Six Pacific Place, Swire Properties’ latest office development on Queen’s Road East, has a pre-leasing commitment of 23% while completion is scheduled for next year, amidst a relatively soft market. According to market sources, Sotheby’s has committed to four levels covering 30,000 sq ft. In terms of the 2023 office market, property consultancy Knight Frank cautioned that soft demand coupled with an abundant supply of vacant office space will likely result in a 5% drop in Grade-A office rent next year.