2025-10-03 28Hse Editor
The office market in Hong Kong continues to face high vacancy rates, prompting some landlords to lower their rental prices significantly. The third floor of Island Place Tower at 510 King’s Road, North Point, owned by Symphony Holdings (1223), is now available for rent at a shocking HK$10 per square foot. This is a 50% reduction from the previous asking price of HK$20 per square foot, with the monthly rent now at just around HK$200,000. This rate is not only far below the average office rents on Hong Kong Island but also cheaper than some industrial buildings in the same area.
According to Centaline Commercial, the property spans approximately 20,090 square feet across the entire third floor of the building. The landlord adjusted the asking price to HK$10 per square foot to attract tenants amid market conditions, making it one of the most affordable office spaces in the area.
Recent data from Centaline Commercial shows that office rents in North Point over the past month ranged from HK$17 to HK$39 per square foot. This means the current asking price for the Island Place Tower is offered at a significant discount.
The property, purchased by Symphony Holdings in 1996 for approximately HK$93 million, offers an estimated rental yield of 2.6% at its current asking rent. The floor is fully furnished, allowing tenants to move in immediately. Additionally, the landlord offers flexible leasing options, with subdivided spaces starting from 5,000 square feet to accommodate tenant needs.
This unprecedented price drop highlights the challenges in Hong Kong’s office rental market but also opens up opportunities for businesses seeking affordable and convenient office spaces.
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