Hong Kong office take-up hits 430,000sq ft in Q3

Absorption in the Central/Admiralty submarket reached its second-highest level in 10 years.

According to data from a Colliers report, Hong Kong office leasing continued to improve, with a positive QoQ net take-up of 430,000 sq. ft.

Momentum was particularly strong in the Central / Admiralty submarket, with 190,000 sq. ft. absorbed. This was the second-highest level in a decade, behind only the peak of +210,000 sq. ft. (Q1 2024).

Here’s more from Colliers:

Vacancies stood at 17.2%. One Causeway Bay’s completion introduced 440,000 sq. ft. of new space, offsetting the positive net take-up observed across existing properties.

Rental decline has moderated with a QoQ drop of 1.1%, compared to the steeper declines of Q1’s 3.0% and Q2’s 1.8%. Rents in Central / Admiralty are showing signs of stabilising, while declines in Island East continue.