Office landlords struggle as businesses pull out and vacancy rate soars; Unrented space in Central equivalent to an empty HSBC headquarters
Hong Kong's office landlords are facing the biggest crunch in a decade as rents slide and the vacancy rate surges in the city's notoriously pricey market.
About 1.1 million sq ft of space in Central would have been vacated by businesses by the end of last month, CBRE estimates. Imagine a totally empty HSBC headquarters, or two blocks of One IFC Tower. At 8.5 per cent, the vacancy rate is the highest since December 2009.
From Expedia to Macquarie Bank and the creator...