Jones Lang LaSalle's "Hong Kong Real Estate Market Watch" report shows that Hong Kong's overall grade-A office vacancy rate increased slightly to 13.7%, with Central and Hong Kong Island East dropping by 0.1 and 0.3 percentage points respectively to 12% and 13.1% since last month, while Kowloon East increased by 0.2 percentage points to 9.3%, and Tsim Sha Tsui also increased by 0.2 percentage points to 9.3%, while Wan Chai and Causeway Bay remained at 10% level.

Cheryl Choi, Senior Director of Research Department at Jones Lang LaSalle, said that overall market rents in July fell by 0.7% monthly. Among the major market segments, rents in Central and Kowloon East fell by 0.8% and 0.6%, respectively. Rents in Wan Chai and Causeway Bay, as well as Hong Kong Island East, dropped by 0.6% and 1%, respectively. Meanwhile, Bo Yalik, Managing Director and Head of Commercial at Jones Lang LaSalle Hong Kong, said that grade-A office rents have fallen by 36.5% from their peak in 2019, which is attractive to tenants who want to improve office space quality.