Hong Kong office demand shrinks the most in 18 years: Cushman & Wakefield [Reuters]
Cushman & Wakefield plc Ordinary Shares (CWK)
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Source: Reuters
Hong Kong office demand shrinks the most in 18 years: Cushman & Wakefield HONG KONG (Reuters) - Real estate consultancy Cushman & Wakefield on Tuesday revised its forecasts for Hong Kong office rents to fall as much as 18% in the full year while retail rents to drop as much as 40% in the first half, as the coronavirus takes a toll in one of the world’s most expensive property markets. Renting of office and high-street shops in prime districts, such as Central and Causeway Bay, has declined 4% and as much as 20%, respectively, in the first quarter compared to the end of last year. The firm said office leasing demand in the first quarter shrank by the most in 18 years, with net absorption in the Grade A office market falling deeper into negative territory and the availability rate climbing to 10%, a 10-year high. Demand dropped the most in the finance, insurance and co-working sectors, Cushman & Wakefield said, and rising unemployment may drive some companies to cut more office space. I
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