Office net effective rent drops 0.7% MoM

Submarkets such as Central and Wanchai / Causeway Bay saw rental drops.

The office market recorded lower net effective rent in August at $53.4 per square foot, translating to a 0.7% drop from July.

Data from JLL showed that major office submarkets such as Central and Wanchai / Causeway Bay also witnessed rental drops, with rents falling 0.8% MoM and 0.3% MoM, respectively.

Tsimshatsui, on the other hand, saw a rise of 0.6%. Vacancy in Tsimshatsui has dropped by 0.6 percentage points in August. Wanchai / Causeway Bay likewise recorded a vacancy rate drop, recording a 0.7 percentage point decline.

Central, on the other hand, saw its vacancy rate rise to 9.9%. Overall, the vacancy rate remained flat at 12.8% at the end of August, stabilising after four months of rising.