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Traditional international occupiers have moved away from the iconic buildings of Hong Kong because of high costs
HONG KONG, March 20, 2012 /PRNewswire-Asia/ -- The Royal Institution of Chartered Surveyors (RICS) has recently announced the report of "Corporate Real Estate: Investment and Global Cities" which shows that locations of businesses have an impact on policy makers, causing them to adjust policies to attract both employers and employees. Findings are drawn from RICS discussion forums investigating nine global cities, and examining factors attracting or deterring corporations from locating their commercial and industrial space in various cities.
The findings also show that while cities are facing competition around the globe to attract and retain companies' commercial and industrial sites, in many cases they fail to provide business with a coherent case to locate.
In Hong Kong, many of the major traditional international occupiers have moved away from the iconic buildings in the Central because of high costs; however, an increasing trend of occupation of office buildings in Central by technology brands such as Google and Apple. Hong Kong's key competitor in the region is Singapore, which has attracted occupiers by providing significant incentives over the past five years and offering a relatively good planning system and commercial development measures. Companies in the Asia Pacific Region are also increasingly viewing Manila as an optimal location for back office staff members due to the high cost to house them in Hong Kong. The pull factors to Manila are low employment costs and better English in the Philippines.
Mr Thomas Pienaar, Head of RICS External Affairs, said, "RICS, as the leading global body for land, property and construction, will continue to work with policy makers around the world to help develop these cohesive business and people-oriented policies, which will attract investment and are in everyone's interests."
Mr Pienaar will present key findings of the report at RICS Hong Kong Annual Conference 2012 on 4 May (Friday).
"Thanks to the government's policies, economic freedom and its position as a gateway to China, Hong Kong, as a global city, has an advantage over its counterparts", said Mr Nigel Smith, Chairman of RICS Commercial Property Professional Group Committee. "The Hong Kong SAR Government is determined to develop East Kowloon and increase supply of office sites in order to release some of the pressure of shortage of office space in prime areas. Offering a balanced scorecard of both core and decentralised office locations, will keep Hong Kong as one of the top financial and business centers of the world."
For the full text of RICS Corporate Real Estate Report of Investment and Global Cities, please see the attachment or download from the link: http://www.ricsasia.org/newsDetail.php?id=504.
About RICS & RICS Asia
RICS is the world's leading qualification when it comes to professional standards in land, property and construction. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body that since 1868, has been committed to setting and upholding the highest standards of excellence and integrity -- providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
The RICS Asia supports a network of over 11 000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
Media enquiry, please contact:
RICS Asia Public Relations Representative
Mr Andy Hung / Mr Timothy Wong
T: +852-2372-0090
F: +852-2372-0490
M: +852-9254-9250 / +852-6485-3225
E: andy@creativegp.com / timothy@creativegp.com
