices from Central Home to a growing number of financial and professional services firms Lower cost just one of several factors drawing occupiers to the district
Limited future supply set to reduce desirability Likely to fall further down the list of locations from both a cost and building quality perspective Set to receive a boost from the upcoming regeneration of Wan Chai North
Projected to become the largest office sub-market by footprint Will continue to attract cost driven decentralisation moves Kai Tak to form a self-sustained and vibrant commercial community
Expected to remain the city’s leading and most desirable office sub-market More upgrading activity within the CBD likely in the coming years Will retain a high concentration of financial sector companies and a growing presence of Mainland Chinese firms
Tsim Sha Tsui to become a larger core sub-market extending to the western waterfront Provides a vibrant commercial community with arts and cultural facilities Cheung Sha Wan to offer affordable options for occupiers seeking access to West Kowloon
