HFW will have more space in the new office, in contrast with the recent downsizing efforts by some of its international peers
HONGKONG Land Holdings signed UK law firm Holman Fenwick Willan as the latest tenant in its Central office portfolio, a welcome addition as demand for offices remains sluggish in the business hub.
HFW will take two floors spanning 22,000 square feet (2,044 square metres) in Alexandra House, Hongkong Land said on Tuesday (Feb 25). The move marks as an upgrade from the law firm’s previous location in Lippo Centre on the periphery of the business district.
Office landlords in Hong Kong are facing pressure on rental income as occupancy rates decline, according to Bloomberg Intelligence (BI). Hongkong Land’s vacancy rate at its Central office portfolio climbed to 9 per cent at the end of September from 7.3 per cent three months earlier, BI wrote in a note on Tuesday.
HFW will have more space in the new office, in contrast with the recent downsizing efforts by some of its international peers.
“We have ambitious growth plans in Hong Kong and although our previous premises had served us well for almost three decades, we needed an office with sufficient space to support that growth,” said Peter Murphy, managing partner of HFW’s Hong Kong operation. The move “reinforces our continued commitment to our clients in Greater China”, he added.
Meanwhile, the Henderson, the new flagship office tower owned by Henderson Land Development in Central, signed hedge fund giant Point72 Asset Management, according to Jones Lang LaSalle. The firm will occupy 55,000 square feet of space, making it one of the biggest deals for the property.
Even though vacancy rates in Central dropped slightly in January from the month prior to 11.3 per cent, rents remain under pressure with values declining 0.1 per cent in the period, JLL data show. BLOOMBERG
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