Get Online valuation solutions when you selling property
Mainland Chinese tourist arrivals have shown both the fastest and the strongest rebound. Average hotel occupancy also increased to 34% in June, compared to an average of 17% the previous month. Rents continued to soften throughout most office districts over the month, averaging a 1.8% decline in June.
The strongest decline was witnessed in Central where rents fell 3.2%, whereas rents in Tsimshatsui held steady over the month. Leasing activity remains largely focused around tenants looking to consolidate or reduce the size of their leased premises.Tenants that are moving are doing so because of low market rents currently and the opportunity to upgrade to a better location or building. How to find commercial property valuer fees calculator? Take-up appears to be improving for prime properties in the Central district Hongkong Land, the major landlord of grade A offices in Central, recently stated that occupancy in its Central portfolio had risen to above 90% compared to below 90% in 2002. This may be attributed to the fact that the spread in rents between districts continues to shrink The gap in rents between Core Central and Quarry Bay averaged HK$5 psf/month This narrows further to around HK$3psf/month when comparing Central to Wanchai/Causeway Bay. There was a noticeable increase in prime strata-title office sales over the month Several units were sold in Lippo Centre and Bank of America Tower in Admiralty. This follows on the en-bloc sales of Vicwood Plaza and Ananda Tower in earlier months Interest in office investment may be rising as the Government grows closer to allowing the listings of REITs in Hong Kong Unemployment rate jumped to 8.3% in May, up from 7.8% a month earlier A Government spokesman noted that the sharp rise in the latest unemployment figure more fully reflects the impact of SARS on the local economy. The increase in the number of unemployed came largely as expected from industries such as restaurants, retail, hotels and transport. Hong Kong's Government is expected to launch a HK$715 million temporary employment and training program in order to help job seekers and new entrants to the labor force. Despite these efforts, analysts expect that the unemployment rate will continue to rise over the coming few months.
The strongest decline was witnessed in Central where rents fell 3.2%, whereas rents in Tsimshatsui held steady over the month. Leasing activity remains largely focused around tenants looking to consolidate or reduce the size of their leased premises.Tenants that are moving are doing so because of low market rents currently and the opportunity to upgrade to a better location or building. How to find commercial property valuer fees calculator? Take-up appears to be improving for prime properties in the Central district Hongkong Land, the major landlord of grade A offices in Central, recently stated that occupancy in its Central portfolio had risen to above 90% compared to below 90% in 2002. This may be attributed to the fact that the spread in rents between districts continues to shrink The gap in rents between Core Central and Quarry Bay averaged HK$5 psf/month This narrows further to around HK$3psf/month when comparing Central to Wanchai/Causeway Bay. There was a noticeable increase in prime strata-title office sales over the month Several units were sold in Lippo Centre and Bank of America Tower in Admiralty. This follows on the en-bloc sales of Vicwood Plaza and Ananda Tower in earlier months Interest in office investment may be rising as the Government grows closer to allowing the listings of REITs in Hong Kong Unemployment rate jumped to 8.3% in May, up from 7.8% a month earlier A Government spokesman noted that the sharp rise in the latest unemployment figure more fully reflects the impact of SARS on the local economy. The increase in the number of unemployed came largely as expected from industries such as restaurants, retail, hotels and transport. Hong Kong's Government is expected to launch a HK$715 million temporary employment and training program in order to help job seekers and new entrants to the labor force. Despite these efforts, analysts expect that the unemployment rate will continue to rise over the coming few months.