3
THURSDAY, MAY 22, 1980
A RECORD SUPPLY OF NEARLY 1.3 MILLION SQUARE METRES WAS PRODUCED IN 1979, WHICH WAS 17 PER CENT HIGHER THAN THE PREVIOUS YEARS' RECORD SUPPLY. FORECASTS INDICATE THAT ALMOST A MILLION SQUARE METRES IS SCHEDULED FOR COMPLETION IN 1980 AND ABOUT 1.48 MILLION IN 1981.
THE AMOUNT OF FLATTED FACTORY SPACE IN THE NEW TERRITORIES INCREASED BY AN ASTONISHING 35 PER CENT OVER 1979, AND NOW REPRESENTS ALMOST 40 PER CENT OF THE ENTIRE STOCK.
SMALL UNITS CONTINUED TO PREDOMINATE WITH ALMOST 87 PER CENT OF THE YEARS' SUPPLY BEING UNITS OF BELOW 400 SQUARE METRES. +IN FACT, AROUND 20 PER CENT OF THE SUPPLY FEATURED UNITS OF LESS THAN 50 SQUARE METRES, FOR WHICH THERE IS APPARENTLY A GOOD MARKET,+ MR FRY SAID.
CONSONANT WITH SUCH A LARGE SUPPLY, VACANCIES INCREASED TO 581 000 SQUARE METRES. HOWEVER, WHEN VIEWED AGAINST THE RECORD PRODUCTION IN 1979, THERE APPEARS NO REAL SLACKENING OF DEMAND. INDEED, THE AMOUNT OF SPACE TAKEN UP IN 1979 WAS EQUAL TO OVER 90 PER CENT OF THE YEAR'S SUPPLY.
THE COMMISSIONER NOTED THAT PURCHASE PRICES GENERALLY HAD RISEN FASTER THAN RENTS IN 1979, WITH THE AVERAGE RENTAL INCREASE OF AROUND NINE PER CENT OVER 1978, AS COMPARED TO PURCHASE PRICES WHICH REGISTERED A 31 PER CENT INCREASE FOR THE SAME PERIOD.
THE FOLLOWING ARE THE MAIN STATISTICS IN THE PRIVATE SECTOR FOR THE YEARS 1978 AND 1979 TOGETHER WITH FORECAST FIGURES FOR 1980 AND 1981.
FORECAST
DOMESTIC
1978
1979
1980
1981
SUPPLY IN YEAR
UNITS
26 230
27 795
28 370
32 730
TOTAL VACANT AT
DECEMBER OF YEAR
9 300
14 550
(BASED ON SAMPLE SURVEY)
SHOPS
SUPPLY IN YEAR
SQ M 131 000
131 000
186 900
296 400
TOTAL VACANT AT
DECEMBER OF YEAR
122 500
148 500
OFFICES
SUPPLY IN YEAR
TOTAL VACANT AT
DECEMBER OF YEAR
SQ M 185 400
178 300 278 200
434 600
131 000
78 700
/MISCELLANEOUS