In Hong Kong in 2024, the vacancy rate for private office buildings reached 16.3%, while the number of completed buildings decreased by 7% during the same period.

On March 28, the Hong Kong Rating and Valuation Department announced the preliminary statistics of the "Hong Kong Property Report 2025". The report indicated that in 2024, the vacancy rate of private office buildings in Hong Kong reached a record high of 16.3%, with nearly 23.31 million square feet of office space vacant. The vacancy rates for Grade A, Grade B, and Grade C office buildings were 17.4%, 15.6%, and 11.0% respectively, with Grade A office buildings in all districts having vacancy rates ranging from 11.5% to 17.7%. The report mentioned that although the number of newly completed private office buildings in 2024 decreased by 7% compared to the previous year, there were still up to 1.58 million square feet of office space, and the utilization rate was not optimistic. This year, it is predicted that there will be as much as 3.33 million square feet of newly completed office space, doubling compared to the previous year. The number of commercial buildings completed next year is expected to decline, but there will still be 1.25 million square feet, meaning that there will be over 4.5 million square feet of office space that needs to be absorbed over the next two years. The report predicts that in 2025, Yau Tsim Mong will become the main supply area for newly completed Grade A office buildings, accounting for 62% of the total estimated completion of 289,000 square meters. In 2026, Wan Chai and Central and Western District will together provide all the newly completed Grade A office buildings, equivalent to 102,000 square meters. The completion of Grade B office buildings in 2025 and 2026 will be 20,000 square meters and 14,000 square meters respectively. There will be only a small amount of Grade C office buildings completed in 2025, and none in 2026. The report points out that the uncertain external environment, escalating geopolitical tensions, and the changing work patterns have weakened the demand for office space in Hong Kong. In the past few years, there has been a large supply of office buildings, resulting in continued pressure on the market. From the fourth quarter of 2023 to the fourth quarter of 2024, office prices fell by 22.6%, with Grade A, Grade B, and Grade C office prices dropping by 24.5%, 19.5%, and 19.7% respectively, and the trading volume in 2024 also decreased by 7%.