TikTok parent ByteDance to consolidate Hong Kong offices in One IFC
- ‘Given the current double-digit office vacancy rate and discounted market, tenants have a great opportunity to upgrade or consolidate their office space,’ Colliers executive says
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ByteDance had rented office space at One IFC, a representative told the Post. According to a person familiar with the matter, the Chinese technology company, which has multiple offices in Hong Kong, including one in Times Square and another space at WeWork in Lee Garden One, was set to move them into the new space.
Staff at the Times Square office, which is the registered address for ByteDance (HK) Limited, declined to answer questions upon a physical visit. IFC did not immediately respond to the Post’s request for comment.
“Given the current double-digit office vacancy rate and discounted market, tenants have a great opportunity to upgrade or consolidate their office space,” said Fiona Ngan, head of office services at Colliers. “This allows them to be better positioned to retain talent and prepare for future business opportunities when the economy further recovers.”
Notably, Huawei Technologies Co leased 15,500 sq ft at the World Finance Centre in Greater Tsim Sha Tsui in the fourth quarter of last year, according to Cushman & Wakefield.
Hong Kong’s new grade-A office supply, including two buildings in Central, is expected to total 3.5 million sq ft in 2023, according to Colliers. New supply is expected to ease from 4 million sq ft last year, but could be significantly higher than the 2019 to 2021 period, when Hong Kong witnessed social unrest and coronavirus outbreaks.
