Q1 2021 Hong Kong Market Report
Hong Kong Grade A Office Overview
Office Market Review – Q1, 2021
- Corporate downsizing: There was a negative net absorption of roughly 300,000 sq.ft
in Q1, this being one of the steepest declines on record. As a result of a shrinking
economy, cost reductions have been the key strategy for many corporates. Standard
Charter Bank, being a key example of this, returned multiple floors in their Central
HQ, CBD and floors at Millennium City One in Kowloon East.
- Ongoing rent adjustments: Grade A office market is now a tenants office market,
with overall vacancy running at 15%.
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