HSBC is set to occupy more than 40,000 sq ft of space in Capitol Centre in Causeway Bay, as Hong Kong’s largest bank joins a growing list of finance and banking firms snapping up commercial space in the city.
The London-headquartered lender signed a five-year lease, which starts May 18, 2026, for five levels – ground plus four floors of the building, according to Land Registry records. The deal was registered in late November.
The records did not show the size or rent for the leased space, but agents said the five floors would have a total area of 42,000 sq ft.
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HSBC has the option to renew the lease for another five years, under the terms of the deal.
Capitol Centre is located on one of the busiest streets in the Causeway Bay shopping district. Photo: Google Maps alt=Capitol Centre is located on one of the busiest streets in the Causeway Bay shopping district. Photo: Google Maps>
HSBC declined to comment on the planned use of the space.
Current tenant Chanel’s three-year lease expires on May 15 next year, according to the Land Registry. The French fashion house had leased a portion of the ground and first floors, including a part of the building’s facade.
The company had the option to extend the three-year lease twice once the original contract expired.
HSBC will be the first non-fashion, long-term tenant of the prime retail space in one of the busiest lanes in the shopping district since 2008, when Giordano leased the basement and five levels for HK$5.06 million (US$650,000) a month.
In 2010, US-based apparel retailer Forever 21 took up the same space, which was then reported to measure 51,000 sq ft, for its flagship Hong Kong store.
In 2018, Victoria’s Secret replaced Forever 21. The US lingerie retailer paid an estimated HK$7 million a month for ground plus four floors, according to the Post.
Two years later, Victoria’s Secret closed the outlet following the twin blows of unprecedented social unrest and the Covid-19 pandemic.
In 2022, Dairy Farm leased the basement at Capitol Centre. Dairy Farm, now known as DFI Retail Group, is the operator of Wellcome and Marketplace supermarket chains.
Banking and finance firms have been expanding in Hong Kong in recent months, led by the likes of Jane Street. The US quant trading firm has agreed to pay HK$30.6 million a month for 223,437 sq ft of office space in Henderson Land‘s Central Yards. The nine-storey building is part of the developer’s prized mixed-use New Central Harbourfront, with the first phase due to open in 2027.
