@@MetaView7 worldwide phenomenon or not, you seem to fail to comprehend the size of the country matters. the effect of multi-nationals leaving HK and hence empty offices, is much larger than multi-nationals leaving san francisco, los angeles, new york, texas.
A lot of International companies including Google, IBM , Netflix etc which is Asia pacific Headquarters already move their office to Singapore. Because Singapore political aspect is more stable compare to Hong Kong.
@@-x5858 What are you, 8? Just because the topic doesn't interest you, doesn't mean it's people can't talk about it. Also, if big companies move their headquarters to Singapore, it also mean that they are laying off office workers in Hong Kong which affects the everyday people 🙄
@@-x5858 Trickle down effect is massive when towers are not full. Coffee shops/tailors/restaurants/dental offices, etc sometimes close as their client base shrinks due to empty offices.
I wonder why this happened 🤔🤔🤔🤔 What an unfathomable mystery that after June 2020 Hong Kong’s economy has been a horror show. Completely unexplainable 🤦🏽♂️
With so much excess capacity, commercial landlords should consider converting some of this capacity to residential units particularly in older buildings that are due for renovations anyways.
Unlikely to happen because of significant differences in building code requirements for residential buildings. The idea of “just converting” isn’t viable in many cases.
@@mensrea1251@mensrea1251 If one of these single office towers can house thousands during the day, then why can't they sleep in it at night? Codes can be modified. Everything is viable.
can be done but with lots of modifications to the structure.... it's most likely it'll be cheaper to tear it down and build a new tower instead...... also there are next to no residential towers next to office towers.... HK has clear demarcation between commercial and residential sectors
@@fatdoi003 easy 2 modify...use usa method using gypsum boards...fast n cheap...divisions , corridors.toilets, kitchens all in one go....better left empty
With corporate tax so low, it is still not able to attract people to set up businesses in HK. Yet the HK gov doesn't tax the rich enough, leaving all these empty office spaces for what? Yet not enough hosuing for low income families.
When China was closed Hong Kong was the gate to access China. As China developed economically, Hong Kong’s value declined as a gateway to China. You no longer need to setup offices in Hong Kong when you can directly have them in Shanghai. Hong Kong’s historical importance and development were always linked to China.
People realised how overpriced rents in Hong Kong are for its value. Businesses invest in a location for it's business potential. If it's no longer business attractive and profitable investment to situate in central Hong Kong. Why invest a huge sum in these central offices? Most workers don't even live close to the central location nowadays apart from the late boomers that holds all the properties in Mid-levels. It's a fair market and rental value will only keep falling across Hong Kong. Not to mention it's overpriced residential property values.
Reminds me of Salesforce Tower in San Francisco which completed construction during the pandemic and is quite vacant as the software company went to a remote work model.
back to "normal" needs to see the low first. Current 33% drop is just a start, from 1997 to 2003 A grade office rents went from HK$100 to $20. Maybe this time bottom around $40?
@@andersfant4997 hybrid mode can take the benefits of both side. WFH can save travel time and work longer time, and can have meeting face to face in the middle of week
Not true in Asia. Most office workers have returned to the office in Asia. Majority of the companies in Asia have never had WFH. BTW, it's silly to work in cafes where you need to pack up everything every time you are away from your "desk" and you can't take a private call.
This sounds like the beginning of the end of loose money in Hong Kong. I think it is the harbinger of a permanent decline of Hong Kong as more and more industries, businesses and finance related companies uproot to Singapore and other South East Asian countries to protect themselves against the CCP.
Hong Kong 🇭🇰, as a financial center, is finished after China introduced the repressive "National Security" laws. - Talents have left, businesses have closed, and judges have resigned. Millionaires have fled with their money. - Empty office buildings can be seen all over the former prosperous British colony.
Hong Kongers did this to themselves. These so called repressive national security laws would not have been necessary if the mass rioters and local politicians who backed them did not openly support Hong Kong independence and asked for foreign intervention.
Hong Kong is dead, no culture and no vibe. Why would one want to visit or stay there. Its mostly commercial properties and now commercial properties are globally not required due to new technology, so this city is finished.
Even in 2017 it was far more beneficial to build residential towers instead of office towers . Yes they cost about 30% more but you’d be looking at 3-5 % vacancies.
As a HK citizen already sold my own house in 2019. I would love to ride this real estate market slump. I will buy again when the market fall deep (very deep).
I am living in HK. Have you been in Hong Kong ? Do you actually see people living in tents on the street like those people in LA and SF ? You have been totally misled by false propaganda !
Iran would probably be the greatest economy in Asia, if it ever got its act together, domestically. My dad worked in the US military and was living there in the 70s. It was ahead of all these Far East Countries in every area. Not just oil dependent either.
@@ulyks Iran had a GDP 3x the size of South Korea in 1978 and literally were among the first peoples to teach the Japanese mathematics some 1300 years ago. Iranians have the third highest IQ in the world. They are unbelievably smart people and by far the most "mysterious" in the world. Nobody actually knows anything about them. I would bet Iran also wouldn't cause a Fukushima disaster like Japan did.
@@ciaronsmith4995 Were we talking about South Korea? Why bring that up? Iran was indeed very advanced thousands of years ago. But shouldn't have mentioned IQ. IQ is a test score that you can train for so it's a reflection of teaching methods and time spent studying for similar exercises, not a very good reflection of intelligence. That being said, Iran is not scoring well on IQ, in fact it has a below average IQ score...
@@ulyks Thousands of years ago? Even now it is advanced scientifically, and 40 years ago it had a GDP 3x that of South Korea. Iran with no sanctions and a better domestic policy would be a juggernaut globally and everyone fears that. Persians conquer. They don't take orders from anyone. The rest of you are followers.
Isn't it obvious that the HK real estate market has been killed by the Chinese connecting HK to the mainland and massively improving connectivity and opening up other new developments right around HK?
Yup. HK govt officials for decades pushed all those infrastructure/transport link projects... Without realize they don't necessarily help HK. Killed HK retail as well since poor HKers just take a 30 min ride to nice new malls in SZ now
Let's hope that the Fed will lower interest rates by 25 bp only in this week's meeting. Let's hope that all economic indicators will come in a lot worse than expected.
The problem is Hong Kong belong to China so their is a need like this if you look up at your ally in EU and elsewhere you will find pretty more empty stuff
@@ryanwalters6184 Charleston is at 28% vacancy overall. While west Charleston is at 12% which is the area you're likely observing. North Central is at a high 75% vacancy rate.
The Pearl Of The East, those good old days are a long ago dream. One should accept the brutal reality of the situation in the present political drama. Especially, after the National Security Laws. Obviously, foreign capital is moving out of the local market.
Lee Ka Shing used to say “Never bet against Hong Kong” akin to Warren Buffet’s “Never bet against the USA” (and Buffet is right）. Not sure Mr. Lee is still saying that.
@@jacksmith-mu3ee correct- no inflation it’s now a deflationary environment. Also correct about no recession- it’s sadly way beyond a recession and well into economic collapse.
I can understand how Hong Kong 🇭🇰 Chief Lee *feels for being sanctioned by the US.* - He can't apply for a credit card. - All his money in banks, including ones in Hong Kong, is frozen. - His empty houses in the US are forfeited. - His kids can't attend US schools, and - his wife can't go shoes shopping in America. *How can he have any self-esteem to meet the press?*
Hey I hope you’re getting a share of the 1.6 billion of the anti China misinformation funds the US government just approved, or are you doing this for free 😂🤣
No one has the trust to do business in HK anymore and thousands have left, thanks to the new national security 'law' and govt crackdown on freedoms of speech and thought. not surprising at all.
The whole world is having serious problems, HK is no exception. HK is in the limelight because many people want the unique one country two systems to fail, so propaganda abound tramping China and HK to earth. Some even think people in HK are homeless ! If you come to HK, you won’t see tents on streets like those in LA , SF, and god knows where else. And there are no guns here ! If you go to China during their holidays, you will be crushed by people who travel intensely enjoying their break. They talk about companies moving away, but neglect those moving in. statistic here said foreign direct investment increase by 11554 HKD Billion in 2023., ranked 4th globally. Real GDP increase by 3.3% year on year in the second quarter of 2024. Figures speak by themself.
Not many of us are shedding tears for these property billionaires ...
This is a worldwide phenomenon. America is just the same.
@@MetaView7 Not many us are shedding tears for those American property billionaires...
@@leesboo1Why u think that?
@@MetaView7 worldwide phenomenon or not, you seem to fail to comprehend the size of the country matters. the effect of multi-nationals leaving HK and hence empty offices, is much larger than multi-nationals leaving san francisco, los angeles, new york, texas.
@@bennykoh OMG, Hong Kong is collapsing ! The Sky is Falling !
A lot of International companies including Google, IBM , Netflix etc which is Asia pacific Headquarters already move their office to Singapore. Because Singapore political aspect is more stable compare to Hong Kong.
Nobody cares except the oligarchs. Who are you speaking for, do you represent the billionaires?
@@-x5858 What are you, 8? Just because the topic doesn't interest you, doesn't mean it's people can't talk about it. Also, if big companies move their headquarters to Singapore, it also mean that they are laying off office workers in Hong Kong which affects the everyday people 🙄
@@-x5858 people who want jobs care. i also care. what say you then? and who do YOU speak for then?
@@-x5858 Trickle down effect is massive when towers are not full. Coffee shops/tailors/restaurants/dental offices, etc sometimes close as their client base shrinks due to empty offices.
@@-x5858 Poor Chinese coping here 🥺
They are moving to either Singapore or Tokyo
I wonder why this happened 🤔🤔🤔🤔 What an unfathomable mystery that after June 2020 Hong Kong’s economy has been a horror show. Completely unexplainable 🤦🏽♂️
With so much excess capacity, commercial landlords should consider converting some of this capacity to residential units particularly in older buildings that are due for renovations anyways.
change 2 low class subsidised flats...
Unlikely to happen because of significant differences in building code requirements for residential buildings. The idea of “just converting” isn’t viable in many cases.
@@mensrea1251@mensrea1251 If one of these single office towers can house thousands during the day, then why can't they sleep in it at night? Codes can be modified. Everything is viable.
can be done but with lots of modifications to the structure.... it's most likely it'll be cheaper to tear it down and build a new tower instead...... also there are next to no residential towers next to office towers.... HK has clear demarcation between commercial and residential sectors
@@fatdoi003 easy 2 modify...use usa method using gypsum boards...fast n cheap...divisions , corridors.toilets, kitchens all in one go....better left empty
With corporate tax so low, it is still not able to attract people to set up businesses in HK. Yet the HK gov doesn't tax the rich enough, leaving all these empty office spaces for what? Yet not enough hosuing for low income families.
I think you know the reason why ! LOL
@@victorylee5381 🐘in the room
When China was closed Hong Kong was the gate to access China. As China developed economically, Hong Kong’s value declined as a gateway to China. You no longer need to setup offices in Hong Kong when you can directly have them in Shanghai. Hong Kong’s historical importance and development were always linked to China.
Absolutely and clear complete.
Shanghai is even more fun for expats in some ways...
People realised how overpriced rents in Hong Kong are for its value. Businesses invest in a location for it's business potential. If it's no longer business attractive and profitable investment to situate in central Hong Kong. Why invest a huge sum in these central offices? Most workers don't even live close to the central location nowadays apart from the late boomers that holds all the properties in Mid-levels. It's a fair market and rental value will only keep falling across Hong Kong. Not to mention it's overpriced residential property values.
Hong Kong has lost its reason for existence. Its just another Chinese city now
@@user-zz8lb6bd7p exactly. cha chaan teng out. sichuan hotpot in
Reminds me of Salesforce Tower in San Francisco which completed construction during the pandemic and is quite vacant as the software company went to a remote work model.
Same Chinese hype as well!!
No stranger to empty spaces just like New York
Hong kong is still my favorite city in asia and yes i also have a company there.
Fascinating, thanks for sharing!
back to "normal" needs to see the low first. Current 33% drop is just a start, from 1997 to 2003 A grade office rents went from HK$100 to $20. Maybe this time bottom around $40?
Empty office spaces is a worldwide problem. People just dont need work in office anymore but anywhere, myself work in cafes all day if i want to.
@@LOLnesssss Not correct, productivity goes down when people work from home, and interaction with co workers is important.
@@andersfant4997 hybrid mode can take the benefits of both side. WFH can save travel time and work longer time, and can have meeting face to face in the middle of week
Working remotely is low productivity ❤!
Perhaps then they should convert some of the offices into cafes LOL
Not true in Asia. Most office workers have returned to the office in Asia. Majority of the companies in Asia have never had WFH. BTW, it's silly to work in cafes where you need to pack up everything every time you are away from your "desk" and you can't take a private call.
Lots of empty spaces, yet many people still live in coffin sized rooms
Investing money in Hong Kong is like throwing money into the garbage.
@@worldlife9834 insightful! Thx
Like I throwing into your mom’s cunt? 😂 she’s still in Hongkong
Says someone who believe Bangkok is the real international hub for Asia rather than Hong Kong or Singapore
@@alanwong9550 Bangkok has a high standard of living. Hong Kong and Singapore sell micro prison cells to live in.
@@worldlife9834 guess ur an expat? ofc it is great because ur income is way above an avg local
Sooo, how's Ms Lam's "Lantau Tomorrow Vision" project coming along these days? Good thing she brought such prosperity to Hong Kong.
They're still pushing it I think
This sounds like the beginning of the end of loose money in Hong Kong. I think it is the harbinger of a permanent decline of Hong Kong as more and more industries, businesses and finance related companies uproot to Singapore and other South East Asian countries to protect themselves against the CCP.
Lots of empty retails spaces too.
Stay safe Minmin!
Hong Kong 🇭🇰, as a financial center, is finished after China introduced the repressive "National Security" laws.
- Talents have left, businesses have closed, and judges have resigned. Millionaires have fled with their money.
- Empty office buildings can be seen all over the former prosperous British colony.
With the surname Chang, are you eligible to say that? Taiwanese, what a poor and backward chaotic place
Bingo !
Hong Kongers did this to themselves. These so called repressive national security laws would not have been necessary if the mass rioters and local politicians who backed them did not openly support Hong Kong independence and asked for foreign intervention.
Sad
Many countries similar problems with empty office space like Malaysia and yet there are still developments of office buildings in Malaysia.
Hong Kong is dead, no culture and no vibe. Why would one want to visit or stay there. Its mostly commercial properties and now commercial properties are globally not required due to new technology, so this city is finished.
Developers screwed up the costs from the ground up and the ripple effect of financial suffering leads to this.
Almost like a lack of politiclal and legal stability, especially with mainland laws applying more and more
Is this the start of the $1.6b counter propaganda program?
Bloomberg wants that sweet $
sure it does...same song flooded my youtube account today
I know right!
Even in 2017 it was far more beneficial to build residential towers instead of office towers . Yes they cost about 30% more but you’d be looking at 3-5 % vacancies.
As a HK citizen already sold my own house in 2019. I would love to ride this real estate market slump. I will buy again when the market fall deep (very deep).
Thank you for the report. Great job Ms Low
...and HK citizens living almost homeless. Great leadership!
I am living in HK. Have you been in Hong Kong ? Do you actually see people living in tents on the street like those people in LA and SF ? You have been totally misled by false propaganda !
Iran would probably be the greatest economy in Asia, if it ever got its act together, domestically.
My dad worked in the US military and was living there in the 70s. It was ahead of all these Far East Countries in every area. Not just oil dependent either.
@@ciaronsmith4995 what are you talking about? Iran was never even close to Japan...
@@ulyks Iran had a GDP 3x the size of South Korea in 1978 and literally were among the first peoples to teach the Japanese mathematics some 1300 years ago. Iranians have the third highest IQ in the world. They are unbelievably smart people and by far the most "mysterious" in the world. Nobody actually knows anything about them. I would bet Iran also wouldn't cause a Fukushima disaster like Japan did.
@@ciaronsmith4995 Were we talking about South Korea? Why bring that up? Iran was indeed very advanced thousands of years ago. But shouldn't have mentioned IQ. IQ is a test score that you can train for so it's a reflection of teaching methods and time spent studying for similar exercises, not a very good reflection of intelligence. That being said, Iran is not scoring well on IQ, in fact it has a below average IQ score...
@@ulyks Thousands of years ago? Even now it is advanced scientifically, and 40 years ago it had a GDP 3x that of South Korea. Iran with no sanctions and a better domestic policy would be a juggernaut globally and everyone fears that. Persians conquer. They don't take orders from anyone. The rest of you are followers.
Same to London
Meanwhile Singapore is having a problem with enough commercial office space
same happened to me Salesforce in SF
Is Hong Kong any different from regular mainland China cities now? It lost its biggest advantage
Hong Kong is like a concrete jungle made by Britain. Not a single tree can be found in urban areas
Isn't it obvious that the HK real estate market has been killed by the Chinese connecting HK to the mainland and massively improving connectivity and opening up other new developments right around HK?
Yup. HK govt officials for decades pushed all those infrastructure/transport link projects... Without realize they don't necessarily help HK. Killed HK retail as well since poor HKers just take a 30 min ride to nice new malls in SZ now
So u want people to live in squalor?
There are many financial cities out there...waste of money investing in HK.
San francisco has 30% vacancy.
Isn’t San Francisco at 37%? 😂😂😂
It’s a worldwide problem after the pandemic.
This is expected outcome when people are allowed to say only compliment.
Bloomberg: Big thanks to CBRE giving the bad data supporting our story-telling.
Free Hong Kong! Free Xinjiang! Free Tibet!
Good for the people.
Now you deal direct with Shanghai. No need to go through HK.
How
@@user-gp9mk7wm1s nobody wants to deal with those crooks
Free market in action
Thank you Emperor Xi! ❤
Cus they are moving to the mainlands office spaces cheaper and better
I’ve a large individual office close to central but I rather work in the Starbucks close to my home.. also I don’t feel bad for the property owners
Let people work from home and convert office buildings into public housing
Thanks for a honest report!
its good for the market...correction is happening globally
Chinese leaders are content with the situation in Hong Kong. Empty office space? They dont think it is a problem at all.
Well it isnt . Now people are moving towers work from home . Dell and Google are also facing this
Empty office spaces should be understood as the new normal in Hong Kong after 2020. LOL
Let's hope that the Fed will lower interest rates by 25 bp only in this week's meeting.
Let's hope that all economic indicators will come in a lot worse than expected.
Why is it objectively ugly?
HongKong is done
By whom ?
Same as in USA with all the empty offices spaces.
Hahahaha... who the fck want to pay overpriced rental for office space... need to drop another 50% .. to give some motivation for the new tenants
Well..its time to invest in office space.
Thanks to the hk security law
I see the benefit of "advancing from stability to prosperity."
You dont?
The problem is Hong Kong belong to China so their is a need like this if you look up at your ally in EU and elsewhere you will find pretty more empty stuff
Salt water mixed with fresh water.
" See through buildings" King Kong sitting on your chest.
香港完蛋啦
@@jayz2911 多多感谢习帝
Remnants of a bygone era
Hong Kong can no longer sit between the chairs. The city must become 100% Chinese mainland now.
Well, don't expect Western companies as new renters.
Empty because of the money greed , high prices ,
Its global.
Not Charleston 😂
@@ryanwalters6184 Not yet 😂
Then how come those in Japan (at least in Tokyo booming)?
No it’s not. HK has been in steady decline because of CCP. Many cities elsewhere in Asia is thriving. SG, Tokyo, Taipei, Seoul.
@@ryanwalters6184 Charleston is at 28% vacancy overall. While west Charleston is at 12% which is the area you're likely observing. North Central is at a high 75% vacancy rate.
Oh no… 7 years to break even… cry me a river
HK developers should build a rubbish recycling factory instead, at least you have high cashflow and infinite demand.
How much empty office and commercial space in San Francisco again?
Calgary... New York... San Francisco... All have record high vacancy rate... It's a global issue...
People believe in Democracy. Not sure if Chinese Hong Kong fits into this category.
The worst is yet to come.
Commercial debts for most American real estate comes due next year at once... In October... The crash is a coming!
It will get worse.
Like it did in Texas ?
The design if that building is so not HK tbh
This story is being told around the planet now. CRE is over frens
Hong Kong has people livingin coffer homes but keeps building commmercial buildings what a dumb government
The Pearl Of The East, those good old days are a long ago dream. One should accept the brutal reality of the situation in the present political drama. Especially, after the National Security Laws. Obviously, foreign capital is moving out of the local market.
Lee Ka Shing used to say “Never bet against Hong Kong” akin to Warren Buffet’s “Never bet against the USA” (and Buffet is right）. Not sure Mr. Lee is still saying that.
China 0 recession
China 0 inflation
Usa recession
Uk recession
France recession
Germany recessing
India recession
Taiwan recession
@@jacksmith-mu3ee correct- no inflation it’s now a deflationary environment. Also correct about no recession- it’s sadly way beyond a recession and well into economic collapse.
Anywhere but China
Many already fled, HK had a good run but it might have peaked
It’s okay I’m sure China will find people to fill it when hk finally becomes China officially
They over built. Greed got out of control.
Wow imagine calling affordable housing as "greed". Someone is jealous
just OverSupply no financial crisis
... before this decade
Bye bye HK and welcome in SG 😂😂😂😂😂... Never been better here 😅
I can understand how Hong Kong 🇭🇰 Chief Lee *feels for being sanctioned by the US.*
- He can't apply for a credit card.
- All his money in banks, including ones in Hong Kong, is frozen.
- His empty houses in the US are forfeited.
- His kids can't attend US schools, and
- his wife can't go shoes shopping in America.
*How can he have any self-esteem to meet the press?*
@@ArabicReja973 why would he do these things the first place
Hey I hope you’re getting a share of the 1.6 billion of the anti China misinformation funds the US government just approved, or are you doing this for free 😂🤣
Is +973 Bahrain a place full of self-esteem? Do you like Saudi?
Not true at all.
Government manufactured problem
No one has the trust to do business in HK anymore and thousands have left, thanks to the new national security 'law' and govt crackdown on freedoms of speech and thought. not surprising at all.
Dubai has come and people are no longer going to Hong Kong
Nice. Don't come to Hong Kong, international business!
Move your operation in the free Singapore or Tokyo!
So Sad ❤🎉❤
Turn it into housing.
Covid and different countries reactions like China
The whole world is having serious problems, HK is no exception. HK is in the limelight because many people want the unique one country two systems to fail, so propaganda abound tramping China and HK to earth. Some even think people in HK are homeless !
If you come to HK, you won’t see tents on streets like those in LA , SF, and god knows where else. And there are no guns here ! If you go to China during their holidays, you will be crushed by people who travel intensely enjoying their break.
They talk about companies moving away, but neglect those moving in. statistic here said foreign direct investment increase by 11554 HKD Billion in 2023., ranked 4th globally. Real GDP increase by 3.3% year on year in the second quarter of 2024. Figures speak by themself.
Four floors lol
Vacancy rate is far far higher
Who wants to come here?! So boring and ppl are rude.