Hong Kong's office vacancy rate increased to more than 17% while rent fell 2.2% year over year in the first quarter, The Standard reported Tuesday, citing commercial real estate consultant CBRE.
Gross leasing of grade-A or high-class office spaces bounced back to 855,000 square feet from 661,000 square feet in the fourth quarter of 2024, the report said.
New office spaces are seen to increase further the number of vacancies, with 87% of new spaces unoccupied, according to the report.
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