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Latest Market Research

Hong Kong Office Market Update

July 2023

Hong Kong Office Market Update July 2023

It is not all doom and gloom and office leasing opportunities abound in Hong Kong.


  • The overall Grade A vacancy rate was almost 15% in April. That is more than three times higher than in 2019, and tops Manhattan’s rate of 12.5%, and the 4.6% level in the rival Asian hub of Singapore.

  • Therefore, Landlords have become far more flexible in an endeavour to retain tenants and secure new ones – hence more room to negotiate on the rates, especially at new developments.

Despite all the uncertainties, much has been written about competition from other regional financial centres, such as Singapore. But with no doubt about it, Hong Kong still remains the gateway to China. And, closer integration of Greater Bay Area with its many incentives will help strengthen Hong Kong’s future competitiveness.

Download Office Market Update
July 2023