The world¡¯s most expensive office market has more empty floorspace than ever.
Vacant office stock in Hong Kong climbed to a record high in December to 9.1 million square feet (845,000 square meters) ¡ª equivalent to nearly 158 football fields, according to real-estate services provider CBRE Group Inc.
In Central, the city¡¯s prized financial center, the supply is set to increase further. Li Ka-shing and Lee Shau Kee, Hong Kong¡¯s richest property tycoons, are building new office blocks that are slated to open next year. It¡¯s not clear how quickly vacancies will fill up as the border with the mainland remains shut, preventing Chinese companies from supporting Hong Kong¡¯s office market, while demand from global banks wanes as the pandemic reshapes work styles.
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