Hong Kong office rents dip 0.4% in December  | Real Estate Asia

Hong Kong office rents dip 0.4% in December 

Meanwhile, the vacancy rate increased to 12.1%.

According to a JLL report, the overall net absorption in Hong Kong’s office market was -116,900 sq ft in December due to limited leasing activities towards year-end. 

Among a handful of new lettings, pension services provider iFAST ePension leased two floors (45,500 sq ft, GFA) at The Gateway Prudential Tower in Tsimshatsui for in-house expansion. 

Here’s more from JLL:

Due to new completions, the overall vacancy rate rose to 12.1% as of end-December. The vacancy rate in Central and Wanchai / Causeway Bay rose marginally to 8.8% and 10.2%, respectively, while Kowloon East's vacancy rate rose to 19.5%. 

Overall net effective rents dropped further by 0.4% m-o-m in December. Among the major office submarkets, rentals in Central and Wanchai / Causeway Bay both dropped by 0.5% and 0.4%, respectively. The overall market recorded a rental drop of 3.7% for the full year 2022. 

The investment volume was boosted towards the end of the month by one major transaction. A JV between PAG and Mapletree Investments acquired Goldin Financial Global Centre in Kowloon Bay for around HKD 5.6 billion (HKD 6,570 per sq ft, GFA) from Goldin Group's liquidators.


Follow the links for more news on

Join Real Estate Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


How Metland Indonesia deals with weaker residential purchasing power
The real estate firm continues to expand with residences that are attractive to consumers because of pricing, the ‘growing house’ concept, and sustainable features.