121 views
Photo from Unsplash by Dylan Gillis.

1 in 5 businesses plan to downsize office footprint

Office occupiers are increasingly prioritising cost savings to control overhead costs.

27% of businesses are planning to downsize their office footprint as companies become more cost-conscious, with an appetite for expansion low, according to Colliers.

Because of this rental rates across all submarkets fell in Q2, causing overall Grade A office rent to decline 1.% QoQ June 2024. Central/Admiralty also declined 1.2% QoQ whilst Island East experienced the sharpest drop out of all submarkets, 2.4% QoQ.

Moreover, vacancy climbed to 16.6% in Q2 2024. 

Central/Admiralty witnessed a substantial increase driven by the completion of two major projects, The Henderson and Cheung Kong Center II, with limited tenant precommitments. 

The total vacant Grade A office area has reached 13.8 million sq. ft. NFA, setting a record high by surpassing the previous peak in Q1 2024 by an additional 0.4 million sq. ft.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!