Central's Grade A office rents rise 3.5% in the first two months of 2026

HONG KONG, 19 March 2026 – Overall Grade A office vacancy rates and rents continued to improve in February, primarily led by Central's office market, according to JLL's latest Hong Kong Monthly Market Dynamics released today.

Central's Grade A office rents rose 3.5% in the first two months of 2026, following increases of 1.2% in January and 2.3% in February. This uplift supported a 1.1% month-on-month rise in overall office rents. Vacancy rates in Central and Wanchai/Causeway Bay improved for the third consecutive month, contributing to a decline in the overall Grade A office vacancy rate to 13.4% at end-February. Central's vacancy rate fell to 9.9%, reflecting continued strengthening in demand across the core market.

Alex Barnes, Managing Director of JLL in Hong Kong, Macau and Taiwan, said: "With the banking sector remaining the primary driver of leasing activity, and demand focused on new office buildings in core business districts, only two districts have shown early signs of improvement. This trend is expected to persist throughout the year, while non-core districts such as Kowloon East are likely to remain under pressure."

This pattern is reflected in recent transactions, including Standard Chartered Bank leasing 21,400 sq ft at One Causeway Bay and Rabobank taking 15,600 sq ft at One IGC in West Kowloon.

Cathie Chung, Senior Director of Research at JLL, said: "The Grade A office leasing market recorded a positive net absorption of 143,700 sq ft last month. Vacancy rates across most submarkets, with the exception of Central and Wanchai/Causeway Bay, remained broadly stable or edged up slightly. Vacancy rates in Tsimshatsui and Kowloon East increased by 0.3 and 0.2 percentage points month-on-month, respectively. Fringe districts such as Kowloon East continued to face downward rental pressure despite already being at record-low rental levels."

Source: JLL Research