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TRENDS                                                                 February 2004 Issue

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Grade A Office Vacancy Rate Falls to 12.5 Percent

trends.jpg (8808 bytes)Continued demand for prime office space in Central helped push the vacancy rate down from 16.2 percent in September 2003 to 14.7 percent in December. Overall, the vacancy rate for grade A offices fell to 12.5 percent in December, compared to 13.2 percent three months earlier, says real estate consultancy Knight Frank. Fringe Central office prices averaged HK$3,616 per square foot in December, representing a jump of almost 16 percent. Increases were also witnessed in Wanchai and Tsimshatsui. More >>

Office Market Indicators

District Net   

Effective Rent Change Over

(HK$psf/month)

Quarter Year
Core Central                                              18.92 -0.4% -28.5%
Fringe Central                                            16.44 -0.6% -17.2%
Wanchai/Causeway Bay                                                        14.54 -1.9% -17.2%
North Point                                                10.79 0.0% -14.8%
Quarry Bay                                                12.10 3.2% -18.5%
Tsimshatsui                                                 14.96 0.5% -8.1%
Source: Knight Frank HK


Hong Kong Economy Back On Track?

The Better Hong Kong Foundation's economic outlook for Hong Kong in 2004 puts GDP growth for the year at 6.7 percent on the heels of an estimated 3.3 percent growth in 2003. Professor Francis Lui, Director of the Center for Economic Development, forecasts export growth for the full year of 2003 to be around 11.4 percent, and 10.4 percent for 2004. The Foundation predicts unemployment in 2004 to average 7 percent. Barring any slowdown in the economy, he predicts that deflation will disappear in the third quarter. More >>


Top Technology Trends For 2004

Growth for Linux and offshore outsourcing are predicted to be the top two IT trends in 2004, according to Forrester Research. It also sees in its crystal ball that IT will play a bigger role in measuring corporate performance, and that the telecom industry will finally start to recover. Technology adoption will accelerate in health plans, care providers, and life science firms; change the way travel companies solve business problems; and grow in consumer packed goods companies. In addition, broadband growth and device proliferation will create clear winners and losers in the consumer devices market. More >>


Consumer Confidence Perks Up

trends2s.jpg (4461 bytes)Hong Kong consumers are among the most optimistic in Asia, with consumer sentiment being high on all five economic factors -- employment, economy, regular income, stock market and quality of life -- MasterCard's Consumer Confidence Survey shows. Hong Kong's MasterIndex score of 81.1 is its second highest on record, more than three times higher than 23.2 six months ago and the gloomy 21.3 score a year ago. The territory's latest score in this bi-annual survey is slightly higher than Australia's 80.9 score, but slightly lower than China's 83.7. Thais are apparently the most optimistic lot in Asia, with a score of 95.1. More >>



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