Grade A office rents contract 1.3% QoQ in Q1

The decrease in rents in Island East drove the overall decrease.

Grade A office rents continued to decline in the first quarter of 2023, contracting by 1.3% QoQ.

According to Colliers, the 3.4% drop in rents in Island East drove the overall decline in rents during the quarter. 

The real estate expert said landlords in the Island East “became more flexible in their negotiations.”

The rest of the sub-markets also saw a decline in rents. Rents in Wan Chai / Causeway Bay, Central / Admiralty, Tsim Sha Tsui, and Kowloon East dropped by 1.4% QoQ, 1.3% QoQ, 0.5%, and 0.4%, respectively.