Swire Pacific renewed Time Warner’s lease for space in one of its buildings in Hong Kong at a higher rent than previously, and the city’s office market has bottomed out, a company executive said.

Swire hasn’t seen an increase in the vacancy rate, Martin Cubon, chief executive officer of the company’s real estate unit, said at a luncheon in Hong Kong today. Hong Kong’s real- estate rebound will continue in the second half, he said.