Grade A office market posts net absorption of 335,100 sq ft in August

It is the highest monthly net take-up level so far this year.

The Grade A leasing market reported a positive absorption of 335,100 sq ft in August, the highest monthly net take-up level so far this year, JLL reported.

The most notable transaction is ICBC (Asia) leasing office space with a total gross floor area of approximately 145,000 sq ft at The Harbourfront One in Hung Hom.

In the same month, the overall vacancy rate slightly decreased from 13.7% to 13.4%. 

Vacancy rates in Central rose to 12.1%, whilst those in Tsim Sha Tsui and Kowloon East fell to 9.0% and 18.4%, respectively. Meanwhile, vacancy rates in Wanchai and Causeway Bay remained steady.

In addition, the overall net effective rent decreased by an additional 1.3% month-on-month (MoM) in August. Central and Kowloon East reported declines of 1.5% and 1.8%, respectively, whilst Wanchai/Causeway Bay and Hong Kong East saw decreases of 0.6% and 2.2%.