Latest Market Research

Hong Kong Office Market Update

March 2024

Hong Kong Office Market Update March 2024

The past year has seen a mixed performance in Hong Kong’s commercial real estate sector, with a discernible dip in investment but a slight uptick in office and retail leasing activities.

  • Looking ahead, the Hong Kong office market is expected to face continued headwinds in the short to medium term, with demand and supply imbalances and global economic uncertainty likely to keep rents under pressure.

  • However, the city’s strategic importance to the Greater Bay Area and its status as a global financial centre suggest a sustained demand for high-quality office spaces.

  • Amid these challenges, new and future office developments are set to shape the city’s commercial real estate landscape.

Office leasing has predominantly been fuelled by businesses seeking to relocate or consolidate their operations. This influx of new office space has escalated vacancy rates to unprecedented highs, exerting downward pressure on rental prices.

Download Office Market Update
March 2024