CBRE-九龙东：香港的CBD_20（英文版）-2017-44页_6mb

总结：KOWLOON EAST - HONG KONG'S CBD 2.0

核心内容

Kowloon East is emerging as a promising new office submarket in Hong Kong, with the potential to become the city's second CBD. This development is driven by the high costs and limited availability of office space in the traditional Central CBD, as well as the increasing demand for modern, flexible and cost-effective office environments.

主要观点

• Decentralisation Trend: Companies are moving away from the Central CBD due to high rents and aging infrastructure. Kowloon East is becoming a preferred location for decentralised offices, offering lower rents and newer buildings.
• Infrastructure Development: Improved MTR connectivity and planned infrastructure projects like the Central Kowloon Route and the Shatin-to-Central Link are significantly reducing travel times to and from Central, making Kowloon East more accessible.
• Office Stock Growth: Kowloon East is expected to surpass Central in terms of office space availability. By 2021, it will have 17.2 million sq. ft. of Grade A office space, and by 2026, it will reach 29.0 million sq. ft.
• Modern and High-Quality Buildings: The area features a younger building stock, with a median age of nine years, compared to over 20 years in the Central CBD. Many buildings are equipped with modern designs and high-tech features, meeting the needs of contemporary occupiers.
• Workplace Flexibility: The rise of split-office operations and activity-based workplace strategies is encouraging companies to decentralise. These strategies allow for cost savings and greater flexibility in managing human resources.
• Amenities and Accessibility: Kowloon East offers good access to commercial, residential and transit hubs, and has a growing number of amenities such as restaurants, hotels and retail spaces. The area is also planned to include a mix of residential and commercial developments, making it a self-sustained community.
• Labour Availability: The area is close to a large workforce, with access to over 1 million workers within a 15-minute journey. This makes Kowloon East an attractive location for companies seeking to reduce commuting times and retain talent.
• Leading Landlords and Synergy: The presence of leading landlords like Swire Properties and Hongkong Land in Kowloon East ensures better building management, maintenance and community development, which supports the growth of the submarket.

关键信息

• Rents: Office rents in Kowloon East are approximately 1/4 of those in the Central CBD, with leading Grade A buildings renting at HKD33-46 per sq. ft. per month.
• Building Age and Quality: The median age of Grade A office buildings in Kowloon East is 9 years, while in Central it is over 20 years. This younger stock is more suitable for modern, tech-driven businesses.
• New Developments: By 2026, Kowloon East is expected to have a Grade A office footprint of 29.0 million sq. ft., surpassing Greater Central.
• Clusters and Connectivity: Kowloon East is divided into four clusters - Kwun Tong, Ngau Tau Kok, Kowloon Bay and Kai Tak. Kai Tak, in particular, is expected to become the core of the future CBD due to its large-scale development and planned infrastructure.
• Residential Availability: There are currently 659,000 residential units available in Kowloon East, with an expected increase to 754,000 by 2026. The area is also set to have new residential developments in Kai Tak.
• Future Infrastructure: The Central Kowloon Route and the Shatin-to-Central Link are expected to improve connectivity, reducing travel times between Kowloon East and Central to as little as 7 minutes by 2026.
• Office Supply: The area will see the completion of at least 19 new office buildings over the next decade, significantly increasing the supply of high-quality office space.
• Occupier Strategy: Companies are increasingly adopting decentralised strategies, moving to areas like Kowloon East to reduce costs and improve workplace flexibility.

结构与发展趋势

• Mature Submarkets: Traditional core submarkets like Central, Wan Chai / Causeway Bay and Tsim Sha Tsui are facing challenges due to high rents and limited new supply. They are unlikely to see major redevelopment in the near future.
• Kowloon East's Advantages: The area has better accessibility, modern office buildings, a growing workforce, and a planned infrastructure network that supports its development into a new CBD.
• Government Role: The government has played a significant role in promoting Kowloon East as a new commercial hub through land reclassification, infrastructure investment and urban planning initiatives.

Kowloon East is positioned to become a major office submarket in Hong Kong, offering a viable alternative to the traditional CBD with its modern facilities, lower costs and improving infrastructure.