Central office vacancy falls in April as market holds steady

JLL data showed rents rising 2.1% in top-tier buildings amidst steady demand.

Central was the only Grade A office submarket in Hong Kong to record a fall in vacancy in April 2026, with its rate down 0.4 percentage points to 9.2%, according to Jones Lang LaSalle’s (JLL) Hong Kong Monthly Market Dynamics report.

Overall vacancy was unchanged at 13.5%, as gains in core areas offset weaker performance elsewhere.

In comparison, the market showed further tightening earlier in the year, with Central Grade A vacancy falling below 10% in February and net absorption reaching 143,700 square feet (sq ft), alongside a 1.1% month-on-month (MoM) rise in average rents, according to JLL.

Grade A office rents rose 1.2% MoM, led by Central where rents increased 2.1%. Wanchai and Causeway Bay also rose 1.2%, whilst Kowloon East saw vacancy edge up to 20.7% from 20.4%.

“As top-tier buildings in Central approach full occupancy, demand is spilling over to newer Grade A developments,” said Alex Barnes, managing director for Hong Kong, Macau, and Taiwan at Jones Lang LaSalle (JLL).

He said demand continues to come from financial services, wealth management and insurance tenants, with West Kowloon gaining interest as Central space tightens.

JLL data showed net absorption of 8,000 sq ft in April, with Central continuing to lead take-up over the first four months of 2026.

The report also noted West Kowloon leasing activity, including AXA’s 97,500-square-foot lease at International Gateway Centre.