110 view s
Photo by Shirley Xu on Unsplash

Grade-A office vacancy rate rises to 12.3% in February

The increase was partly due to the completion of S22 in Wong Chuk Hang.

Whilst the office market recorded a positive net absorption of 16,900 sq ft in February, the vacancy rate continued to rise.

Data from JLL showed that Grade A office vacancy rate rose to 12.3% in February.

Amongst submarkets, Central and Hong Kong East saw increases in vacancy, rising to 9.0% and 11.1%, respectively.
JLL said the completion of S22 by Empire Group in Wong Chuk Hang partly drove the increase in Grade A office vacancy for the month. 

Meanwhile, rental growth dropped in February by 0.7% MoM. 

Amongst major office submarkets, rentals in Central and Wanchai / Causeway Bay dropped by 0.8% and 1.2%, respectively, while Tsimshatsui's rent remained flat. 

As of February 2023, the average monthly rent for offices in Hong Kong was $54.8 per square foot.
 

Follow the link for more news on

Join Hong Kong Business 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!