Office vacancy rate in Hong Kong’s Central falls to single digits after 2 years
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Hong Kong's prime office vacancy rate experienced a positive shift in February, with Central's vacancy rate dropping to 9.9%, the first time it has been in single digits in 26 months, according to JLL. This improvement contributed to a rise in Central's grade A office rents by 3.5% in the first two months of the year, and a 1.1% increase in overall office rents citywide in February. The citywide prime office vacancy rate also slightly decreased to 13.4%. The banking sector remains the primary driver of leasing activity, with demand focused on new office buildings in core business districts. JLL anticipates this trend will continue, while noncore districts like Kowloon East will likely remain under pressure.
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AI-ExtractedCentral’s grade A office rents rose 3.5 per cent in the first two months of the year.
The vacancy rate in Central for premium offices fell to 9.9 per cent in February from 10.1 per cent the previous month.
Prime office vacancy rates in Hong Kong’s main business district dropped to single digits for the first time in 26 months.
With the banking sector remaining the primary driver of leasing activity, only two districts have shown early signs of improvement.
Noncore districts such as Kowloon East are likely to remain under pressure.
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