Office market posts positive net absorption in February

This is the first time after three consecutive months of negative absorption.

The overall office market recorded positive net absorption of 16,900 square feet last month, the first time after three consecutive months of negative absorption.

"The overall vacancy rate climbed to 12.3% as of end-February, partly due to the completion of S22 in Wong Chuk Hang by Empire Group. The office leasing market continued to improve; we received more leasing enquiries from insurance and financial institutions,” Alex Barnes, Managing Director at JLL in Hong Kong, said.

“We also saw more tenants looking for new office buildings to upgrade their workplace, which could help to absorb new office supply."

The overall net effective rents dropped by 0.7% m-o-m last month. Among the major office submarkets, rentals in Central and Wanchai/ Causeway Bay dropped by 0.8% and 1.2%, respectively, whilst Tsimshatsui's rent remained flat.

Follow the link for more news on

JLL

Also Read

Buildings Department approves 7 building plans in September

Hongkong Land’s Q3 profit rises on China build-to-sell completions

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!

I want to download the media kit