JLL: Positive net absorption of 143,000 square feet was recorded in Hong Kong's Grade A office leasing market in September, marking the sixth consecutive month of positive absorption.

Jones Lang LaSalle (JLL) "Hong Kong Property Market Observations" report pointed out that the overall Grade A office leasing market in Hong Kong recorded a positive net absorption of 143,000 square feet in September, marking the sixth consecutive month of positive net absorption and setting the longest record of positive net absorption in the market since May 2022. Alex Barnes, Managing Director of Jones Lang LaSalle (JLL) in Hong Kong, Macau, and Taiwan, stated that leasing demand is mainly driven by the continuous increase in demand from banks and multinational corporations, with negotiations for integrating and upgrading office space accelerating. The active performance of the Hong Kong stock market further consolidates market confidence in its status as an international financial center, prompting financial institutions to implement real estate plans for office space. As of the end of September, the overall office vacancy rate slightly decreased to 13.4%, with improvements seen in most district markets. The vacancy rates in Central and Wan Chai/Causeway Bay improved to 11% and 12% respectively, while the vacancy rate in Tsim Sha Tsui rose by 0.1 percentage point to 7.7%. Jessie Chung, Senior Director of Research at Jones Lang LaSalle (JLL), stated that overall rents in September showed a slight decrease of 0.1% compared to the previous month, with signs of stabilization in rental rates in some prime locations. Rents in Wan Chai/Causeway Bay and Tsim Sha Tsui both recorded a 0.2% decrease compared to the previous month, while rents in Central remained stable.