Hong Kong’s ageing office towers likely to lose rental value of US$1.3 billion without upgrades amid changing market dynamics

//Hong Kong’s ageing office towers likely to lose rental value of US$1.3 billion without upgrades amid changing market dynamics

Hong Kong’s ageing office towers likely to lose rental value of US$1.3 billion without upgrades amid changing market dynamics

At least 100 “ageing” office buildings in Hong Kong need to be refurbished to unlock their rental potential, as the Covid-19 pandemic changes market dynamics and tenant expectations, according to JLL.More than half of the city’s grade A and B buildings are considered ageing as they were built more than 20 years ago, with rents 10 to 40 per cent lower than well-maintained and newer buildings, the property consultancy said.And with less than a quarter of them upgraded in the last 10 years, they…

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By | 2021-05-05T02:00:15+00:00 May 5th, 2021|Business|Comments Off on Hong Kong’s ageing office towers likely to lose rental value of US$1.3 billion without upgrades amid changing market dynamics