Why Morgan Stanley sees more upside in Hong Kong offices than New York towers

Higher interest rates have weighed on property markets in both Hong Kong and New York, but Morgan Stanley sees greater upside potential in the Asian financial hub – particularly the office segment – in the months ahead, according to its latest report.

The US investment bank highlighted the similarities between two of the world’s leading financial centres, pointing out that Hong Kong’s monetary policy moved in lockstep with the US Federal Reserve, while both cities faced limited land supply,...