Slow IPO Market Impacting Leasing Momentum 

• Slow IPO market in 1H/2023 negatively impacted Central office market, with only HK$17.8 billion raised marking a 20-year low.
• Insurance and hedge funds sectors thrive due to sustained interest from Mainlanders and fluctuating stock market respectively.
• Most companies remain cautious about expansion due to uncertain business prospects and high CAPEX.
• High specification offices with green building accreditations are in higher demand, while older buildings face competition from upcoming new supply.