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Colliers Quarterly | Q3 2022 | Office

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Hong Kong Quarterly Q3 2022 Office 1536x1040

Flight-to-quality polarising Grade A office vacancy

The impact from the pandemic on office leasing has subsided, resulting in a positive office net absorption in Q3 2022. Occupiers’ demand for flight-to-quality is continuously observed, weighing on rent and vacancy for offices that fall behind in building quality. 

Key highlights

  • A net take-up of 577,000 sq. ft. was recorded in Q3, the highest volume since Q2 2019
  • Grade A office vacancy lifted to 12.6% in Q3 2022 due to influx of new supply
  • Overall Grade A office rent declined by 1.5% QoQ with cost optimisation remaining as focus for inter-district relocation
  • A projected pipeline of 3.3 million sq. ft. of new Grade A office supply is expected in 2023

Hong Kong Quarterly Q3 2022 Office 1024x972

Colliers Quarterly | Q3 2022 | Office

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