Swire Properties recently reduced office rents at Pacific Place 20% from last year's peak when leases came up for renewal, but the company believes Hong Kong's office market has bottomed out, chief executive Martin Cubbon said.

Office rents at One, Two and Three Pacific Place, comprising 2.2m square feet, have dropped from as much as HK$100 per square foot per month last year to 'the high 70s to the low 80s', Cubbon said.

'We are positive regarding the Hong Kong market in the coming months and next year in view of the renewed confidence, as evident in the surging demand in the residential market and growing confidence in the international business and financial sector to invest in Hong Kong.'

South China Morning Post