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S&P Predicts HK Grade A Office Rents to Drop 8-10% This Yr, Returning to 2012 Levels
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Credit rating agency S&P has released a report predicting that Hong Kong office rents will continue to decline this year and valuations will follow suit, which means major developers holding Grade A office properties will face the impact of downward valuations of their properties. Hong Kong developers must confront economic uncertainties and competition from newly completed office buildings, said the agency. It is expected that landlords will take more measures to retain tenants, including offering larger rent reductions upon lease renewal. S&P forecasted Hong Kong Grade A office rents to fall by 8-10% this year, a drop deeper than the previously estimated 5%, implying that rents will return to 2012 levels. AAStocks Financial News |
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