Development chief dismisses fears Northern Metropolis supply will hit office sector
Hong Kong’s development chief has dismissed concerns that commercial floor space in the Northern Metropolis megaproject will further depress the city’s struggling office market, stressing that incoming supply is primarily for the innovation and technology (I&T) sector. Secretary for Development Bernadette Linn Hon-ho told the Legislative Council on Thursday that the 1 million square metres (10.8…
Hong Kong's development chief has dismissed concerns about the new Northern Metropolis megaproject potentially depressing the city's struggling office market. Secretary for Development Bernadette Linn Hon-ho stated that the 1 million square meters of economic floor space coming to the megaproject over the next five years is intended primarily for the innovation and technology (I&T) sector, and not for traditional office use.
This remark came in response to a lawmaker's concern about the possible impact on office vacancy rates in non-prime locations.
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