How 2 landmark Central deals boost sentiment in Hong Kong’s office market
AI Summary
Two large office leasing deals in Central, Hong Kong, involving Jane Street Asia at Central Yard and Qube Research & Technologies at Two International Finance Centre, represent the biggest single-tenant commitments in the area in a decade. These deals, advised by JLL's Alex Barnes, occurred against the backdrop of a struggling Hong Kong office market, which has seen high vacancy rates and declining rents since 2019 due to weak growth and geopolitical uncertainty. Despite the downturn, Barnes maintained close client relationships, which ultimately led to the successful closure of these significant leases. Sentiment in Hong Kong's office market began to improve in early 2023, with wealth management remaining strong and other financial sectors showing signs of recovery in early 2024. These deals signal a potential turning point for Central's office market.
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