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Office Leasing

A strategic leasing approach enhancing returns on your office assets in Hong Kong

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Office leasing strategies that enhance returns on your property investments, while forging long-term tenant relationships.

Earning successful returns on leased office property means more than filling space. It begins with a firm grasp of the kind of space tenants want and how much they are willing to pay for it, and is backed up by marketing and leasing strategies that attract target tenants at the best and most sustainable terms.

Whether you are an investor, a developer or a public entity, we tailor our solutions to your needs. Our team's solid marketing experience internationally, regionally and locally removes the stress of managing your office leasing portfolio and ensures that you can focus on financial growth and identifying new opportunities.

We have extensive knowledge and expertise on marketing and leasing Grade A office properties, whether they are newly built office projects in Central or refurbished buildings in Kowloon East. Our team structure and culture offers you expertise from 45 proactive advisors who work collaboratively to secure the best deals for you. With an average of more than eight years' experience per advisor, we are the most experienced office leasing team in Hong Kong.​ 


Can China continue to drive growth in Hong Kong's property market?

Paul Yien, Regional Director, Markets discusses the demand for office space from mainland corporates and how government policy can support PRC companies entering Hong Kong.

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Case studies

 

 

Citibank Plaza/hong-kong/en-gb/case-studies/26/citibank-plaza-case-studyCitibank Plaza<p>​</p><div><p> <span class="ms-rteThemeForeColor-2-0"> <strong>Our Client’s Situation</strong></span></p><p>Citibank Plaza offers the largest Grade A office floor plates in Central. In October 2014, JLL was appointed as the property’s Sole Lead Leasing Agent as part of the rebranding of its 1.2 million sf portfolio, to lease space made vacant by the departure of a number of anchor tenants. This was the largest agency appointment in Central since 2003.​</p></div><p> <strong>Our Partnership</strong></p><p>Our mandate from Eagle Asset Management was to advance the property’s positioning as a prestigious commercial address and attract top-calibre tenants. </p><p>We created long-term tenant acquisition and retention strategies, and made recommendations on renovations which would make Citibank Plaza more appealing to target tenants. We also revamped Citibank Plaza’s brand and position, produced new marketing collaterals and helped establish a new social media presence for the building. </p><p> <strong>Results</strong></p><p>JLL achieved huge success: leasing activity at Citibank Plaza was the most active of all office buildings in Central in 2015.  JLL concluded more than 132,000 sf of transactions within 7 months, accounting for over 70% of all new lettings.  Vacancy in the building dropped to approximately 5% by May 2015, its lowest rate since October 2009.  Furthermore, JLL’s expert advice enabled the Landlord to grow rents by approximately 25% in 7 months, exceeding the market.​</p><p>For further information on Office Leasing Services, please contact:​ </p><p></p><p><strong>Paul Yien </strong> <br>Head of Landlord Representation <br>+852 2846 5144 <br> <a target="_blank" href="mailto:%20paul.yien@ap.jll.com">paul.yien@ap.jll.com</a></p><div> <span class="Apple-tab-span" style="white-space:pre;"> </span></div><p><strong>Adrian Tang </strong><br>Head of Kowloon Markets <br>+852 2926 3704 <br><a target="_blank" href="mailto:%20Adrian.Tang@ap.jll.com">adrian.tang@ap.jll.com​</a></p><p> <br> </p>0x0100F03D47272AC15342926F7D713E448F1B00EB1C487C9E90A2419F545A2750B08453

 

 

Hysan Place/hong-kong/en-gb/case-studies/27/hysan-place-case-studyHysan Place<p></p><p> <strong>Our Client’s Situation</strong></p><p>Hysan Development constructed Hysan Place, a flagship 38-storey Grade A office development, in 2012.  It was the first Grade A office building completed in Causeway Bay in 15 years and has provided approximately 240,000 sf of premium office space to the market. </p><p> <strong>Our Partnership</strong></p><p>During the challenging market conditions of 2012, JLL was appointed as the Sole Leasing Agent for Hysan Place.  </p><p>We advised Hysan Development on the latest market trends and activities to ensure the building had a competitive advantage in the market.  Furthermore, we developed a series of high-level marketing campaigns to raise the profile of the landlord’s Causeway Bay office portfolio and target high-profile prospective tenants from Central. </p><p> <strong>Results</strong></p><p>JLL succeeded in securing the largest anchor tenants in the building, two of them from Central. In the duration of the appointment, our team grew rents in the building by approximately 28% and secured the first multi-floor tenant pre-commitment 11 months before completion.</p><p>We also successfully raised the perception of the Landlord’s 2.3 million sf office portfolio in Causeway Bay through the marketing of this project.​</p><br> <p>For further information on Office Leasing Services, please contact:​</p><p> <strong>Paul Yien </strong> <br>Head of Landlord Representation <br>+852 2846 5144 <br> <a target="_blank" href="mailto:%20paul.yien@ap.jll.com">paul.yien@ap.jll.com</a></p><div> <span class="Apple-tab-span" style="white-space:pre;"> </span></div><p> <strong>Adrian Tang  </strong> <br>Head of Kowloon Markets <br>+852 2926 3704 <br><a target="_blank" href="mailto:%20Adrian.Tang@ap.jll.com">adrian.tang@ap.jll.com</a></p><div> <br> </div>0x0100F03D47272AC15342926F7D713E448F1B00EB1C487C9E90A2419F545A2750B08453

 

 

Three Pacific Place/hong-kong/en-gb/case-studies/28/three-pacific-place-case-studyThree Pacific Place<p>​</p><p> <strong>Our Client’s Situation</strong></p><p>In 2003, against a backdrop of a faltering regional economy, a lack of demand for new office space and competition from other comparable locations, Swire Properties presented JLL with the challenge of marketing and leasing Three Pacific Place, a 530,000 sf Grade A office building providing 34 floors of lettable space.   </p><p>Swire Properties needed advice on not only on how to reduce vacancy in the new project, but also on how to develop leasing strategies to ensure maximum rental growth as the building neared completion.  </p><p> <strong>Our Partnership</strong></p><p>As its established and proven real estate partner over many years, Swire Properties appointed JLL as the Lead Leasing Agent for Three Pacific Place.</p><p>Working collaboratively with Swire Properties’ to meet its business objectives, we positioned the project as part of the Pacific Place extension and as a gateway to Central / Admiralty. We were able to leverage existing relationships with tenants locally, regionally and globally to promote the building whilst carrying out a well-orchestrated local marketing campaign utilising the wealth of tenant information in our well maintained database system. </p><p> <strong>Results</strong></p><p>As a result of JLL’s recommended leasing strategy, the building achieved an occupancy level of approximately 86% during our appointment. The campaign saw rents steadily grow in support of the landlord’s ambitions.​</p> <br><p>For further information on Office Leasing Services, please contact:​ </p><p> <strong>Paul Yien </strong> <br>Head of Landlord Representation <br>+852 2846 5144 <br> <a href="mailto:%20paul.yien@ap.jll.com" target="_blank">paul.yien@ap.jll.com</a></p><p> <strong>Adrian Tang </strong> <br>Head of Kowloon Markets <br>+852 2926 3704 <br><a href="mailto:%20Adrian.Tang@ap.jll.com" target="_blank">adrian.tang@ap.jll.com</a></p><div> <br>  </div>0x0100F03D47272AC15342926F7D713E448F1B00EB1C487C9E90A2419F545A2750B08453

Related news and research

 

 

Vacancy in Kowloon East Offices Drops to Below 10% for the First Time in 12 Months/hong-kong/en-gb/news/687/kowloon-east-office-vacancy-drops-july-2017Vacancy in Kowloon East Offices Drops to Below 10% for the First Time in 12 Months<p style="text-align:justify;"><strong>HONG KONG, July 2</strong><strong>3</strong><strong>, 2018</strong> – Rents in the overall office market grew 0.9% m-o-m in June, bringing growth for the first half of 2018 up to 3.6%, according to the latest <a href="http://www.jll.com.hk/hong-kong/en-gb/research/367/2018-property-market-monitor-hkg-jul-2018">Property Market Monitor</a> released by JLL.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">Central led the way with rents growing by 1.4% m-o-m on the back of a 1.5% m-o-m increase in Grade A3 offices, followed by Tsimshatsui where rents advanced by 1.1% m-o-m as vacancy remained anchored below 2% for the third consecutive month. In Kowloon East, strong take-up helped push vacancy to below 10% for the first time in 12 months and rents grow by 0.2% m-o-m.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">Despite a 63% m-o-m drop in new lettings, net take-up in the overall market amounted to 106,600 sq. ft. in June. In the most notable new letting, AIA leased about 100,000 sq. ft. at Hopewell Centre in Wanchai, relocating from AIA Building at Stubbs Road. The month also saw a couple of fintech firms expanding in the market, including Block One reportedly leasing 16,600 sq. ft. at The Centrium in Central while another fintech player was said to have leased 29,700 sq. ft. at Lee Garden One in Causeway Bay.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">In the investment market, PRC-backed Henglilong Investments' acquisition of Cityplaza Three and Cityplaza Four from Swire Properties at HK$15 billion set a new record high for the Hong Kong East office market, in terms of total consideration. Concurrently, investment activity in the industrial market is heating up, with several en-bloc properties sold during the month, including the sale of Lot 46—formerly Nan Sing Industrial Building before being revitalised into an office building—in Kwai Chung to mainland developer Aoyuan Property Group for HK$950 million.</p><p style="text-align:justify;"> </p><p style="text-align:justify;"><strong>Paul Yien</strong><strong>, Regional Director of Markets at JLL,</strong> says: "New economy players are fueling the boom in Hong Kong's office market. Fintech companies, in particular, have been active tenant in recent months. In signs of how scare office space has become in Central, these firms are keen to explore and extend their office footprint beyond Central and into other non-core business districts, such as Hong Kong East and Kowloon East, as they hunt for suitable premises. With vacancy in Central remaining tight, we expect this trend to continue over the next few quarters."</p><p style="text-align:justify;"> </p><p style="text-align:justify;"><strong>Denis Ma, Head of Research at JLL</strong>, adds: "The sale for Cityplaza Three and Four to Hengligong Investments is just the latest example of PRC investors buying en-bloc Grade A office buildings outside of Central. Their focus, however, remains on turnkey assets that have high visibility from both the Hong Kong Island and Kowloon shoreline. Looking ahead, this trend will only be limited by the availability of such assets though the aggressive prices being offered could sway more owners to part ways with their assets."    </p><p style="text-align:justify;"> </p><p style="text-align:justify;"> </p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:14.2857%;"><strong>Grade A Office Vacancy Rates</strong></td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td></tr><tr><td class="ms-rteTable-default"><strong>Period</strong></td><td class="ms-rteTable-default"><strong>Overall</strong></td><td class="ms-rteTable-default"><strong>Central</strong></td><td class="ms-rteTable-default"><p style="text-align:justify;"><strong>Wanchai /</strong></p><p style="text-align:justify;"><strong>Causeway Bay</strong></p></td><td class="ms-rteTable-default"><strong>Hong Kong East</strong></td><td class="ms-rteTable-default"><strong>Tsimshatsui</strong></td><td class="ms-rteTable-default"><strong>Kowloon East</strong></td></tr><tr><td class="ms-rteTable-default"><strong>End-Jun 18</strong></td><td class="ms-rteTable-default">4.2%</td><td class="ms-rteTable-default">1.6%</td><td class="ms-rteTable-default">2.0%</td><td class="ms-rteTable-default">2.2%</td><td class="ms-rteTable-default">1.6%</td><td class="ms-rteTable-default">9.9%</td></tr><tr><td class="ms-rteTable-default"><strong>End-May 18</strong></td><td class="ms-rteTable-default">4.3%</td><td class="ms-rteTable-default">1.4%</td><td class="ms-rteTable-default">2.3%</td><td class="ms-rteTable-default">2.3%</td><td class="ms-rteTable-default">1.6%</td><td class="ms-rteTable-default">10.2%</td></tr></tbody></table><p><strong><em>Source: Research, JLL</em></strong><br></p><p><br></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
PRC co-working operators continue their march into the HK office marke/hong-kong/en-gb/news/681/prc-co-working-operators-moving-to-hkPRC co-working operators continue their march into the HK office markeCentral Grade A office market posts strongest rental growth in 15 months0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
Rents in Office Market Grow at Fastest Pace in More Than Two Years/hong-kong/en-gb/news/672/office-rents-grow-hkRents in Office Market Grow at Fastest Pace in More Than Two Years<p style="text-align:justify;"><strong>HONG KONG, May 22, 2018</strong> – Rents in the office market in Hong Kong grew at their fastest pace in more than two years amid a tight vacancy environment and an active leasing market, according to the latest <a href="http://www.jll.com.hk/hong-kong/en-gb/research/360/2018-property-market-monitor-hkg-may-2018">Property Market Monitor</a> released by JLL.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">Overall, rents climbed 1.1% m-o-m in April, after advancing a mere 0.2% growth m-o-m in March.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">Tenant demand focused on Hong Kong East and Kowloon East in April, which accounted for 76% of all new lettings, in terms of floor space, during the month. Rents in the two submarkets advanced by 3.1% m-o-m and 1.2% m-o-m, respectively. The largest deal reported in April involved DBS leasing seven floors (138,000 sq. ft.) at Two Harbour Square in Kwun Tong as it moved to consolidate its back office operations out of Millennium City 6 and One Island East.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">In Central, leasing demand was underpinned by expansion requirements from the banking and professional services sectors. PRC corporates continued to be a key driver of demand, accounting for 53% of new lettings in Central in April, including Guotai Junan reportedly leasing 10,100 sq. ft. at Man Yee Building.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">Net absorption in the overall market amounted to 634,200 sq. ft in April. This was buttressed by the realisation of pre-commitments at Mapletree Bay Point in Kwun Tong, which received its occupation permit during the month.</p><p style="text-align:justify;"> </p><p style="text-align:justify;"><strong>Denis Ma, Head of Research at JLL</strong>, adds: "The latest statistics announced by the government show Hong Kong's unemployment rate at a 20-year record low. Coupled with the city's buoyant economic climate, we expect leasing demand for office space and rentals to continue to grow in the months ahead. As a result, we've revised our forecast upwards and now expect Grade A office rents to advance in the range of 5-10% in 2018."</p><p style="text-align:justify;"> </p><p style="text-align:justify;"><strong>Adrian Tang, Head of Kowloon Markets at JLL, </strong>says: "While the leasing market has been performing well, it is interesting to note that the investment market for offices has also reached new heights. With the sales of whole floors in the high zone at Far East Finance Centre and 9 Queen's Road Central striking HK$660.0 million and HK$514.2 million, respectively, strata-titled office transactions have surpassed the HK$60,000 per sq. ft. mark for the very first time."</p><p style="text-align:justify;"> </p><p style="text-align:justify;"> </p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:14.2857%;"><strong>Grade A Office Vacancy Rates</strong></td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td><td class="ms-rteTable-default" style="width:14.2857%;">​</td></tr><tr><td class="ms-rteTable-default"><strong>Period</strong></td><td class="ms-rteTable-default"><strong>Overall</strong></td><td class="ms-rteTable-default"><strong>Central</strong></td><td class="ms-rteTable-default"><p style="text-align:justify;"><strong>Wanchai /</strong></p><p style="text-align:justify;"><strong>Causeway Bay</strong></p></td><td class="ms-rteTable-default"><strong>Hong Kong East</strong></td><td class="ms-rteTable-default"><strong>Tsimshatsui</strong></td><td class="ms-rteTable-default"><strong>Kowloon East</strong></td></tr><tr><td class="ms-rteTable-default"><strong>End-Apr 18</strong></td><td class="ms-rteTable-default">4.4%</td><td class="ms-rteTable-default">1.5%</td><td class="ms-rteTable-default">2.0%</td><td class="ms-rteTable-default">2.5%</td><td class="ms-rteTable-default">1.9%</td><td class="ms-rteTable-default">11.0%</td></tr><tr><td class="ms-rteTable-default"><strong>End-Mar 18</strong></td><td class="ms-rteTable-default">4.6%</td><td class="ms-rteTable-default">1.4%</td><td class="ms-rteTable-default">2.1%</td><td class="ms-rteTable-default">2.4%</td><td class="ms-rteTable-default">2.4%</td><td class="ms-rteTable-default">11.8%</td></tr></tbody></table><p style="text-align:justify;"><strong><em>Source: Research, JLL</em></strong></p><p style="text-align:justify;"> </p><p style="text-align:justify;"> </p><p style="text-align:center;">– ends –<br></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88

 

 

The Office Index 2Q 2018/asia-pacific/en-gb/research/965/the-office-index-2q-2018The Office Index 2Q 2018Healthy demand supports robust leasing activity0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Hong Kong Property Market Monitor - August 2018/hong-kong/en-gb/research/373/2018-property-market-monitor-hkg-aug-2018Hong Kong Property Market Monitor - August 2018Grade A office vacancy further tightens0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Asia Pacific Property Digest - 2Q 2018/asia-pacific/en-gb/research/966/asia-pacific-property-digest-2018-2qAsia Pacific Property Digest - 2Q 2018Markets remain resilient0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045