Positive net take-up fuelled by consolidation and flight-to-quality demand
News release
24 November 2025
Central's Grade A offices see first monthly rent increase since May 2022
HONG KONG, 24 November 2025 – Central's Grade A office rents edged up 0.1% month-on-month in November, marking the first increase since May 2022, according to JLL's latest Hong Kong Monthly Market Dynamics released today. The improvement in vacancy rates among prime Grade A office buildings has strengthened landlords' negotiation position.
Alex Barnes, Managing Director of JLL in Hong Kong, Macau and Taiwan, said: "Occupancy in Central's premium Grade A offices is trending up as tenant expansion and flight to quality gathers pace. This supported rental stability and prompted a modest uptick over the month.”
Notably, Migao Group Holdings leased 10,201 sq ft (GFA) at Cheng Kong Center II in Central for expansion, relocating from COFCO Tower in Causeway Bay.
Moreover, overall office vacancy continued it gradual decline, reaching 13.1%. Cathie Chung, Senior Director of Research at JLL, added: " Notable improvements were evident in Wanchai/Causeway Bay and Tsimshatsui, where vacancy rates fell to 10.5% and 7.5%, respectively. However, vacancy in overall Central expanded by 0.5 percentage points to 11.5%, as space vacated by relocating tenants became available."
The Grade A office leasing market recorded a positive net absorption of 293,300 sq ft in October, driven by ongoing consolidation and a flight-to-quality trend. Overall rents remained broadly flat m-o-m, with divergent movements observed across and within submarkets.
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