Q1 2021 Hong Kong Market Report

Hong Kong Grade A Office Overview

Office Market Review – Q1, 2021

- Pandemic/Economy 

  • 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%.   

Download the latest report to learn more about market trends, rental values and our most recent market transactions.