3Q15's take-up in Hong Kong's office market slowed to 383,000 sq. ft.

Overall vacancy rate fell, meanwhile.

It has been noted that net take-up in the office market of the real estate sector for Q3 2015 slowed to 383,000 sq. ft. (NFA).

According to a research note from CBRE, this is after registering a strong 1.4 million sq. ft. in Q2 which was partly boosted by the completion of One Bay East in May.

Meanwhile, overall vacancy rate fell from 3.6% to 3.2% in Q3 2015. Further, vacancy in Central dropped from 1.7% in Q2 to only 1.0% in Q3, close to the historic low of 0.8% in 2008.

Here's more from CBRE:

The report also mentioned that there were more leasing activities outside of Central in the last quarter, given the low vacancy in Central.

Also, the insurance sector remained as one of the key demand drivers with AIA, AXA and XL Insurance all taken spaces in Q3 2015.

Meanwhile, the completion of Tower 535 in Causeway Bay in Q3 has doubled the district’s vacancy from 2.5% to 5.0%