JLL: Positive absorption has been recorded in Hong Kong's Grade A office leasing market for 9 consecutive months.

Recently, Jones Lang LaSalle (JLL) released its "Hong Kong Real Estate Market Watch" report, which pointed out that the overall Grade A office leasing market in Hong Kong recorded a positive net absorption of 537,000 square feet in December last year, marking the ninth consecutive month of positive absorption. Belle Bai, Managing Director of Jones Lang LaSalle (JLL) in Hong Kong, Macau, and Taiwan, stated that this trend reflects a gradual recovery in the Hong Kong office leasing market. Leasing activity remained stable last month, and inquiries for office leasing in January remained active. Prime office buildings in Central are especially sought after, with some buildings close to full occupancy. Jones Lang LaSalle (JLL) expects some leasing demand to shift to other high-quality office buildings in the area in the second half of this year. Carmen Chung, Senior Director of Research at Jones Lang LaSalle (JLL), stated that as of the end of December last year, the overall office vacancy rate rose slightly to 14.1%, indicating that there are still many vacant spaces in the market. The vacancy rates in Central, Tsim Sha Tsui, and Eastern Hong Kong Island all increased slightly by 0.1 percentage point month-on-month. In 2025, the vacancy rates in Central and Tsim Sha Tsui are expected to decrease by 0.6% and 1.7% respectively compared to the previous year. Overall rents in December increased by 0.4% compared to the previous month, continuing the upward trend since November. Rents in Central rose by 0.6% month-on-month, while Wan Chai/Causeway Bay saw a slight rebound of 0.4%.