Wanchai/Causeway Bay reaches highest net take-up in over two years

HONG KONG, 24 June 2026 – Net take-up in Wan Chai/Causeway Bay reached its highest monthly level since April 2024, driven by spillover demand from Central, according to JLL's latest Hong Kong Monthly Market Dynamics released today.

Spillover demand from Central has accelerated leasing activity across prime office buildings in Wanchai/Causeway Bay, driving total net take-up of 98,600 sq ft in the district in May. Vacancy also declined by 0.6 percentage points to 9.8% at the end of May, marking the lowest level in ten months.

Sam Gourlay, Head of Office Leasing Advisory at JLL in Hong Kong, said: "We are beginning to see spillover demand as premium offices in Central approach full occupancy. This has helped drive the overall office vacancy rate down to 13.3% as at end-May, although occupiers are likely to remain focused on newer or higher-quality buildings."

In May, the office leasing market recorded positive net absorption of 205,000 sq ft, with demand from securities firms remaining robust. Notably, CITIC Securities leased an entire floor of approximately 18,000 sq ft at CITIC Tower in Admiralty, while Ping An Securities took up around 14,900 sq ft at The Center in Central.

Cathie Chung, Senior Director of Research at JLL, added: "Overall Grade A office rent increased by 0.3% m-o-m in May. Central remained the primary driver of rental growth, with rents rising by 0.7% m-o-m, while Wanchai/Causeway Bay recorded a more modest increase of 0.3%."

Source: JLL Research