The full recovery timeline is consistent with what was observed during the Great Recession, but at a slight lag due to the work-from-home trend.
Tag: Cushman Wakefield
On the retail side, a more stable retail leasing landscape in Tsimshatsui helped boost the prospects there, which has overtaken Causeway Bay in terms of retail rents for the first time, according to Cushman & Wakefield, a leading global real estate services firm, in its review of the Hong Kong office and retail leasing markets today.
Grade A office rents in Greater Central softened significantly in Q3 against a backdrop of weak leasing demand in core areas and a continuing trend of MNCs relocating to non-core areas. A slew of pre-leasing transactions agreed well before the social unrest commenced, contributed to an overall positive absorption, but in general, tenants held off committing to relocations or expansion in the face of growing economic and social instability.
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today released the report Placemaking: An action kit for urban public space in China. According to the report, when considering urban public space in China, the aim for local governments is to generate all-inclusive citizen-friendly settings that are also economically sustainable.