Hong Kong's commercial property market is regaining momentum with ByteDance moving into One International Finance Centre and a new office tower in Tsim Sha Tsui going on the market for HK$2.5 billion.

ByteDance is shifting to a bigger office at one of Hong Kong's most prestigious locations in Central, a company spokesperson said, taking a major step to expand its presence in the financial hub after a year of cautious global expansion.

The world's most valuable tech startup's lease at One ifc will cover 20,000 square feet at HK$120 per sq ft or HK$2.4 million per month, local media reported, citing unidentified people in the market.

Elsewhere in Tsim Sha Tsui, a brand new Grade A office building on Humphreys Avenue is up sale for about HK$2.5 billion or HK$43,000 per sq ft, as companies are coming back to the city following the reopening of the border with the mainland in January.

Currently held by Henry Group, the 22-storey building is close to Nathan Road and Tsim Sha Tsui MTR station. It is expected to be completed in the second quarter of this year.

Meanwhile, Biel Crystal won a compulsory auction of the first phase of an industrial building in Kwun Tong for the reserve price of HK$2.35 billion, becoming the sole owner of the property.

A property agency estimates the rents of Grade A buildings will rally 5 percent in Central and Admiralty this year, with a 3 percent rise for the overall market, while another agency forecasts a decline of 4 percent at most this year, citing excessive supply.

In terms of shops, the agency predicts rents will rise 3 to 8 percent yearly in the first half, but still remain below pre-pandemic levels. Another agency sees rents for quality stores growing up to 12 percent this year.