hong kong office rents

Meanwhile, the vacancy rate increased to 12.1%.

A significant amount of supply is also in the pipeline.

Rents declined 2.3% in the final quarter of the year.

The overall market seems to have bottomed out.

Rents are expected to drop for the rest of the year. 

Rents are expected to continue on this downward trend for the coming months.

Island East recorded the biggest decline.

Vacancy rate rose to 9.6% during the month.

Mainland office demand slowed whilst medical groups expanded in fringe Central.

But overall rents in Central and Admiralty inched up 0.4%.

Rents in Central inched up 0.9% to HK$114.5 per sq ft.

Rents will remain under pressure with a 15% decline expected over 2022.

The recentralisation trend is expected to underpin rental growth.

But rents in Central inched up 0.6%.

Rents inched up 0.2% in October. 

Tenants in Kowloon are favouring lease renewals over relocations.