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MONDAY, SEPTEMBER 8, 1975
ON THE VACANCY POSITION FOR MISCELLANEOUS COMMERCIAL PREMISES, MR, FRY SAID THE DEMAND FOR THIS TYPE OF ACCOMMODATION HAD BEEN RATHER WEAK AND THE VACANCY POSITION HAD NOW INCREASED TO 1.5 MILLION SQUARE FEET.
LITTLE CHANGE HAD BEEN OBSERVED IN THE AMOUNT OF FLATTED FACTORY SPACE LYING VACANT DESPITE A FURTHER 1.1 MILLION SQUARE FEET BEING COMPLETED DURING THE FIRST HALF OF THE YEAR. THE FIGURE OF VACANT FLATTED FACTORY ACCOMMODATION CURRENTLY STANDS AT 2.75 MILLION SQUARE FEET.
MR. FRY SAID IT WAS OBVIOUS THAT A NUMBER OF DEVELOPMENTS HAVE BEEN DEFERRED OR SHELVED AND FORECASTS FOR THE NEXT TWO OR THREE YEARS HAVE THEREFORE BEEN AFFECTED, BUT A FAIR AMOUNT REMAINS IN THE PIPELINE.
THE RENTAL SITUATION FOR FLATTED FACTORIES WAS RATHER MIXED BUT IT APPEARS THAT RENTS ARE STABILIZING WITH A SLIGHT DOWNWARD TREND RESULTING FROM ADJUSTMENTS TO RENTS FIXED AT THE PEAK OF THE MARKET.
A SIGNIFICANT INCREASE IN THE AMOUNT OF VACANT STORAGE SPACE HAS BEEN RECORDED AND THE FIGURE NOW STANDS AT SOME 450,000 SQUARE FEET COMPARED WITH ABOUT 250,000 SQUARE FEET SIX MONTHS BEFORE.
COPIES OF THE COMMISSIONER'S MID-YEAR REPORT, IN THE FORM OF A SUPPLEMENT TO THE PROPERTY REVIEW 1975, ARE AVAILABLE FROM THE OFFICE OF THE RATING AND VALUATION DEPARTMENT AT NO. 1 GARDEN ROAD, HONG KONG.
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