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 million square feet) of economic floor space to be provided in the megaproject next to the Shenzhen border over the next five years was unrelated to traditional office supply.
She was responding to a question from real estate and construction sector lawmaker Augustine Wong Ho-ming, who voiced concern during a debate on the city’s first five-year plan and annual policy address that the additional commercial floor space could aggravate already high office vacancy rates in non-prime locations.