News roundup: Hong Kong’s hottest April in 140 years, and more headlines

For PropertyGuru’s real estate news roundup, Hong Kong sizzles with the hottest April in 140 years. In other stories, Australia’s hotel room rates are set to rise as recovering international tourism and big-ticket events boost occupancy levels across the country, and occupiers across the Asia Pacific region are still willing to pay higher rentals for better quality offices and amenity-rich locations.

Hong Kong records hottest April in at least 140 years, with average temp. of 26.5°C

Hong Kong last month recorded its hottest April since meteorological records began in 1884, according to the city’s weather observatory.

Last month’s average temperature of 26.4 degrees Celsius (79.5 degrees Fahrenheit) in Hong Kong made it “the warmest April” since records began 140 years ago, the observatory said on 1st May, according to HKFP.

“Summer is not yet here but April was already record-breakingly hot,” the observatory announced on social media.

On 27th April, Hong Kong also set daily temperature records for April, including the highest daily average of 28.8, and the highest daily low of 27.7.

Why your next hotel stay in Australia could cost you more

Hotel room rates are set to rise this year, as recovering international tourism and big-ticket events boost occupancy levels across Australia, according to CBRE in realcommercial.com.au.

CBRE forecasts that the recovery in overseas tourists coming to the country will support hotel occupancy levels throughout this year and the next.

Overseas tourist numbers coming to Australia have grown significantly, with short-term visitor arrivals increasing 42 per cent year-on-year to almost 858,000 in February, according to the Australian Bureau of Statistics.

The high demand for hotel rooms was tipped to drive up the average daily rate (ADR) – which measures the average revenue earned for an occupied room per day – across most markets this year, CBRE predicted.

Asia Pacific region pays higher rentals for better quality offices – Colliers

Occupiers across the Asia Pacific region are still willing to pay higher rentals for better quality offices and amenity-rich locations to drive talent acquisition, despite cost consciousness emerging as the top priority for occupiers in 2024.

According to Colliers’ latest edition of Expert Insights | Asia Pacific Office Markets April 2024 in ReTalk Asia, top of mind for APAC business leaders across industries is how to effectively optimise resources, maximise savings and drive growth as they navigate a dynamic business landscape in 2024.

“These challenges remain compounded by unprecedented inflation, fierce competition for talent, and the rising pressures of digitalisation and climate action,” Mike Davis, Colliers Managing Director of Occupier Services, Asia Pacific, said. “Amid this scenario, offices today, albeit with much higher workforce flexibility, remain the epicentre of the work culture, with relocation decisions being underpinned by talent strategy and ESG goals. In Asia Pacific, a much greater pull to the office is creating higher occupancy than witnessed in other markets globally – causing the continued upward pressure on office rentals across the region.”

The Property Report editors wrote this article. For more information, email: [email protected].