Grade A office vacancy rates up 13.7% in July
Rents across the market recorded slight declines.
Overall Grade A office vacancy rates rose 13.7% in July, JLL reported.
Vacancy rate in Kowloon East also saw an increase of 0.5 percentage points (pp).
On the flip side, vacancy rates in Central and Hong Kong East decreased to 12.0% and 13.1% respectively.
In addition, the overall market recorded a negative net absorption of 128,900 sq ft, primarily due to a large space in Kowloon East returning to the market.
In terms of rents, Central and Kowloon East recorded declines of 0.8% and 0.6%, respectively, whilst the Wanchai/Causeway Bay and Hong Kong East submarkets experienced drops of 0.6% and 1.0%, respectively.