News release

Overall office vacancy rate improves in September

Office rents retreated by 1.0% m-o-m

October 19, 2023

Yvonne Liu

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

HONG KONG, October 19, 2023 – The overall Grade A office leasing market continued to improve, with the overall vacancy rate dropped slightly to 12.7% in September, according to JLL's latest Hong Kong Property Market Monitor released today.

Three out of the major business districts recorded improvement in vacancy rates. Central saw its vacancy rate decrease to 9.6%, while Tsimshatsui and Kowloon East experienced a drop of 0.4 and 0.3 percentage points in vacancy respectively.

Alex Barnes, Managing Director and Head of Office Leasing Advisory at JLL in Hong Kong, said: “Last month, the overall Grade A office market showed further improvement, with a positive net absorption of 66,100 sq ft. Notably, it is also the first time in two years that Tsimshatsui’s vacancy rate fell below 10% as the supply is tight in this district.”

Among a handful of new lettings, the MTR Corporation leased around a gross floor area of 135,000 sq ft at One North in Yuen Long to accommodate its business expansion.

Cathie Chung, Senior Director of Research at JLL, said: "Overall net effective rent retreated by 1.0% m-o-m in September. Among the major office submarkets, Central and Wanchai / Causeway Bay witnessed rental drops of 1.5% and 0.4%, respectively, while Kowloon East’s rent remained flat."

Grade A Office Vacancy
Period Overall Central Wanchai/Causeway Bay Hong Kong East Tsimshatsui Kowloon East
End-Sept 23 12.7% 9.6% 10.1% 13.1% 9.9% 19.2%
End-Aug 23 12.8% 9.9% 9.6% 12.8% 10.3% 19.5%

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 $20.8 billion and operations in over 80 countries around the world, our more than 106,000 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