TNAG-2126-FCO40-3036-Investment-in-Hong-Kong-1990 — Page 63

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Table 4

(c) Supply of new property

in the private sector

18.

Caution should be exercised in interpreting the quarterly figures on building completions, as they are subject to fairly wide fluctuations (the same applies to the quarterly figures on building

consents). Figures covering a longer period, say

several quarters or a year,

a year, are more meaningful for

analysis.

19.

The supply of new private sector residential property, in terms of number of units, increased by 6% in 1989 after showing zero growth in 1988 (Table 4). Partly due to the increased supply, the vacancy rate for private residential flats as a

whole rose from 2.9% at end-1988 to 4.2% at end-1989.

20.

The supply of new office premises, in terms of total usable floor area completed, increased by 9% in 1989 following zero growth in 1988. The increased supply of office space also led to a rise in the vacancy rate, from 2.7% at end-1988 to 5.3% at

end-1989.

21.

In contrast, completions of other commercial premises (mainly shops) declined by 17% in 1989, following a decrease of 168 in 1988. However,

as the reduced supply coincided with a sluggish demand for shopping space, the vacancy rate for this type of premises showed little change between

end-1988 and end-1989, at 5.68.

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