Landlords in Central, Hong Kong slash rents by more than a third as vacancy climbs to six-year high amid economy crushed by coronavirus

Hong Kong’s major landlords of premium office space in Central are cutting rents by more than a third – returning them to 2017 levels – as the sharp economic contraction caused by the coronavirus forces corporate tenants either to downsize or move somewhere cheaper.The vacancy rate in Central, the world’s costliest office market, climbed to a six-year high of 4.4 per cent in March, said JLL.Taking advantage of the lower rent, mainland Chinese private equity investor Hony Capital has leased 10…

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