On June 18, Jones Lang LaSalle issued a report pointing out that Hong Kong’s Grade A office market continued to improve in May, and the overall office vacancy rate fell to 13.6% despite the completion of new projects. The vacancy rates in four of the five major business districts declined, with Central, Tsim Sha Tsui and Kowloon East falling by 0.1 percentage points to 11.6%, 7.8% and 20.9% respectively, Wan Chai/Causeway Bay falling by 0.2 percentage points to 9%, and Island East edging up by 0.2 percentage points to 14.2%. The overall leasing market recorded positive net absorption of 192,000 sq ft in May. In addition, office rents continued to decline in May, with a slight decrease of 0.3% month-on-month. Island East saw a more significant decline, down 1%, followed by Kowloon East, down 0.7%. Central, Wan Chai and Causeway Bay fell by 0.4% and 0.2% respectively.
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