Vacancy in Central's Grade A office market falls to its lowest level since 2023

HONG KONG, 23 February 2026 – Leasing demand from the financial sector remained robust, pushing vacancy rates in Central to their lowest level since 2023, according to JLL's latest Hong Kong Monthly Market Dynamics released today.

Central's vacancy rate recorded a m-o-m decrease of 0.8 percentage point to 10.1% at the end of January, continuing its gradual improvement from the peak of 12.2% in September 2024. The overall Grade A office vacancy rate also improved, declining to 13.5% as at end-January, with vacancy levels in Wanchai / Causeway Bay and Tsimshatsui each recording a 0.5 ppt m-o-m decrease.

Sam Gourlay, Head of Office Leasing Advisory at JLL in Hong Kong, said: "We are once again seeing a trend towards core locations, with demand largely driven by financial institutions. Vacancy rates in numerous top-tier Central buildings have improved significantly, compressing to single digits. The overall Grade A office market should benefit as spill-over demand starts to filter through to non-traditional CBD locations."

In January, the Grade A office leasing market recorded positive net absorption of 589,700 sq ft. Among the notable transactions, Turiya Capital leased a low-zone unit (5,700 sq ft) at The Henderson in Central, relocating from Henley Building.

Cathie Chung, Senior Director of Research at JLL, added: "Overall office rents rose 0.3% on a m-o-m basis last month, marking the fourth consecutive month of growth. This uptick was primarily driven by Central, where rents increased by 1.2%, while other submarkets experienced slight declines."

Source: JLL Research