辦公室住宅市場概要(英文)(pdf 16頁)

Despite the threat of successive rate hikes, the occupational demand for quality Grade A offices remained buoyant during 4Q 2005. Brand-new
developments in core Central such as AIG Tower and Two International Finance Center remained popular amongst the tenants engaged in the finance
industries, and their average rental rates have edged near to the HK$100 per sq ft level. However, due to the supply constraint in Central, the type of
new lettings was primarily limited to small-to-medium sized tenants with floor area requirements falling in the range of 3,000 to 4,000 sq ft. As most
developments in Central have achieved over 95% occupancy and there has been sustained take up in decentralized areas, the average office rent in the
whole market grew further by 12% QoQ to US$55.31 per sq m per month (HK$40.08 per sq ft per month) as at the end November 2005.
One of the salient features in 4Q 2005 was the significant rental catch up in Island East where the average rental saw a dramatic growth of 29.0% QoQ
due to the sustained absorption attributed to relocations and positive spillover from the core areas. For example, Wachovia expanded its operations by
keeping its trading division in core Central and relocating its back office to Taikoo Shing. Overall, the average vacancy rate in Island East edged further
down to less than 4% as at the end of November 2005. In Central, the average vacancy rate remained virtually unchanged at around 4 - 5% during 4Q
2005 despite the mild contributions from a few new lettings.
After the conclusion of a number of deals in decentralized areas, the overall market activities turned quiet in 4Q 2005. The lack of supply was obviously
one of the key reasons. In addition, the trend of decentralization slowed down. The rental difference between the core and decentralized areas became
narrower in 4Q 2005 after the recent rental catch up, and so the option of
decentralization became less appealing in financial terms.
Subsequent to the dramatic rental growth during 2005, market players
including landlords and tenants have been more prudent in preparing for
a volatile leasing market over the coming year. Firstly, more vendors have
started to focus on the background and quality of their tenants rather the
current rental rates in an attempt to achieve a steady income flow over the
medium term. This is being done by offering the option of renewals only
on an individual basis. Secondly, more tenants have become more proactive……
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