The vacancy rate of grade-A offices in Hong Kong hit an all-time high of 16.7% at the end of March, while rents declined for the 20th consecutive quarter, according to a CBRE Group Inc. report. New supply combined with cost cutting may lead to more empty premium office space and keep pressure on rental rates, it added.
Hedge fund firm Dymon Asia Capital is expanding in Hong Kong’s central business district, at a time when the city is seeing record premium office vacancies and declining rental rates.
Dymon has signed a lease for a 7,000 square-foot (650 square-meter) office in Edinburgh Tower in the Landmark commercial complex owned by Hongkong Land Holdings (SGX:H78
) Ltd., said Kenneth Kan, Singapore-based deputy chief executive officer. The new space can seat more than 70 employees, double what its current office in the Nexxus Building can accommodate, he added.
