This Hong Kong submarket had the highest office vacancy rate in April

The vacancy rate for this submarket reached 12.8% last month.

According to JLL, the leasing market picked up some momentum in April due to the relaxed social distancing measures. Overall net absorption was 249,000 sq ft as tenant demand sustained in addition to the completion of new supply. 

One notable expansion deal is that a PRC bank doubled its presence at One Exchange Square in Central by leasing 13,800 sq ft, NFA. 

Here’s more from JLL:

The overall vacancy rate stood at 9.4% as of end-April due to the completion of new supply. The vacancy rate in Central rose slightly to 7.4% while Kowloon East continued to register the highest vacancy rate among major office submarkets at 12.8%. 

Overall net effective rents remained flat m-o-m in April. Among the major office submarkets, Central registered marginal rental growth of 0.1%, while Tsimshatsui experienced the biggest rental decline. 

Lofter Group has recently partnered with BentallGreenOak and Schroders Capital to acquire the majority portion of 31-37 Hankow Road in Tsimshatsui for a total consideration of over HKD 1.5 billion or an A.V. of HKD 12,953 per sq ft. The building is to be redeveloped into a commercial tower.

Follow the link for more news on

Join Realestate 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!