Hong Kong Office Leasing Guide
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1 Asia Pacific Properties Market Report Hong Kong Office Leasing Guide July 2014 Proud Member of
2 Terminology 1. GRADES GRADE A Highest quality building in prime locations with state-of-the-art specifications and highly sought after by the high-profile companies. GRADE B These buildings fall just below Grade A buildings and have slightly lesser specifications and quality. They are typically older and just outside prime office locations. GRADE C These are older office buildings with low specifications and less appealing to many companies. They are typically sought after for cost conscious firms who feel the need to not be centrally located in the heart of business districts. 2. LEASING TERMINOLOGY GROSS FLOOR AREA (G) In most buildings, gross floor area is the common method of measurement. It is the area within the perimeter of the outside walls including wall thickness, service core including lift lobbies, passenger and service liftwells, staircases, lavatories, pantries, mechanical, and electrical areas. LETTABLE AREA (L) The net area plus a percentage of common usable area such as lift lobbies and toilets (apportioned if the floor area is sub-divided). Lettable to net efficiency is generally 80-90%. NET AREA (N) Sometimes referred to as the usable area or carpeted area, the total net area of the premise is measured from the inside walls and excludes internal structures. EFFICIENCY (NET/GROSS AREA RATIO) Most buildings in Hong Kong have an office efficiency of 70%-80%, depending on internal structures that decreases the usable area of an office space. Building units are typically given in gross area square footage with efficiency (for example) of 70% efficiency which then calculates the Leasing Terminology And Costs General Market Practices usable area or net area. OPTION TO RENEW In addition to the initial lease term, some landlords, in exceptional cases, may grant to a coveted tenant user an option to renew for a further term at a rent either pre-agreed upon by both parties or at prevailing market rent at the time of renewal. EARLY TERMINATION Early Termination is usually not allowed on the fixed lease period. In some cases, early termination might be allowed based on mutual agreement or by finding a replacement tenant. REINSTATEMENT In almost all cases, tenants are contractually required to reinstate the premises to its original condition and remove all alterations prior to handing back the premises to the landlord. LANDLORD S PROVISION These are the fixtures and/or fittings provided by the landlord free of charge. Sprinkler system for fire protection, basic air-conditioning apparatus and false ceilings are commonly provided. RENT FREE PERIOD Tenant may be entitled to a rent-free period granted for fit-out works. The average rent-free period is two weeks to two months for two year leases, but may vary according to the size and lease term of the office space taken. 3. COSTS INCLUDED WITHIN A LEASE RENT Rental rates are generally quoted per square foot and payable monthly in advance. SECURITY DEPOSIT Upon the execution of the Tenancy Agreement (TA), tenants are required to pay a security deposit of three months total sum of the following: rental plus management fee, government rates (estimate) and other chargers, if applicable. MANAGEMENT FEE Management fees for Grade A and B office space can range from HK$3- HK$11 per square foot gross per month, depending on age and location of the building. Management fees pay for cleaning and maintenance for common areas and general building upkeep. They typically also include central air-conditioning costs during normal office hours and half-days on Saturdays, though not in all cases. LEGAL COSTS Tenants are to bear their own legal costs and are advised to consult their solicitors to ascertain actual fees. STAMP DUTY The tax payable to the government is calculated based on the rental price and the length of the lease term. Normally stamp duty tax is shared equally by landlord and tenant. For lease terms of 1-3 years, the stamp duty is 0.5% of the average annual rental, and for lease terms over 3 years, the rate is equal to 1%. UTILITY COSTS & TELECOMMUNICATION Tenants are required to apply for a separate electricity and water account for the premise, if applicable. Deposits shall be paid directly by the tenant to the utility providers. Tenants are solely responsible for the installation and service charges of telecommunication usage in their own premises. FIT-OUT COSTS Estimated fit-out cost is approximately HKD200-HKD500 per square foot of net area for standard finishing, and up to HKD1,000 per square foot for top-end offices in Grade A buildings. Tenants are required to obtain approval from the landlord for the lay-out plan. Some landlords may have a provision for the vetting fee for amendments, approval for the lay-out and the monitoring of the progress. There is a deposit required to ensure no damage is made to the common areas of the building.
3 Market Rental Price And Vacancy Percentage Central & Admiralty, 2013 Q4, 2013, 2014 Sheung Wan VACANCY RATES & DEMAND There appears to be some contraction by firms that aggressively expanded in on the hopes of strong economic growth in China (which has been tempered). Consequently, vacancy rates in Hong Kong have increased slightly from 3.5% at the end of Q to 4% at the end 2014, and will likely continue to rise into next quarter. s in Hong Kong historically regarded as the core business districts finished the quarter above the average Hong Kong vacancy rate. The rise in the vacancy rates in these districts would have been greater, except that small and mediumsized services firms, who out of caution have been locating in less-expensive, second-tier addresses, returned to core central and business districts. Hong Kong Office Vacancy Rates Causeway Bay & Wan Chai North Point & Quarry Bay SUPPLY A total of approximately 1,885,200 square feet of Grade-A office space was scheduled for completion in Of that amount, only 130,000 sq ft of office space is to be completed on Hong Kong Island (49,400 sq.ft. of which had already been leased). This growth of Grade-A office space, even by Hong Kong standards, is very modest relative to historical levels, thus constraining available supply TST Kowloon East RENTAL RATES Hong Kong Average Office Rental Rates (By ) Global economic uncertainties and additional signs of slowing growth in China are continuing and may foreshadow a downturn in demand and consequently a downturn in rental rates. The views are mixed on rental rate forecasts across Hong Kong. Recent reports suggest office rents in corebusiness districts will see a meaningful decrease and market correction through 2014, which may provide an opportunity for tenants to obtain Grade-A office space at rates that are attractive. Other industry professionals remain optimistic about Hong Kong s resiliency and suggest there will be no significant rental rate decreases in core business districts. The answer may hinge not on external economic factors but on the outcome of several substantial lease negotiations currently underway: a failure of those negotiations to achieve renewals at present space requirements may cause the return of a substantial amount of empty space to the market, and landlords may be forced to lower rents to maintain their buildings occupancy levels. Graphs source: Rating and Valuation Department, Hong Kong Central Sheung Wan Causeway Bay / Wan Chai Tsim Sha Tsui North Point / Quarry Bay Avg. Rent (PSF/MTH) Year / Quarter
4 Business s Major Business s Kowloon Bay Kwun Tong Kowloon Tsim Sha Tsui Sheung Wan Central Admiralty Wanchai Causeway Bay North Point Quarry Bay Image is not in scale Air Express Line Island Line Kwun Tong Line Tsuen Wan Line Tsueng Kwan O Line Tung Chung Line 0 Interchange MTR Station o MTR Station
5 Sheung Wan Sheung Wan, historically one of the original settlements by the British, is situated just north-west of the core business district of Hong Kong, Central, and only one stop away on the Island line MTR system. The district is regarded as more of a local location for businesses with many shops, restaurants, and historical buildings from the British occupation. Sheung Wan is preferred by many as a cost effective location that is still in close proximity to the Central. The Center ,000 (G) 1998 Cosco Tower ,000 (G) 1997 Wing On Centre 52 18,740 (G) 1977 Nan Fung Tower 46 10,179 (G) 1973 China Insurance Group Building 45 6,730 (G) 1967 Infinitus Plaza 44 11,899 (G) 1987 FWD Financial Centre 41 8,016 (G) 1994 Shun Tak Centre ,956 (G) 1985 One8One Queen's Road Central ,451 (G) 1998 Golden Centre ,385 (G) 1991 Beautiful Group Tower ,904 (G) 2002 Kai Tak Commercial Building 33 5,000 (G) 1974 EIB Centre 31 3,457 (G) 1999 The Pemberton 27 2,814 (G) 2006 Bangkok Bank Building 26 3,565 (G) 1991 China Merchants Building 26 4,620 (G) 1979 DBS Bank, Goldman Sachs, Compass Serviced Offices, Samsung Electronics, Maples & Calder, Ogilvy & Mather Group SHKP, Henderson, Sino Land, Strata-titled To Central (by metro) Duration 3 min Costs HKD4.00 To Airport (by metro) Duration 36 min Costs HKD104.00
6 Central Central is considered as the Central Business (CBD) in Hong Kong. Most of the newly completed Grade A buildings are concentrated in Central. It is also a preferred location for financial and banking institutions, hedge funds, legal firms supporting the financial sector, and multi-national corporations. Grade A office rents are traditionally the highest in Hong Kong, led by new developments on reclaimed areas such as the International Finance Centre. Chater House ,397-19,070 (N) 2002 York House 155 8,100-8,200 (N) 2006 One & Two International Finance Centre ,000-23,000 (L) 2003 One, Two & Three Exchange Square ,800-12,000 (N) 1988 The Landmark ,100-13,200 (N) 1980 Cheung Kong Center ,157-22,454 (L) 1998 Alexandra House ,000-11,800 (N) 1976 Jardine House ,400-15,500 (N) 1972 CCB Tower 128 6,900-7,400 (G) 2012 Prince's Building ,800-21,200 (N) 1965 Hong Kong Club Building 95 8,688 (L) 1984 Bank of China Tower 90 6,095-18,500 (L) 1990 Citibank Plaza 85 12,781-17,575 (L) Queen's Road Central ,012 (L) 2000 Man Yee Building ,326-11,482 (L) 2000 Macquire Group, Jardine Matheson, Hutchison Whampoa, Bank of America, J.P. Morgan Chase, HSBC Holdings, Crédit Agricole (Suisse) SA, Agricultural Bank of China, Bank of China, Citibank Hong Kong, Hang Seng Bank, Standard Chartered Bank, UBS AG, SFC, Royal Bank of Scotland SHKP, Hongkong Land, Sino Land, Great Eagle, Strata-title To Airport (by metro) Duration 33 min Costs HKD100.00
7 Admiralty Admiralty is another extension of Central, lying to the east of Central, one subway stop away. Because it is the location of the High Court, it is historically the preferred location for legal firms. Admiralty is also home to various 5-star hotels. It is a small district with only a few modern office buildings and a popular shopping mall. One & Two Pacific Place ,000-25,800 (G) CITIC Tower 68 14,700 (G) 1997 Far East Finance Centre ,800 (G) 1982 Lippo Centre Tower 1 & ,500-14,890 (G) 1986 Admiralty Centre Tower 1 & ,469-20,318 (G) 1980 United Centre 40 20,000 (G) 1981 Deliotte, Baker & McKenzie, CCB International Holdings, The Carlyle Group, ENN Energy, Mircosoft Hong Kong Swire Properties, Citic, Strata-title To Central (by metro) Duration 3 min Costs HKD4.50 To Airport (by metro) Duration 36 min Costs HKD104.50
8 Wan Chai / Causeway Bay Moving East from Admiralty, Wan Chai (WC) was historically a red light district but has undergone substantial gentrification in the last 20 years. Many major government departments and international consulates are located in Wan Chai, as well as Hong Kong s primary convention center. Meanwhile, Causeway Bay (CB) is a retail center and considered a paradise for shopping and entertainment. Offices located in these two districts are more affordable than in Central though at a slightly discounted level of prestige. Disney, Société Générale, ICBC International Holdings, Noble Group, China Resources National, Sinopec (HK) Limited, Samsung Electronics, Daimler, Inchcape Far East Company Ltd, Nippon Telegraph & Telephone Corp., AT&T, Intel, KPMG, PepsiCo, Google Three Pacific Place WC ,471 (G) 2004 Hysan Place CB 80 17,500 (L) 2012 The Lee Gardens WC ,544 (L) 1997 Central Plaza WC ,000 (G) 1992 Sun Hung Kai Centre CB 58 16,600 (G) 1981 Harbour Centre WC 58 14,500 (G) 1983 World Trade Centre CB 57 12,770 (G) Hennessy Road WC 57 4,900 (G) Hysan Avenue CB 53 5,044 (L) 1990 Times Square, Tower One & Two CB ,000-19,000 (G) 1993 Hopewell Centre WC ,500 (G) 1984 Caroline Centre CB ,626 (L) 1992 Leighton Centre CB ,496 (G) 1976 Sino Plaza WC ,022 (G) 1992 One Hysan Avenue CB 44 5,700 (L) 1993 Shui On Centre WC ,280 (G) 1987 Harcourt House WC 43 14,000 (G) 1985 Windsor House-ACE Tower CB ,055 (G) 1979 AXA Centre WC ,750 (G) 1982 Hysan, SHKP, Swire Properties, Harriman, Sino Land, Strata-title To Central (by metro) Duration 5 min / 7 min Costs HKD4.50 / HKD5.00 To Airport (by metro) Duration 38 min / 41 min Costs HKD / HKD105.00
9 Island East Island East comprises North Point (NP) and Quarry Bay (QB), two areas that are attracting more tenants with lower rents than in their cousin districts to the west. In Quarry bay in particular, new office towers and substantial urban planning improvements are continuous with newly built/future planning for grade A office spaces within the Taikoo Place cluster, adjacent to the Quarry Bay MTR Station. Built by a major developer, major office buildings are linked by an elevated walkway. North Point is considered as a residential district for working class. The district has a limited supply of Grade A & B office buildings but still attracts major tenants for their attractive prices and open views. For NP: HKU Space Campus, AIA Insurance, Duravit, Wyeth For QB: Lenovo, Fuji Xerox, City- Bank Call Center, DBS Call Center, PCCW, Swire Travel, Jessica Magazine, IBM, Heineken, Kingfisher Cityplaza QB 48 19,000-26,300 (G) 1991 Cityplaza QB 48 19,000-26,300 (G) 1991 Taikoo Place QB ,074-38,857 (G) AIA Tower NP ,425 (G) 1998 DCH Commercial Centre QB ,734 (G) NP ,800 (G) King's Road NP ,821 (G) King's Road NP ,821 (G) 2007 Citicorp Centre NP ,000 (G) 1983 Prosperity Millennia Plaza NP ,867 (G) 1999 K Wah Centre NP ,498 (G) Electric Road NP ,205 (G) 2000 Olympia Plaza NP ,882 (G) 1999 Two Chinachem Exchange Square NP 21 9,432 (G) 1999 For NP: Swire Properties, ChinaChem, Cheung Kong, Sino Land, Henderson For QB: Swire Properties, Citic, Kerry To Central (by metro) Duration 13 min / 15 min Costs HKD6.50 / HKD6.50 To Airport (by metro) Duration 48 min / 48 min Costs HKD / HKD106.50
10 Tsim Sha Tsui / Kowloon West Tsim Sha Tsui, situated on the southernmost tip of Hong Kong s mainland, has become a preferred choice for corporations, particularly sourcing and manufacturing firms, with clientele located in Kowloon, New Territories and/or Mainland China given its access rail line to Shenzhen, comprehensive MTR stations throughout Kowloon and wide variety of cost effective office buildings. Kowloon West is home to the tallest building in Hong Kong, the International Commerce Center (ICC), with similar specifications to IFC. ICC was completed in 2010 and has become a secondary financial center with leading multinational finance firms as the majority of its tenants. International Commerce Centre ,182-38,864 (L) 2010 The Gateway ,050-55,800 (G) 1994 Ocean Centre ,500 (G) 1977 Tsim Sha Tsui Centre ,000 (G) 1980 Empire Centre 40 22,000 (G) 1981 World Finance Centre 38 18,500 (G) 1982 World Commerce Centre ,212 (G) 1982 Silvercord Tower ,600 (G) 1983 Lippo Sun Plaza ,860 (G) 1988 China Hong Kong City ,100 (G) 1988 Natixis, Morgan Stanley, ING, Deutsche Bank, Credit Suisse, Prudential, DHL, General Luxury Brands SHKP, Sino Land, Harriman To Central (by metro) Duration 6 min / 12 min Costs HKD9.00 / HKD9.00 To Airport (by Metro) Duration 42 min / 21 min Costs HKD / HKD From the Kowloon side you may take the airport express from Kowloon station in TST. TST MTR and Kowloon station are only connected by taxi. Graph still indicates travel times and costs to and from Central.
11 Kowloon East Kowloon East (historically an industrial area) is developing as an emerging business district with very attractive rental rates relative to the core CBD of Central. The government has laid out inclusive plans for a CBD2 complete with low cost housing, commercial and residential space, as well as more green space and light rail throughout the core. Current redevelopment consists of shifting industrial space to office, and with Grade-A rents at 30-40% the cost of Central as well as additional buildings under construction or planned, it is an attractive option for back-offices and companies that need not be near the financial center. One Kowloon 40 24,000 (G) 2006 Enterprise Square ,420-18,446 (G) C-Bons International Centre ,233-16,830 (G) 2010 Manhattan Place ,180 (G) 2008 Exchange Tower ,686-27,983 (G) 2008 Millennium City ,140-25,500 (G) Landmark East - Tower 1 & ,300-28,000 (G) 2008 Manulife Financial Centre Tower A & B ,376 (G) 2007 Skyline Tower ,475-28,292 (G) 2003 Chevalier Commercial Centre ,000 (G) 1992 Nan Fung Commercial Centre 18 30,914 (G) 1993 Wharf T & T Square ,000 (G) For KB: AIA Insurance, Esprit, SCMP, Santa s Best, Nike, Wai Yuen Tong, HSBC, DHL, HSB For KT: Standard Charter, Best Choice, BEA, Manulife, Adidas, Reebok, Lenscrafters For KB: Kerry, Nan Fung & Sino Land For KT: SHKP, Harriman & Sino Land To Central (by metro) Duration 28 min / 27 min Costs HKD13 / HKD13 To Airport (by Metro) Duration 50 min / 54 min Costs HKD113.0 / HKD113.0
12 Contact Information www. HEADQUARTERS 14/F Wilson House Wyndham Street Central, Hong Kong tel fax EAA License: C SHANGHAI OFFICE Suite 601 Plaza 66 Phase Nanjing Xi Road Shanghai P.R. China tel fax Beverly LW Sunn President sunn@ Joshua Miller Director joshua.miller@ Albert Chan Manager - Hong Kong Commercial Division albert.chan@ BEIJING OFFICE Unit 703A The Exchange Beijing 118B Jian Guo Lu, Chao Yang Beijing P.R. China tel fax Roland Burton Associate Director - Shanghai Commercial Division roland.burton@ GUANGZHOU OFFICE Unit 841 The Garden Tower 368 Huanshi Dong Lu Guangzhou P.R. China tel fax Geoffrey Guo Manager - Shanghai Commercial Division geoffrey.guo@ GVA Worldwide is a growing partnership of independent commercial real estate companies serving over 50 markets throughout Europe and Asia. A partnership between GVA and Cassidy Turley in the US enables us to harness the expertise of 5,700 real estate professionals in over 110 offices across more than 20 countries. For further information visit www. gvaworldwide.com GVA Worldwide optimises client portfolios locally and around the world. It serves the real estate needs of clients including occupiers, multi-national corporations, major space users, developers, owners, institutions, lenders and investors. Joyce He Assistant Manager - Shanghai Commercial Division joyce.he@ The particulars are set as a general guide. Although every care has been taken to ensure that the information is correct at the time of printing, prospective lessees are advised to satisfy themselves on the accuracy of all statements. All rights reserved. No part of this publication may be reproduced in any form without the prior permission of Asia Pacific Properties.
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