The office vacancy rate in Hong Kong declined in March, the first time in 10 months, due to an uptick in business activity and the border reopening with mainland China. Data from JLL showed that the overall vacancy rate for grade A offices fell 0.2 percentage points month on month in March to 12% – the first decline since May 2022. The office market recorded a net absorption of 203,900 sq ft in March, the consultancy said. Offices in the city’s Kowloon area were the most sought after in the first three months, which mainly helped to bring down the vacancy rate, data from JLL and CBRE showed. The outlook for Hong Kong’s office market has brightened since Covid-19 restrictions were dropped and the border with mainland China reopened on February 6.
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