The Hong Kong Office Market in Uncertain Times
Hong Kong’s grade-A office rents are expected to stabilise in the second half of 2021, although this will depend on how quickly Covid-19 vaccines are rolled out and the relaxation of travel restrictions.
Simon Smith, Senior Director for Research & Consultancy at Savills, discussed the likely trends for Hong Kong’s office market at a webinar on 11 March. He said that grade-A office rents were expected to drop by a further 5% in the first half of 2021 before recovering, while vacancy rates would peak this year. Head of Office Leasing Ricky Lau also shared his thoughts on the demand outlook for offices in the core business district, as well as areas outside of Hong Kong’s main CBDs.
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