The WeWork lease for Huang Jiuquan's entire floor will expire, with new customer monthly rent dropping nearly 40% to 590,000

The entire lower floor of the office building at 9 Queen's Road Central has recently been leased for approximately HKD 590,000 per month, with a rental rate of HKD 43 per square foot. The unit is currently leased by the shared office space operator WeWork for a monthly rent of approximately HKD 960,000, and the lease is reportedly about to expire.

The address is the entire 4th floor of 9 Queen's Road Central, with a building area of approximately 13,721 square feet. WeWork has been leasing the space since the end of 2021, with over 200 desks set up, and facilities including shared workspaces, meeting rooms, private offices, and phone booths, with a monthly rent of approximately HKD 960,000 and a rental rate of about HKD 70 per square foot. Market insiders revealed that the owner originally asked for a monthly rent of HKD 686,000, but the property has just been leased for approximately HKD 590,000 per month, about HKD 43 per square foot, which is 14% lower than the asking rent and 38.5% lower than WeWork's current monthly rent