With hedge funds pouring into or rapidly expanding in Asia, office space in the region’s industry capital is getting rarer and dearer.
Prime office space in Hong Kong’s central business district is up 8.5% this year as the hedge funds that are already there have substantially increased staff and new and Western hedge funds set up shop in the city. Among those helping drive up the price is SAC Capital Advisors, which is looking to grow in the city.
SAC is in talks to increase its floorspace in Hong Kong, where it currently rents 5,000 square feet at York House, by 20%, Bloomberg News reports. Nine Masts Capital wants to double its 1,500 square feet after increasing its assets under management 10-fold.
Hong Kong-based Ortus Capital has recently moved into new space 20% larger than its old digs. Matchpoint Investment Management Asia recently doubled its space in Hong Kong.
Senrigan Capital, which has doubled its workforce since its launch at the end of 2009 to 20, was forced to look next door when seeking out more space.