Hong Kong’s SFC throws in the towel on Central rents, signs on for new office space at One Island East
- The Securities and Futures Commission will exit Central, having signed a new lease for office space in Quarry Bay beginning in January 2020
- New lease will lower monthly rent to around HK$55 per square foot, from around HK$120 currently
The Securities and Futures Commission (SFC) plans to move out of its Central office to save on rental costs as it forecasts a deficit of HK$230 million (US$29.3 million) for the year ahead.
The city’s securities regulator has taken out an eight-year lease in Swire Properties’ One Island East in Quarry Bay.
The move, set to take place under a lease beginning in January 2020, would likely reduce office rental costs for the regulator by about half, according to an agenda published online by the Legislative Council on Tuesday.
The move comes as a growing number of financial institutions and law firms in Central district are seeking out cheaper options in other parts of the city.
The SFC’s new office space in One Island East spans nine floors of up to 200,000 square feet, at a rental cost of around HK$55 per square foot per month, according to sources.
The space is currently occupied by JPMorgan, which has already signed a lease at The Quayside in Kowloon Bay across the harbour, sources said.
