The rate of surrender jumped 55% in the second quarter from the first. FMTNews HongKong China
HONG KONG: Multinational companies surrendered more office space in Hong Kong last quarter as the economy deteriorated amid the pandemic, pushing the city’s vacancy rate to the highest in 15 years, according to Cushman & Wakefield Plc.
Tenants gave up a total of 949,000 square feet of floor area in the first six months of 2020, up from 646,000 square feet in the six months prior.Scaling down Office availability, which indicates the amount of vacant space and areas that will be available in the next 12 months — climbed to 10.7% at the end of June, the highest in 15 years, the firm said.
In contrast, some financial companies and tech giants from mainland China have recently signed up for more floors in the city.
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