,Hong Kong

Net effective Grade A office rents rise 0.2% MoM in October 

This marks the first expansion for the market since May 2019.

For the first time since May 2019, the Grade A office market recorded an increase in its overall net effective rents, rising by 0.2% month-on-month in October. 

Amongst the major submarkets, rental growth was seen in Central and Tsim Sha Tsui, JLL’s latest Hong Kong Property Market Monitor revealed.

One notable transaction in Central for October was the leasing of a 13,900 sq ft at One Exchange Square to an investment management firm.

Nelson Wong, JLL head of research in Great China, said landlords should enhance the amenities in their office space since tenants are looking for “wellness amenities and flexibility in the workplace.”

Citing an example, JLL said business centre operator IWG leased two floors of 23,400 sq ft at Tower 535 in Causeway Bay.

Overall net absorption was 107,200 sq ft in October.

JLL said the leasing market was buoyed by local demand for the month of October.  

For example, third-party logistics company DSV expanded its presence at Modern Terminals Warehouses – Phase II in Kwai Chung by leasing approximately 57,500 sq ft.

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