Hong Kong office rents expected to decline by 10% this year

Supply still outweighs demand.

According to a Colliers report, while a positive net take-up was recorded in Hong Kong’s office market in H1, with limited appetite for expansion and major projects nearing completion, rents are projected to decline further throughout 2025.  

“We anticipate vacancy rates to ascend to approximately 19% by the end of 2025, primarily driven by 0.28 million sqm of new stock entering the market in the second half of the year,” the report said.

Colliers projects rents to decline by 10% throughout 2025, as supply continues to outpace demand. This ongoing imbalance will prompt landlords to enhance the competitiveness of their rental offerings.