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



a skyscraper in a city: The amount of office space lying empty reached the highest level in 21 years in September, according to property services company CBRE. Photo: K Y Cheng


© SCMP
The amount of office space lying empty reached the highest level in 21 years in September, according to property services company CBRE. Photo: K Y Cheng

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.

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Some of Hong Kong’s poor finally feel at home in 290 sq ft modules

HONG KONG (Reuters) – When Lau Kai Fai, his wife and teenage son moved into a new Hong Kong flat last month, he thought the 290 square feet (27 square metres) of space in his “module home” felt like “winning the lottery.”

Among the first Hong Kongers to move into such prefabricated dwellings, built as a transition for people awaiting public housing, Lau’s family more than tripled the space they had squeezed into. Now they sit together for meals, rather than eating in turns.

While tiny by the standards of many cities in rich countries, the new home represents a big step up – even if temporary – for Lau, 70, in one of the most crowded urban areas in the world.

“It feels like a home,” Lau said. “The previous flat was only a place to sleep.”

Lau is the beneficiary of Hong Kong’s latest initiative to ease a

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