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Overall office rent declines by 3.7% in 2022: JLL

Vacancy rate in end-December rose due to new completions.

The overall office rental in Hong Kong declined by 3.7% in 2022, JLL reported. 

In december alone, the overall net effective rents inched down by 0.4% month-on-month in December.  

Across the major submarkets, Central and Wanchai/ Causeway Bay declined by 0.5% and o.4%, respectively.

By the end of December, the vacancy rate grew to 12.1% due to new completions. 

Read more: Hong Kong’s office sector growth hinges on China’s reopening

In particular, the vacancy rate in  Central and Wanchai / Causeway Bay rose marginally to 8.8% and 10.2%, respectively, whilst Kowloon East's vacancy rate rose to 19.5%.

Moreover, the overall net absorption stood at -116,900 sq ft in December due to limited leasing activities towards year-end. 

Amongst the new lettings, pension services provider iFAST ePension leased two floors (45,500 sq ft, GFA) at The Gateway Prudential Tower in Tsimshatsui for in-house expansion.

 

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