Net effective rent of HK offices drop 0.1% MoM in July

Decline in rents was also observed across major office submarkets.

The net effective rent of offices in Hong Kong dropped 0.1% MoM to $57.2 per square foot in July, data from JLL showed.

The decline in rents was also observed across major office submarkets in the city like Central and Wanchai, and Causeway Bay which posted a 0.1% MoM and 0.2% MoM drop in rents, respectively.

Net effective rent in Tsim Sha Tsui, on the other hand, rose by 0.3% MoM.

Meanwhile, despite vacancy rising to 9.6% in July, the market still recorded net absorption of 217,000 sq ft, mainly due to the completion of a government building in Kai Tak.