Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Monday, Jul 15, 2024

TikTok parent ByteDance to consolidate Hong Kong offices in One IFC

TikTok parent ByteDance to consolidate Hong Kong offices in One IFC

Chinese tech company ByteDance, known for its TikTok and Douyin apps, is set to move its multiple offices across Hong Kong into a new space at IFC, with the city’s commercial property market offering opportunities to upgrade or consolidate offices.

Chinese technology company ByteDance, known for its short-video apps TikTok and Douyin, is set to move its multiple offices across Hong Kong into a new space at International Finance Centre (IFC) in Central, with the city’s commercial property market offering opportunities to upgrade or consolidate offices.

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.”

ByteDance’s Times Square office in Hong Kong.


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.

Gross leasing volume jumped in the January-to-March period this year by 42 per cent quarter on quarter to 1.1 million sq ft from the preceding quarter’s low base, CBRE said, but leasing activity was mainly driven by relocation of a few sizeable firms.

“With companies’ cost-control policies still in effect and further new office supply in the pipeline, vacancies are expected to trend higher and ensure pressure on rents for the rest of 2023,” said Ada Fung, executive director, head of advisory and transaction services – office services, at CBRE.

The space ByteDance is renting in One IFC was previously occupied by Switzerland-based bank Julius Baer Group, and the about 20,000 sq ft area will cost around HK$120 (US$15.30) per square foot, according to another person familiar with the matter. Even though TikTok is facing a backlash overseas and might be banned in the United States over data security concerns, ByteDance posted record income last year.

Elsewhere, “The Ark”, a restaurant based on the Transformers franchise, is expected to open in Causeway Bay’s Russell Street – once the most expensive retail strips in the world – on April 23 after being boarded up for about a year.

“We are in the final stages of operations, training and interior layout,” Tony Smyth, senior vice-president of corporate development and communications at iFree Group, told the Post. Restaurant operator A La Carte, a wholly owned food-and-beverage division of Hong Kong-headquartered technology company iFree, is fully licensed by entertainment company Hasbro to run Transformers-themed restaurants in Asia.

The restaurant rented the space at a substantially lower rent than Burberry, the previous tenant, according to market sources. It will be the latest international restaurant to open on the street, following openings by burger outlet Five Guys and Ruby Tuesday.

An improvement in property market sentiment and demand came as Hong Kong’s latest unemployment rate dropped to 3.3 per cent for the December to February period, marking a tenth straight monthly decline.

Both the rents of prime street shops and major shopping centres showed a “strong rebound” of up to 3.9 to 5 per cent quarter on quarter, indicating the first major turnaround in rents since the first quarter of 2019, according to Savills.

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×