Lates News

JLL published a report on the Hong Kong property market, indicating that the overall Grade A office leasing market recorded a net absorption of 314,000 square feet in August, benefiting from an active new stock market and continued growth in wealth management demand. The report mentioned that as of the end of August, the overall office vacancy rate only slightly increased to 13.5% due to the strong net absorption of existing properties, which significantly offset the impact of new supply in Causeway Bay Harbour Centre One on Hong Kong Island. Central's vacancy rate improved to 11.2%, Tsim Sha Tsui's vacancy rate dropped to 7.6%, while Wan Chai/Causeway Bay's vacancy rate increased from 9.6% to 12.2%. In addition, Grade A office rents in August slightly decreased by 0.2% month-on-month, the smallest monthly decline so far this year. In terms of district markets, Hong Kong East dropped by 0.6%, followed by Kowloon East falling by 0.3%, and Central with a slight decrease of 0.1%.