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Grade C
Around 48,000 square metres of Grade C space were completed in 1996, all in urban districts. The completions were 6% down on 1995 levels.
Take-up in 1996 was effectively a negative 3,000 square metres. Vacancy increased to 208,000 square metres, representing 15.8% of stock. These figures indicate a continued fall in demand for such accommodation.
Completions for 1997 and 1998 are expected to increase to similar levels at 75,000 square metres each year, almost entirely in urban districts.
PRIVATE COMMERCIAL
Completions of commercial space in 1996 were 121,000 square metres, nearly 42% below that in 1995. Take-up at 49,000 square metres represented just over 40% of the year's completions. Vacancy rose as a result to 754,000 square metres, or 9.1% of stock.
Forecasts for 1997 point to an increase in completions to 237,000 square metres, attributable to a few large developments in Mong Kok, Wong Tai Sin, Tsuen Wan and Tseung Kwan O. Completions in 1998 are expected to rise further to 260,000 square metres.
Retail indices show that at the end of 1996 prices were down marginally whereas rents were up slightly by 4% on a year earlier.
PRIVATE FLATTED FACTORIES
[Please note that the FLATTED FACTORY category includes floorspace with planning permission for INDUSTRIAL/OFFICE use, but for which no lease modification has yet been instituted. Also included in this category is strata-title floorspace with temporary planning permission for INDUSTRIAL/OFFICE use and short term waivers of Government Lease restrictions. It should also be noted that much of the flatted factory space provided in recent years has been built to a good standard with good finishes. Although many factory buildings are occupied as offices, showrooms, and a mix of these and light industrial uses, they should be distinguished from buildings with proper INDUSTRIAL/OFFICE status.]
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