Office space withdrawal of around 46,000 sq ft battered Central in August

Due to weak leasing demand, partly.

In August, weak leasing demand, along with several large tracts of returning stock arising from lease expiries and tenant decentralisation contributed to a net withdrawal of about 46,000 sq ft in Central.

According to a research report from JLL, all other major office submarkets recorded positive net take-up, leading the overall occupier market to grow by about 119,900 sq ft.

Meanwhile, in other sector news, the planned redevelopment of Swire Properties’ techno-centres in Quarry Bay led to Leo Burnett–a global advertising company–leasing two floors (46,500 sq ft) at AIA Kowloon Tower, Landmark East in Kwun Tong.

Also, in the primary sales market, another floor at One Harbour Square in Kwun Tong was sold for HKD 219.4 million (HKD 12,101 per sq ft).