Hong Kong gets flexible as space glut grows

Hong Kong’s property developers are having to construct more flexible leasing offers to attract businesses. The city faces more than 246 football fields of excess supply of office space by 2025. CBRE estimated vacancies in the city sat at 11.9% at the end of the first half, with 9.8m sq ft available. Colliers said the prime office vacancy rate had grown to 12.3% as of August. Savills estimated there will be a total of 17.2m sq ft of available grade-A office space over the next four years, with an expected annual take-up rate of 1m sq ft per year. That would result in an oversupply equivalent to nearly 250 football fields. The FT (£)