bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Christopher Dobson

As rates for premium office space continue to reach new levels, so do the expectations from executive tenants for more than just good service and a place to work.
Companies across the board are growing in line with the economy and agents are finding that corporate clients are looking for increasing added value in the properties they lease.
For the developers this has meant that they have to invest more in both their existing and new projects across Hong Kong to create what a prominent industry executive is calling 'responsible luxury'.
This responsible luxury was a key factor in one of the largest deals of the year when DBS Hong Kong agreed two weeks ago to rent more than 220,000 sqft of grade-A office space at One Island East from Swire Properties.
Amy Yip,  chief executive of DBS HK, said the move further signalled the bank's aggressive growth plans in Hong Kong  and also allowed for the needs of  the employees.
'By providing a working environment that is modern and conducive, the move to the new building underscores DBS' commitment to invest in its people,' Ms Yip said. 'As we grow our business here, we need to provide for our current and future expansion needs. '
Occupying 11 floors, DBS HK will be an anchor tenant for the duration of the 10-year lease period in the 70-storey building that is expected to be completed next March.
Relocating to One Island East will allow the bank to consolidate its various support office operations into one building and provide a long-term occupancy solution in support of its drive to build its franchise across Asia.
Other major tenants who have pre-leased at the site include multinational corporations from the financial services, insurance, construction, shipping, marketing and real estate sectors, four of  which are establishing their Hong Kong headquarters in the building.
This constitutes more than 500,000 sqft of the 1.25 million sqft of available space.
The DBS lease was brokered by Jones Lang LaSalle, and Gavin Morgan, its regional director and head of markets, said he believed that pre-commitments of this nature were evidence that both demand and sentiment remained strong in the commercial property market.
'These new commitments also underline Island East's prominence as a home for the local and multinational business community,  and Swire Properties' commitment to expanding its grade-A offering in a continually improving commercial environment,' Mr Morgan said.
Director and general manager of Swire Properties Stephan Spurr said the deal was proof that the firm's commitment to quality and the creation of corporate communities was working as part of its drive for 'responsible luxury'.
'The rapid take-up of office space at One Island East indicates the tenant community's confidence in the building's top-flight specification,  its accessibility, supporting infrastructure, excellent amenities and our management services,' Mr Spurr said.
'Despite the choices available in the market, these pre-lets also pay tribute to the outstanding quality of One Island East.'
One Island East consists of 59 levels of prestige office accommodation, contained within an environmentally efficient glass and stainless steel clad structure. Each typical 22,000 sqft floor plate enables a highly flexible office configuration.
Mr Spurr said the company more than met the expectations of office tenants across its portfolio by creating a premium environment with a range of superior amenities, offering much more than office space.
'For example, in Island East, all the office towers are inter-connected by footbridges and connected to the Taikoo and Quarry Bay MTR stations,' he explained. 'These offices now lie within the ambit of some 180 shops and dining outlets at Cityplaza, and will benefit from the synergy which our new business hotel will add to the community.
'What we are also finding is a growing expectation from corporations that our building designs are created for and run along sustainable environmental lines which, I am happy to say, One Island East will be setting a new benchmark for.'
Mr Spurr said responsible luxury was where prestige design was allied with a respect for the environment. Flanking the space is an extensive landscaped plaza with water features and  access via a connected walkway system to Taikoo Place and public transport links. These include proximity to the Taikoo and Quarry Bay MTR Stations, as well as parking for 1,420 private cars.
The building  is surrounded by an unmatched array of shopping and entertainment opportunities with a 300-room hotel scheduled to be completed in 2009 and managed by Swire.
The company strategy is to 'hub' its investment developments at major mass transport intersections, providing the highest level of accessibility and connectivity for  its tenants and patrons.
In terms of service, Swire typically manages its own properties while office teams combine the functions of leasing and management so that tenants receive a through-train style
of attention and professional delivery.
Its completed portfolio in Hong Kong totals more than 13 million sqft of gross floor area, with Island East, Pacific Place and Festival Walk as its core holdings.



Quality accommodation raises expectations