Commercial Real Estate Services | Home Finding Services | Landscope Real Estate Services  
   
For Lease For Sale Corporate  
 
Customs & Practice
Basic Facts
Lease Terminology
Associated Costs
  Home > Customs & Practice
   
 
 
 

1) Physical Conditions
Most offices are rented out in bare shell condition with landlord's standard provisions. Landlord standard provision normally includes suspended ceiling with light fixtures and sprinkler system, and fan coil units for central air-conditioning. Upon expiry of leases, tenants are required to return their premises after reinstatement. However, some offices are available in partially or fully fitted conditions when fixtures and fittings of previous tenants are preserved.

 


2) Air-conditioning

Hong Kong is hot and humid in summer months. Besides, air pollution does exist in most business districts. Therefore, air-conditioning is essential to create comfortable working environment. In most modern office building, central air-conditioning is provided year round. Charges for provision of central air-conditioning are normally incorporated in the management fees.

3) Property Ownership
Although most commercial buildings are owned by single owners, a lot of office units in Hong Kong are strata-titled and sold to individuals. These units may get listed through different agents and channels. This phenomenon makes office search a difficult process due to the lack of transparency.

  4) Deed of Mutual Covenant
This is a contract between all property owners within a building, which specifies the rights and responsibilities of each property owner. Normally, it details how the common areas and facilities are used, how building manager is appointed, how costs of management and maintenance are shared, etc.

5) Incorporated Owners
Owners of a building band together to form a legal entity for the running of building management and maintenance.
 

 

6) Building Management
Building manager is appointed by the building owner or incorporated owners for the management and maintenance of the buildings.
   
7) Estate Agent
An individual or a company that carries out the business of estate agency. In Hong Kong, all estate agents (individual and company) must be licensed and clearly display their licence number on all documentation including advertising. Complaints about an Estate Agent may be made to the Estate Agents Authority. 8) Estate Agency Authority (EAA) The body set up to regulate the Estate Agency industry in accordance with the Estate Agents Ordinance. The body acts as an educator and regulator.