Digital bank ZA Bank is taking 45,000 square feet (4,181 square metres) across four upper floors at Hysan Development’s Lee Garden Eight for its new headquarters, adding to a wave of financial and technology companies reshaping Causeway Bay’s commercial landscape.
The leasing push comes as Causeway Bay and Wan Chai continue to absorb office supply, with demand recovering more slowly than in Central. Grade A office vacancy in the two districts stood at 9.8 per cent in August, according to property consultancy JLL.
Hysan’s office portfolio was 93 per cent occupied at the end of June, down from 94 per cent six months earlier. Office turnover fell 1.3 per cent in the first half to HK$694 million (US$88.5 million), while rental reversions remained negative, according to interim results published in August.
“The new economy tenant portfolio is becoming stronger,” said Ricky Lui, Hysan’s executive director and chief operating officer. Leasing activity, he noted, had picked up recently, with the current tenant mix roughly split among financial services, professional services and co-working operators.
