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News Release

Hong Kong

33 Des Voeux Road Central Well Received by the Market

According to JLL, 50% of the office space has been leased

HONG KONG, 18 August 2014 – Completed in early 2014, 33 Des Voeux Road Central has attracted tremendous attention from Central office market.  According to the sole leasing agent and marketing consultant JLL, 50% of the office space has been leased while 30% of the remaining floors are now under negotiation.

Since obtaining the occupation permit early this year, 33 Des Voeux Road Central has attracted tenants from various sectors including finance, investment as well as professional services firms.  Monthly rentals have been transacted in the range of HK$65 to HK$75 per sq ft.  Some of the tenants are multi-floor occupiers for example Garage Society, which is a newly established co-work space operator in Hong Kong, is now up and running since April this year.

“33 Des Voeux Road Central provides premium office space in the heart of Central.  With its highly sought-after location and the building specifications, it has been well responded by the market.  We have been receiving enquiries from interested tenants and currently, 30% of the remaining floors are under negotiation.  Some of them are close to a deal,” says Paul Yien, JLL’s Regional Director, Hong Kong Markets.

“Office space in Central has been a scarcity.  As of end July 2014, Grade A office vacancy in Central was recorded at a very low level of 3.8%.  As there won’t be any new Grade A office supply entering the market in the upcoming 6-8 months, we expect 33 Des Voeux Road Central to remain the focus of the market,” adds Paul Yien.

33 Des Voeux Road Central is a 27-storey prime commercial building with a total GFA of approximately 94,176 sq ft, comprising 20 floors of premium office space and 5 floors of retail space (4/F, 14/F, 16/F and 24/F are omitted).  Office floor plates range in size from 3,421sq ft (gross) to 4,679 sq ft (gross).  The office space occupying the mid zone or above and facing Connaught Road Central enjoy open sea views.  Located right next to the MTR Hong Kong Station, the building enjoys excellent accessibility and is well served by various transport modes including tram, bus, minibus and taxi.