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News Release

Hong Kong

Continued Strong Demand for Commercial Space in Kowloon East

Octa Tower’s occupancy level reaches 80% 


HONG KONG, 16 July 2012 – Octa Tower, the Grade A office by Nan Fung Group, is reaching an occupancy level of 80% as of now. The rise in occupancy level highlights the continued demand for commercial space in Hong Kong despite uncertainties in the external economic environment.

Located on the former site of the Kai Tai Airport, Octa Tower offers a gross floor area of approximately 745,000sq ft, including retail space on G/F and 1/F. Companies from a broad spectrum of industries are moving in to this 30-storey Grade A commercial building - recent additions to its list of tenants include Johnson Control, Atos Information Technology and ThreeSixty Sourcing with rent level over HKD18 per sq ft. Nan Fung Group is also in final-stage discussions with a number of prominent corporations who are highly attracted to Octa Tower. 
 
Gavin Morgan, Chief Operating Officer of Jones Lang LaSalle Hong Kong said, “Big corporations are getting more interested in expanding or relocating offices to Kowloon East, the second Central Business District, which can provide equally high quality office facilities and working environments as those found in the traditional business hub in Central. Capitalising on the trend of office relocation, the leasing progress of Octa Tower has been remarkably satisfactory. Therefore, we expect continued strong demand for the remaining space.” 
 
Adrian Tang, Head of Kowloon Markets at Jones Lang LaSalle Hong Kong remarked, “Our latest property research shows that the overall vacancy rate of the commercial market was tightened to 3.4% at end 2Q12, compared with 3.8% at end-1Q12.  The rents continued to trend higher in 2Q12 with an increase of 1.8% in Kowloon East. The trend once again served to prove that demand for office buildings will continue to increase. We are optimistic about the long-term success of the district.”
 
“Considerable leasing activity was seen in the Kowloon East district driven by cost-saving relocations and upgrading requirements.  With its strategic location in the heart of the new business hub and unparalleled facilities, Octa Tower is set to continue to attract large corporations to relocate to or settle in to the premises.” concluded Adrian Tang.​