Cheung Kong Center II tests higher rents amid rebound in Central office market

The high-profile tower initially struggled to lease out space, but is now testing HK$100 per square foot rents amid rising demand for Central offices Cheung Kong Center II is testing office rents above HK$100 (US$12.75) per square foot, as the once slow-leasing tower begins to close the gap with Central’s most in-demand office buildings, according to property agents. The increase marks a turnaround for one of Hong Kong’s most closely watched office projects. Completed in 2024 by CK Asset Holdings – the property company controlled by billionaire Li Ka-shing’s family – the 41-storey tower was designed as a flagship Central development, but struggled to gain traction after opening into one of the city’s weakest office markets in decades. At the start of this year, the building was only about 20 per cent occupied, according to Ada Fung, chief operating officer of advisory services at CBRE Hong Kong.

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