Goodman Group (Goodman or Group), the integrated property group which owns, develops and manages industrial space, is pleased to announce that the stabilised properties in its Hong Kong portfolio, comprising 7.3 million sq ft of lettable space, achieved near full occupancy of 99.2% at the end of 2011.
- A total of 3,591,399 sq ft of leasing transactions were completed in 2011
- At the end of Q4, only 57,990 sq ft of space in the portfolio was available for lease
- 403,913 sq ft of leasing transactions were completed in Q4 including renewals
Mr Philip Pearce, Goodman’s Managing Director, Greater China said, “We are extremely pleased to have achieved such strong occupancy in Hong Kong, as a result of sustained demand and limited availability of logistics space. Our record occupancy rate reflects our commitment to securing high quality industrial space for the local market and the stable economy in Hong Kong, which has been underpinned by strong domestic demand, and held up well against the slowdown in the Eurozone and China.”
During the quarter, a number of our existing customers have taken up additional space to cater for their expansion. Geodis Wilson, one of the world’s largest freight management companies, and Flyway Transportation, a local 3PL, have leased an additional 28,520 sq ft and 64,202 sq ft respectively at Tuen Mun Distribution Centre.
The relatively low number of leasing transactions concluded during the quarter was a strong indication of shortage of quality warehouse space in the market. At the end of the quarter, only 57,990 sq ft of space in the portfolio was available for lease which represents 0.8% of the stabilised properties in the Goodman Hong Kong portfolio.
“We continue to hold a positive view on the potential of the industrial property market in Hong Kong and will look for opportunities to make acquisitions of existing buildings or land for development as we look to expand and build upon our strong presence here.” Mr Pearce concluded.
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For further information, please contact:
Marketing Director, Asia
Tel + 852 2249 3149
Citigate Dewe Rogerson
Tel +852 3103 0108
For more information please go to www.goodman.com