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Tycoons Keep Building Hong Kong Offices as Vacancies Jump

  • Vacant floorspace in city at highest ever, supply is rising
  • Offices depend on mainland Chinese firms to fill the gap
The Cheung Kong Center Two under construction in the Central district on Jan. 24.
The Cheung Kong Center Two under construction in the Central district on Jan. 24.Photographer: Paul Yeung/Bloomberg
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The world’s most expensive office market has more empty floorspace than ever.

Vacant office stock in Hong Kong climbed to a record high in December to 9.1 million square feet (845,000 square meters) -- equivalent to nearly 158 football fields, according to real-estate services provider CBRE Group Inc.