Grade A office market sees longest positive net take-up since May 2022

HONG KONG, 27 October 2025 – The overall Grade A office market recorded a positive net absorption of 143,000 sq ft in September, marking the sixth consecutive month of growth since April, according to JLL's latest Hong Kong Monthly Market Dynamics released today. This represents the longest sustained period of positive net take-up since May 2022.

Alex Barnes, Managing Director of JLL in Hong Kong, Macau and Taiwan, said: "Leasing activity continues to be driven by rising demand from banks and multinational corporations. This trend is evident in the increasing pace of negotiations for space consolidation and upgrading. We believe the recent resilient performance of the stock market has reinforced occupiers’ confidence in Hong Kong's status as a leading international financial centre, encouraging financial institutions to advance their real estate plans."

Notably, Shanghai Commercial Bank leased a total gross floor area of 71,863 sq ft at AIRSIDE in Kai Tak for consolidation purposes.

As of end-September, the overall office vacancy rate edged down to 13.4%, with most submarkets showing improvement. Vacancy rates in Central and Wanchai/Causeway Bay declined to 11.0% and 12.0%, respectively. In contrast, Tsimshatsui saw a slight increase of 0.1 percentage points, reaching 7.7%.

Cathie Chung, Senior Director of Research at JLL, added: "In September, office rents dipped marginally by 0.1% m-o-m, though early signs of stabilisation are emerging in selected prime buildings across core locations. Wanchai/Causeway Bay and Tsimshatsui recorded a rental decline of 0.2%, while rents in Central remained flat.  

Source: JLL Research