Invesco Relocates From Champion Tower To Jardine House
HONG KONG – Invesco has agreed to lease 33,000 sq ft in Hongkong Land’s Jardine House, as the US-based investment management firm relocates its regional headquarters to the office building owned by Hongkong Land, reported the South China Morning Post on Monday morning (10 October, SGT).
The new office lease will officially start on 1 November 2022.
The relocation represents Invesco’s return to a commercial property in Central owned by the same landlord. Between 1998 and 2005, the investment manager leased 2 floors in Three Exchange Square, which is also held by Hongkong Land. Subsequently, it transferred to Champion Tower, also in Central, leasing office space comparable to its new lease in Jardine House.
“With Hong Kong as the heart of our regional operations, it’s rare to have this unique opportunity to move into one of the most iconic buildings in Central,” said Invesco’s Chief Executive for Greater China, Southeast Asia, and Korea
Jardine House which offers panoramic views over Victoria Harbour, is known for its distinctive round windows.
With prime office vacancy levels at record highs and office rents continuing to fall in Central, office occupants are taking advantage of the situation by moving to prestigious addresses.
Market watchers revealed that office rents in Jardine House and Champion Tower are not far off. – That at the former averages at HK$90 psf, while the latter is at HK$88.20 psf.
“We believe that Invesco is moving back into Central as part of a wider trend we are seeing in the market of a flight to quality,” commented Neil Anderson, Director and Head of office and commercial property at Hongkong Land.
Real estate consultancy Cushman & Wakefield (C&W) said the flight to quality and relocation trend in Hong Kong’s office sector will likely continue well next year.
“There are multiple reasons companies relocate, even within the same district,” noted Jones Lang LaSalle Hong Kong’s (JLL) Managing Director Alex Barnes.
“This could be to accommodate fluctuations in size, changes in workplace or management direction that may require a different approach to real estate.”
For instance, Barnes cited Christie’s relocation to The Henderson in 2024, which will enable the auction house to implement a change in their business strategy.