Hong Kong’s office market outlook improves after vacancy rate fell for the first time in 10 months in March

Hong Kong’s office vacancy rate declined for the first time in 10 months in March, and signs for the rest of the year are encouraging amid an uptick in business activity following the border reopening with mainland China, market observers said.

The overall vacancy rate for grade A offices fell 0.2 percentage points month on month in March to 12 per cent – the first decline since May 2022, according to data from JLL on Monday. The office market recorded a net absorption of 203,900 sq ft in March, the consultancy said.