Negative absorption seen in Grade A office market in January

JLL linked this to the Chinese New Year, traditionally a low season. 

The Grade A office market recorded a negative absorption of 16,900 square feet in January, JLL reported. 

The January performance is linked to the Chinese New Year, which is considered as a low season for the office leasing market. 

The overall vacancy rate went up to 12.2% by the end of January. It rose marginally in Central and Wanchai/Causeway Bay to 8.9% and 10.3%, respectively; but inched down to 11% in Hong Kong East from 11.1%. 

Read more: Grade A office vacancy rate rises to 12.1% in December 2022

"We received more leasing inquiries from insurance and financial institutions. Their businesses are expected to benefit from the reopening of mainland China,” Alex Barnes, Managing Director at JLL in Hong Kong. 

“Hong Kong’s office market will see a transacted improvement in the second half of this year.”

The overall net effective rents dropped by 0.2% m-o-m in January. Among the major office submarkets, rentals in Central and Wanchai/ Causeway Bay both dropped by 0.2%, while Tsimshatsui's rent remained stable.


Follow the link 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!


The ChatGPT effect? Investors bet big on deep tech startups 
An expert from Velocity Ventures believes new startups will build their business models on the chatbot.
Hong Kong's Hottest Startups of 2023
Startups with "disruptive applications in the Web 3.0 space" dominate.
Experts rally for change in legal industry’s ‘billable system’ 
A report from UC Hastings College of the Law stated that  "a most-hours-wins system disproportionately disadvantages women partners.”