Office market witnesses first positive take-up since Q3 2019

The market recorded a positive net absorption of 327,700 sq.ft in Q3 2021.

The office market recorded a positive net absorption of 327,700 sq.ft in Q3 2021 -- a first since 2019 of the same quarter.

Cushman & Wakefield reported a "resurgence" of leasing activity in Q3 with office space availability dipping to 13.9%.

Citywide rental decline also slowed down, recording a 1.2% q-o-q drop.

Banking & Finance (27%) ,Insurance (15%) and Business Centre / Co-working (12%) were the sectors which contributed to the pickup of leasing activity in Q3, according to analysts.

The deals made in the three sectors resulted to a 12% q-o-q drop or reduction of 62,000 sq. ft. in the amount of office space being surrendered.

While leasing activity is expected to remain stable in Q4, analysts said availability rates will "significantly increase" in 2022 with completion of new offices in decentralized submarket. 

Follow the links 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!

Top News

Bank of East Asia unveils mobile app with personalised interface
Users can create shortcuts for frequently performed tasks and can avail of rewards.
GHG emissions tools launched in HK
These tools will assist SME and financial firms in the city with sustainability reporting.
Energy & Offshore

Exclusives

HK scraps MPF Offsetting Scheme to enhance employee protection
Starting 2025, employers are no longer allowed to offset long service and severance payments from its Mandatory Provident Fund contributions.