The rising importance of self-worth and technological advances are driving the growth of beauty and medical markets in Hong Kong, which should in turn increase the demand from the industry for both office and semi-retail spaces. Tenants in the beauty and medical industry who are currently expanding should take advantage of an increasing office supply, since more landlords are now offering additional spaces designed for medical use.
For landlords and investors, converting non-Grade A buildings into new medical hubs in some of the city’s fringe CBDs is a great way to add value to their properties; given that beauty and medical tenants are searching for specialized spaces and have increased budget flexibilities compared to pure office tenants. Meanwhile the sector will continue to grow substantially through M&A, joint ventures and public listings.
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