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News Release

Hong Kong

Sustained Demand for Remaining Leasing Spaces in Octa Tower

Octa Tower’s recent occupancy rate hiked to 91%


HONG KONG, 3 September 2012 – As at today, Octa Tower, the Grade A office building developed by Nan Fung Group, has achieved a building occupancy level of over 90%, with the latest office space transacted at about HK$27 per sq ft. While the latest new comers to the Octa Tower office tenant mix include industry leaders of different multi-national corporations.

“With a 91% occupancy rate at present, we expect Nan Fung Group to heighten their rental expectations on incoming new tenants for the remaining space in Octa Tower. Given the considerable demand for office space, we believe the landlord will expect about HK$30 per sq ft in the coming transaction”, said Adrian Tang, Head of Kowloon Markets at Jones Lang LaSalle Hong Kong.
The 29-storey Octa Tower offers office tenants a total gross floor area of approximately 692,600 sq ft and a retail space of 55,035 sq ft on G/F and 1/F. Octa Tower attracts a variety of local as well as multinational corporations.

Dick Tse, Director of Kowloon Markets at Jones Lang LaSalle Hong Kong remarked, “At this moment, not many office buildings in Kowloon East offer an exclusive whole floor space with a sizable floor plate to accommodate tenants. Therefore, we expect the demand for the remaining spaces in Octa Tower to remain strong.”
 
Apart from the newly opened Octa Café, the upcoming coffee shop and restaurant on ground floor, Octa Tower offers tenants a close proximity to food and beverage choices in MegaBox, Exchange Tower and Telford Plaza. The shuttle bus service at Octa Tower also conveniently takes tenants to and from Ngau Tau Kok and Hung Hom MTR Stations, as well as the Exchange Tower.
 
“The surging demand from tenants looking for multi floor units in Octa Tower illustrates a strong demand growth for Grade A office spaces in Kowloon East. The increasing demand also demonstrates that high quality office environment found in traditional CBD is also present in Kowloon East,” concluded Tang.