News release

Central's Grade A office vacancy rate edges down in January

Number of regional headquarters based in Hong Kong rebounds in five years

February 19, 2025

Yvonne Liu

Public Relations Director, Hong Kong and Macao
+852 2846 5264

HONG KONG, February 19, 2025 – Central's Grade A office market recorded the largest net absorption among submarkets in January, while the vacancy rate improved from 11.6% to 11.3% by the end of the month, according to JLL's latest Hong Kong Monthly Market Dynamics released today.

Despite the overall leasing market recording a negative net absorption of 87,500 sq ft, Central recorded the largest net absorption among the submarkets at 81,100 sq ft.

Alex Barnes, Managing Director at JLL in Hong Kong, said: "The overall vacancy rate rose slightly to 13.3% as at end-January. We saw improvements in some submarkets such as Central, with financial institutions continuing to expand in the submarket. Furthermore, Wanchai/Causeway Bay vacancy improved by 0.2 percentage points,"

"And we began to see a rebound in the number of regional headquarters based in Hong Kong in 2024, marking the first increase in five years. The number of regional headquarters has increased 5.5% to 1,410 as at end-2024, which could support the city's office leasing market," he added.

Cathie Chung, Senior Director of Research at JLL, said: "Overall Grade A office rent continued to decline in January, with a marginal month-on-month drop of 0.2%. Central and Wanchai/Causeway Bay rents fell by 0.1% and 0.2%, respectively, while Hong Kong East and Kowloon East submarkets recorded rent drops of 0.8% and 0.3%."

Grade A Office Vacancy Rates
Period Overall Central Wanchai /Causeway Bay Hong Kong East Tsimshatsui Kowloon East
End-Jan 25 13.3% 11.3% 9.8% 13.0% 8.9% 18.8%
End-Dec 24 13.2% 11.6% 10.0% 12.4% 8.9% 18.6%

Source: JLL Research


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.