Retail in Asia

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HK Admiralty office prices reach new heights

Prospects of a value-adding facelift to Admiralty’s office precinct after the opening of new Hong Kong government headquarters in the area have driven prices of grade-A offices above their previous market peaks in 1994 and 1997.

Until recently, office prices had lagged behind the rebound in the luxury residential and retail sectors that took prices to new market peaks in 2007.

Average grade-A office prices in Admiralty, the eastern extension of central business district in Hong Kong, rose 15 percent in the first quarter.

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