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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

 

 

Strong Leasing Momentum Pushes Rents up Across-the-Board/hong-kong/en-gb/news/662/strong-leasing-momentum-pushes-rents-upStrong Leasing Momentum Pushes Rents up Across-the-Board<p style="text-align:justify;"><strong>HONG KONG, April 25, 2018</strong> – Strong leasing momentum driven by tenant decentralisation and sustained expansionary requirements from PRC occupiers has pushed rents up in the office market as a whole, according to JLL's latest <a href="http://www.jll.com.hk/hong-kong/en-gb/research/353/2018-property-market-monitor-hkg-apr-2018">Property Market Monitor</a>.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">Hong Kong East continued to lead the way with rents growing 0.6% m-o-m on the back of strong pre-leasing at One Taikoo Place in Quarry Bay. Strong interest has been shown from large occupiers, among which EY was reported to have pre-leased about 146,300 sq. ft. at the development. In Wanchai/Causeway Bay, rents advanced by 0.3% m-o-m as the vacancy rate dropped to 2.1%, its lowest level in almost two years.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">In Central, requirements from PRC banking and financial institutions remained the main drivers of rising leasing demand, accounting for 76% of new lettings in the submarket during the month. Notable new lettings included those from Huaxia Bank, which reportedly leased 14,000 sq. ft. at Two IFC to accommodate expansion plans, and Ping An Securities, which expanded out of its Sheung Wan offices to lease a whole floor of approximately 14,300 sq. ft. at CITIC Tower in Admiralty.</p><p style="text-align:justify;"> </p><p style="text-align:justify;">Net absorption amounted to 376,700 sq. ft. with rents in the overall market rising a further 0.2% m-o-m in March.</p><p style="text-align:justify;"> </p><p style="text-align:justify;"><strong>Alex Barnes, Head of Markets at JLL, </strong>says: "Rents in Central are poised to surge ahead as Mainland Chinese companies show no signs of slowing their expansion and there are some large requirements active in a tight vacancy market.  Not surprisingly, Central's high rents and tight supply will accelerate the relocation of large occupiers to consider emerging core office districts, allowing  room for landlords in these areas to raise rents. Vacancy rates of Grade A offices are expected to tighten further and push rents higher in 2018, and beyond."</p><p style="text-align:justify;"> </p><p style="text-align:justify;"><strong>Denis Ma, Head of Research at JLL</strong>, adds: "While prime office rents look set to head north, the retail market also maintained its strong run in 2018 with key demand drivers recording substantial double-digit growth in January-February. Retail rents are on the verge of recovery given visible improvements in the inbound tourism market and retail sales. We expect this momentum to carry through to the leasing market over the coming months."<br></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-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><tr><td class="ms-rteTable-default"><strong>End-Feb 18</strong></td><td class="ms-rteTable-default">5.0%</td><td class="ms-rteTable-default">1.4%</td><td class="ms-rteTable-default">2.8%</td><td class="ms-rteTable-default">4.4%</td><td class="ms-rteTable-default">2.5%</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:center;">– ends –<br></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
Larger occupiers eyeing opportunities in HK East/hong-kong/en-gb/news/651/hk-east-opportunitiesLarger occupiers eyeing opportunities in HK EastIncreased leasing activity pushes rents in Hong Kong East up by a market leading 0.3% m-o-m in February0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
Investment market continues to hit new highs in January /hong-kong/en-gb/news/647/investment-market-continues-to-hit-new-highs-in-januaryInvestment market continues to hit new highs in January <p>​​<strong style="text-align:justify;"> HONG KONG, February 25, 2018</strong><span style="text-align:justify;"> – The property investment market continued to hit new highs in January riding on strong investor interest, according to JLL's latest </span><a href="http://www.jll.com.hk/hong-kong/en-gb/research/346/2018-property-market-monitor-hkg-feb-2018" style="text-align:justify;">Property Market Monitor</a><span style="text-align:justify;">.  A total of four en-bloc office buildings were sold for a total consideration of HKD 14.8 billion in January, 17% higher than a year ago. </span></p><p style="text-align:justify;">The en-bloc sale of 18 King Wah Road—a new Grade A office development—drew the most attention, setting a new record for the largest office transaction in Hong Kong East.</p><p style="text-align:justify;">In the leasing market, decentralisation remained as a key theme playing out among office tenants. Leasing activity was focused on Hong Kong East and Kowloon East, where tenant decentralisation and consolidation requirements underpinned demand. Net take-up in the overall market amounted to 209,900 sq ft in January. In Central, net absorption reached 33,000 sq ft as several tenants sought room for expansion.</p><p style="text-align:justify;"><strong>Alex Barnes, Head of Markets at JLL, </strong>said: "The widening gap between rents in Central and emerging core business districts will add momentum to decentralisation. With the support of the outbound growth of mainland Chinese companies, we expect Hong Kong's Grade A office market rentals to continue to trend higher, rising by up to 5% in 2018. Central will continue to outperform the overall market as demand competes for the pockets of space that exist."</p><p style="text-align:justify;">Office rents in Central advanced by 0.7% m-o-m in January on the back of a tightened vacancy environment. Rents in Hong Kong East grew by 0.8% m-o-m, driven largely by increasing demand at the top-end of the market.</p><p style="text-align:justify;"><strong>Denis Ma, Head of Research at JLL</strong>, said: "The strong pricing achieved in the government sale of the Murray Road Car Park in May last year is now starting to permeate through the broader office market as investors reset benchmarks. Moreover, the record high prices being set in the market are no longer relying solely on PRC buyers with local money now also flowing into the market. Coupled with a tight occupier market, we expect capital values to rise a further 5-10% in 2018 even with interest rates set to rise further."</p><p style="text-align:justify;"><strong>                                                                                                                                                                                                                                  </strong></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-Jan 18</strong></td><td class="ms-rteTable-default">5.1%</td><td class="ms-rteTable-default">1.6%</td><td class="ms-rteTable-default">3.1%</td><td class="ms-rteTable-default">4.3%</td><td class="ms-rteTable-default">2.4%</td><td class="ms-rteTable-default">12.2%</td></tr><tr><td class="ms-rteTable-default"><strong>End-Dec 17</strong></td><td class="ms-rteTable-default">5.1%</td><td class="ms-rteTable-default">1.7%</td><td class="ms-rteTable-default">3.0%</td><td class="ms-rteTable-default">3.9%</td><td class="ms-rteTable-default">2.2%</td><td class="ms-rteTable-default">12.5%</td></tr></tbody></table><p style="text-align:justify;"><strong>              Source: Research, JLL</strong></p><p style="text-align:justify;"> </p><p style="text-align:justify;">In the city's residential market, sentiment remained upbeat buttressed by record high land sale for government sites in Kowloon as well as strong gains in the local stock market. Capital values of mass residential properties inched up by a further 0.9% m-o-m in January following an increase of 1.3% m-o-m the previous month.</p><p style="text-align:justify;"> </p><p style="text-align:justify;"> </p><p style="text-align:center;">- ends -</p><p> </p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88

 

 

Hong Kong Property Market Monitor - April 2018/hong-kong/en-gb/research/353/2018-property-market-monitor-hkg-apr-2018Hong Kong Property Market Monitor - April 2018Retail market sees an evident comeback in visitor arrivals and retail sales0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Hong Kong Property Market Monitor - March 2018/hong-kong/en-gb/research/349/2018-property-market-monitor-hkg-march-2018Hong Kong Property Market Monitor - March 2018Tight vacancy environment has larger occupiers eyeing opportunities in Hong Kong East0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Hong Kong Property Market Monitor - February 2018/hong-kong/en-gb/research/346/2018-property-market-monitor-hkg-feb-2018Hong Kong Property Market Monitor - February 2018Investment market continues to hit new highs0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045