Greater Bay Area Development – Emerging Office Hubs in Kowloon set to reap the benefits (Knight Frank) 13 June 2022
The Greater Bay Area (GBA) has undergone rapid development in recent years, particularly in infrastructure and transportation network enhancement. Outline Development Plan for GBA issued by the Central government shows the Chinese government’s commitment to improving capital flows throughout the region, which will benefit Hong Kong, specifically the office market.
According to Knight Frank's in-house data, interviews from landlords, as well as information from tenants and agency practitioners, Biomedical, Family office, TMT and Emerging and high-growth Chinese companies are the four new potential Chinese mainland businesses to come to the Hong Kong market.
In this report, Knight Frank has identified three emerging office hubs in Kowloon that have greater potential to reap the benefits brought by the development of the GBA.
- Kai Tak Development Node – it is well connected to cities in GBA via the Intercity Through Train;
- Cheung Sha Wan – Lai Chi Kok – the upcoming notable new office supply in Cheung Sha Wan and Lai Chi Kok area will transform it into one of the largest office hubs in western Kowloon;
- CBD1.5-XRL Station – given the large scale of development, prestigious location and unique positioning, the West Kowloon Cultural District together with the XRL topside project will become an important up and coming office hub in Hong Kong.
Looking ahead, GBA will continue to gather momentums to develop into a world-class city cluster, and Knight Frank expects leasing demand from Chinese Enterprises to rebound and keep rising upon the reopening of the border.
This report was originally published in https://www.knightfrank.com/research/report-library/greater-bay-area-development-report-june-2022-9110.aspx
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