Economics
Hong Kong to Face Serious Shortage of Office Space, Survey Says
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Hong Kong’s new grade-A office space supply will fall short of demand unless the city suffers a sharp economic contraction, according to a Royal Institution of Chartered Surveyors study.
A total of 5.25 million square feet of office space is estimated to be built from 2011 to 2014, the institution said in an e-mailed statement yesterday. The 1.3 million square feet of additional annual supply is a “substantial decline” compared with the 1.9 million square feet added each year between 1995 and 2011, according to the study done by CB Richard Ellis Group Inc. on the institute’s behalf.