JLL: Hong Kong Grade A office rents in August fell slightly by 0.2% on a monthly basis, with the overall office vacancy rate ticking up to 13.5%.

JLL released the "Hong Kong Property Market Observations" report, pointing out that the overall Grade A office leasing market recorded a net absorption of 314,000 square feet in August, benefiting from the active new stock market and increasing demand for wealth management services. The report mentioned that as of the end of August, the overall office vacancy rate only slightly increased to 13.5%, as the strong net absorption of existing properties significantly offset the impact of new supply from One Island East in Causeway Bay. The vacancy rate in Central improved to 11.2%, while the vacancy rate in Tsim Sha Tsui dropped to 7.6%; in comparison, the vacancy rate in Wan Chai/Causeway Bay increased from 9.6% to 12.2%. In addition, overall Grade A office rents in August fell by 0.2% monthly, the smallest monthly decline so far this year. In terms of district markets, Hong Kong Island East fell by 0.6%, followed by Kowloon East falling by 0.3%, and Central decreasing by 0.1%.