Hong Kong seems to have grown bigger over the last few years now that both sides of Victoria Harbour – Hong Kong Island and Kowloon, on the Asian mainland – play host to prime commercial real estate. No worries about transportation. With arguably the best transport system in the world – buses, trains, boats, ferries, taxis and private automobiles – Hong Kong offers many options.
Commercial Districts on the Hong Kong Island side:
Central – This is the premiere financial district, the preferred location of numerous multinationals in finance, legal and other high-profile service industsries. The commercial space here is the most expensive in the city though the price range varies given the abundant supply; 30 percent of Hong Kong’s total office space, in fact, is in Central.
The district is home to numerous world-class office and retail complexes including Exchange Square, Landmark and the latest International Finance Center or IFC, the city’s tallest building. Two smaller neighboring districts, Sheung Wan and Admiralty, are also considered part of Central.
Wan Chai and Causeway Bay—These districts east of Central are famous for shopping, restaurants and a general frenzied buzz. They’re also home to about 18 percent of the total office supply. Wan Chai boasts the city’s main trade-exhibition and conference center and one of the city’s grand five-star hotels, the Grand Hyatt.
Causeway Bay showcases several prominent mixed-use
office and retail complexes such as Times Square and Lee Gardens. Rents typically are lower here than in Central’s core and public transportation is good with a steady stream of buses, trams and subway trains going in and out.
Quarry Bay – Further east of Central, about 20 minutes by car, this area features Hong Kong’s newest business district claiming nearly 10 percent of total office supply. Called Tai Koo Place, the complex consists of a series of handsome high-rise, well-maintained buildings dominated by a single landlord. Though construction and management standards are high here, access to commensurate shopping malls, restaurants and hotels lags behind prime districts such as a Causeway Bay and Central.
For more detailed information on working in Hong Kong, please see Fodor’s Hong Kong or contact us directly at info@asiapacificproperties.com
Commercial Districts on the Kowloon side:
Tsim Sha Tsui – This district, commonly known by its acronym, TST, has been home historically to many industries involved in apparel and toy manufacturing. In recent years, most have relocated their production facilities to mainland China but left their headquarters in place. With close to 15 percent of total office supply and convenient access to both Central and the ferry to mainland China, TST rental rates are comparable to those in Causeway Bay. The area is full of good business amenities such as restaurants, hotels, shopping, etc.
Kowloon West – To the immediate west of TST, this area is a fast-emerging business center attracting premiere financial institutions from the Central district and new branches of luxury retailers. The area’s soon-to-be landmark, the International Commerce Center, is scheduled for completion in 2010 when it will also become Hong Kong’s tallest building. A host of nearby, luxury residential developments and the new up-market Elements shopping mall have already opened their doors.
Kowloon East – This old industrial district, located near Hong Kong’s former Kai Tak Airport, is currently being transformed into another Kowloon commercial center. When complete in late 2008, the area will tout 5 million square feet of new office space at highly competitive rates. Megabox, one of the city’s newest and largest shopping malls, is close by.
For more detailed information on working in Hong Kong, please see Fodor’s Hong Kong or contact us directly at info@asiapacificproperties.com
