The world’s most expensive office market has more empty floorspace than ever.
Vacant office stock in Hong Kong climbed to a record high in December to 9.1 million square feet (845,000 square meters) — equivalent to nearly 158 football fields, according to real-estate services provider CBRE Group Inc.
In Central, the city’s prized financial center, the supply is set to increase further. Li Ka-shing and Lee Shau Kee, Hong Kong’s richest property tycoons, are building new office blocks that are slated to open next year. It’s not clear how quickly vacancies will fill up as the border with the mainland remains shut, preventing Chinese companies from supporting Hong Kong’s office market, while demand from global banks wanes as the pandemic reshapes work styles.