Tsimshatsui Grade A office vacancy falls to 6.7% in June

The district now records the lowest Grade A office vacancy rate amongst major districts. 

The vacancy rate for Grade A offices in Tsimshatsui declined 0.4 percentage points (ppts) month-on-month to 6.7% at the end of June, according to JLL’s latest Hong Kong Monthly Market Dynamics report.

Tsimshatsui and Central posted the largest improvements amongst Hong Kong’s major office submarkets, with both districts seeing vacancy rates fall and rents rise.

Tsimshatsui’s office vacancy rate reached a high of 11.2% in September 2022 but has steadily declined since 2025.

The recovery has been supported by stronger leasing demand from insurance and wealth management firms, driven in part by increased wealth inflows from mainland China.

The district now has the lowest Grade A office vacancy rate amongst Hong Kong’s major business areas.

"One Peking, one of the district's landmark office towers, achieved full occupancy in June for the first time in 2024,” said Alex Barnes, co-CEO at JLL in Greater China.

“We expect vacancy rates in the district to continue declining in the second half of the year, as the district is well positioned to benefit from spillover demand from Central," Barnes added.

Hong Kong’s office leasing market recorded net absorption of 279,000 sq ft in June.

A notable deal during the month was RGA Reinsurance leasing an entire 23,500 sq ft floor at Two Taikoo Place in Quarry Bay.

Across the city, the overall Grade A office vacancy rate eased to 13.1% at the end of June, down from 13.3% a month earlier.

Central and Kowloon East recorded the largest monthly declines, with vacancy rates falling 0.4 ppts and 0.5 ppts, respectively.