JLL advises on Hong Kong’s largest end-user office transaction since 2019

HONG KONG, November. 17, 2023 – JLL today announced that it has advised on the transaction of twelve office floors at One Island East in Hong Kong East for HKD5.4 billion. This transaction represents the largest end-user office transaction in Hong Kong since 2019.

The transaction of the twelve office floors at One Island East not only marks the largest office transaction on Hong Kong Island in 2023, but underscores JLL’s involvement in the previous large end-user office acquisition for CLP Group in 2021. The power company acquired the office portion at Far East Consortium’s Kai Tak project for HKD 3.38 billion.

Alex Barnes, Managing Director and Head of Office Leasing Advisory at JLL in Hong Kong, said: “Hong Kong’s office market is one of the most resilient asset classes globally, with strong and sustained demand in both the leasing and investment markets. We will see the demand improve further following the global and mainland China’s economies stabilised. We congratulate both the buyer and the seller on this landmark deal. JLL is proud to have advised on this transaction,”

Oscar Chan, Head of Capital Markets at JLL in Hong Kong, said: “The interest rate hikes have impacted the investment demand for Hong Kong’s commercial properties in recent years. However, given that the demand dynamics, defensive nature and limited office supply in core business districts on Hong Kong Island, high-quality offices will continue to attract the interest from both end-users and investors,”

“With Hong Kong East having matured into one of the city’s core business districts, underpinned by the increasing development of sustainable and quality office buildings, this acquisition will further enhance Hong Kong East’s position. It will attract more financial firms and professional services such as legal, accounting and financial firms to establish their presence in the area,” said Sam Gourlay, Head of Tenant Representation at JLL in Hong Kong.