Property 

Demand for office space in Hong Kong cools by the most in five months, but rents edge higher

New office lease activity in Hong Kong dropped by nearly a third in March – the most in five months – amid softening demand from mainland Chinese companies, JLL’s latest report showed.The 30 per cent drop in office lettings pushed up the overall available space to 95,700 square feet or 4.8 per cent, up from 4.7 per cent recorded in February.“If we are talking about month on month basis, it is the biggest drop since November 2018 when it dropped 55 per cent,” said Denis Ma, head of research at……

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Cutthroat competition in China’s co-working office sector will see a survival of the largest

Earlier this month, Ucommune, China’s largest home-grown provider of shared office space, reportedly secured 200 million yuan (US$29.8 million) of new funding from the property arm of mainland industrial conglomerate Beijing Xingpai Group. Ucommune (formerly UrWork) will use the proceeds to help finance the construction of new co-working centres as the four-year-old start-up seeks to expand its domestic and international footprint in a fast-growing and fiercely competitive market.Pioneered by… Source link

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Vietnam 

HCM City office rents soar – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The office market in HCM City had a strong start to the year, with new records being set. — Photo Hoàng Hải HCM CITY — The office market in HCM City had a strong start to the year, setting new records, according to a report by property services provider Savills. Vacancies had been continuously declining, especially in the central business district, with all recent entries rapidly absorbed, it said. Rents remained robust with another 2 per cent QoQ gain, continuing its five-year momentum into this year. Rents for grade…

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China 

Slump in China’s box office is helping big cinema chains squeeze the air out of independent theatres, analysts say

The growth of China’s film market is likely to slow down further this year after a disappointing first quarter. But that could be good news for big cinema chains, according to analysts.China’s box office revenue plunged by 8 per cent year-on-year in the first three months to 18.6 billion yuan (US$2.8 billion), data compiled by movie ticketing platform Taopiaopiao shows.That suggests the industry could be facing another tough year ahead after a decade of exponential expansion ended abruptly four… Source link

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Property 

Managing risk when choosing the right office location

Major cities compete to attract inward investment, highlighting, among other things, a low tax regime, government incentives, an educated workforce and a favourable business culture, including appropriate built space to carry out commercial activities.In Hong Kong, the office market has expanded as advances in communication technology and infrastructure improvements have made many decentralised locations more accessible and more acceptable. However, despite this structural shift, core areas… Source link

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Rent at office tower redeveloped on The Excelsior’s site may be the highest in Causeway Bay amid shortage of commercial space

The office tower to rise from where The Excelsior hotel stands on the foreshore of Hong Kong’s Causeway Bay may command the highest rent in the district by the time its redevelopment is completed in 2025, barring a catastrophic economic meltdown in Hong Kong.The site, known as Lot One, was the very first piece of land sold in Hong Kong when the city became a British colony in 1841. Jardine Matheson, one of Asia’s largest and oldest conglomerates, has owned it ever since, putting up the 869-room… Source link

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Vietnam 

Hà Nội office market to likely to lack supply – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — The office market in Hà Nội was expected to face a shortage of supply with competition between offices for lease and co-working spaces likely to rise in the future, but was performing well at present, according to experts. According to Savills Research, Hà Nội and HCM City witnessed a downward trend of yields from the second half 2015 to the second half 2018. “This again was caused by the limited supply of available office developments for sale, which has resulted in…

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The Excelsior goes out with a bang as iconic waterfront hotel bows to commercial pressure and makes way for an office tower

The front desk of The Excelsior in Causeway Bay as of February 20, 2019. The front desk will be turned into a bar after the final guest checks out on March 31. The concierge’s desk will turn into a DJ station, as the hotel’s staff bid their farewell to the 46-year-old hotel, which will be developed over six years into an office tower. Photo: SCMP / K. Y. Cheng Source link

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Vietnam 

Mapletree and Saigon Co.op unveil office twin towers in HCM City – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — The joint venture between Singapore’s Mapletree Investments and Việt Nam’s Saigon Co.op on March 25 unveiled the design for its grade A office twin towers, V Plaza, and officially inaugurated Oakwood Residence Saigon serviced apartment tower. Singapore Deputy Prime Minister Teo Chee Hean and chairman of the city People’s Committee, Nguyễn Thành Phong attended the event. V Plaza is the final development in the 4.4-ha Saigon South Place, which also comprises SC VivoCity, Mapletree Business Centre, RichLane Residences, and Oakwood Residence Saigon.…

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Flush with Asian cash, the London office market looks Brexit-proof – for now at least

A “circus”, “Disneyland” and a “failed state”. Prior to the turmoil unleashed by its vote in 2016 to leave the European Union, it was unthinkable that Britain – a country long admired for its political stability and pragmatism – could be referred to in such a disparaging way.Yet with Britain now knee-deep in a political and constitutional crisis – and just weeks away from crashing out of the EU with no agreement in place on how to continue doing business with the bloc – the country’s reputation… Source link

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