Rents in Hong Kong’s Tallest Building to Rise 30%
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Rents at the International Commerce Centre, Hong Kong’s tallest building, may rise 20 percent to 30 percent over the next two years, outpacing growth in areas outside the Central district, according to property brokers.
The first tenants including Morgan Stanley that signed leases for the ICC in the Tsim Sha Tsui district on the Kowloon Peninsula almost three years ago, “have probably saved millions” as monthly rents there have since risen 83 percent to about HK$55 ($7.08) a square foot, said Xavier Wong, director and head of research for Greater China at Knight Frank LLP.