Abandoned Airport May Help Solve Hong Kong’s Office Shortage
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Hong Kong’s abandoned Kai Tak Airport, idle for 13 years, may hold the answer to a space shortage in the world’s costliest office market where banks including Goldman Sachs Group Inc. jostle for towers.
Visible across Victoria Harbour from the banking heart of Central, the overgrown landing strips and dilapidated hangars on which the government plans to build housing and a stadium cover an area almost the size of New York’s Central Park. The site could be redeveloped to add as much as 40 million square feet of prime offices by 2021, said Nicholas Brooke, founder of Hong Kong-based Professional Property Services Ltd. That’s three times as much as London’s Canary Wharf.