Posted in renovation

Desperate landlords offer renovation subsidies to lure tenants as Hong Kong’s vacant office space hits 21-year high

Hong Kong’s commercial landlords are offering incentives such as renovation subsidies to lure tenants, as the amount of office space lying empty reaches the highest level in 21 years, according to property services company CBRE.

Some landlords have begun offering a one-off subsidy to help new tenants fit out their office space, said Alan Lok, executive director of advisory and transaction services for offices at CBRE.

“In some cases, the landlord would offer a subsidy of about HK$100 (US$12.9) per square foot,” said Lok during a briefing on Wednesday.

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The subsidy is attractive because relocation costs in Hong Kong are very expensive, he said. For a prime renovation costing HK$1,000 per sq ft, the relocation cost may add up to HK$1,200 per sq ft after including the price of returning the office

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Continue Reading Desperate landlords offer renovation subsidies to lure tenants as Hong Kong’s vacant office space hits 21-year high
Posted in renovation

Desperate landlords offer renovation subsidies to lure tenants as Hong Kong’s vacant office space hits 21-year high

Hong Kong’s commercial landlords are offering incentives such as renovation subsidies to lure tenants, as the amount of office space lying empty reaches the highest level in 21 years, according to property services company CBRE.

Some landlords have begun offering a one-off subsidy to help new tenants fit out their office space, said Alan Lok, executive director of advisory and transaction services for offices at CBRE.

“In some cases, the landlord would offer a subsidy of about HK$100 (US$12.9) per square foot,” said Lok during a briefing on Wednesday.

Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

The subsidy is attractive because relocation costs in Hong Kong are very expensive, he said. For a prime renovation costing HK$1,000 per sq ft, the relocation cost may add up to HK$1,200 per sq ft after including the price of returning the office

Read More
Continue Reading Desperate landlords offer renovation subsidies to lure tenants as Hong Kong’s vacant office space hits 21-year high