Rents of mid-priced serviced apartments of one or two rooms in core business areas have dropped by 28% from the middle of last year to March because of the effects of the global financial crisis.
Research from property consultant Colliers International shows that such serviced apartments in core areas suffered the most, with rents in the non-core districts such as Aberdeen and North Point falling 23% during the same period.
By comparison rents of serviced apartments offering three rooms in core business areas fell by just 2 per cent because of the tight supply.
Studio-type serviced apartment rents dropped a more moderate 10%.
South China Morning Post