Hong Kong buyers hunt for bargains in city’s battered noncore office market

Hong Kong’s noncore office market is still plagued by high vacancy rates and weak investor demand, but owner-occupiers are taking advantage of the downturn to buy up office space at steep discounts. The latest example is the Estate Agents Authority (EAA), which agreed a deal earlier this month to buy an office at the OTB Building in Wan Chai for HK$70 million (US$8.93 million), according to Land Registry records. The 7,343 sq ft unit was bought for HK$9,533 per square foot – below the...