# Central leads Hong Kong office rental growth as demand strengthens

- **Source:** Real Estate Asia
- **Published:** 2026-07-10T06:41:12.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/central-leads-hong-kong-office-rental-growth-demand-strengthens
- **Topics:** Commercial & Industrial, Regional Markets

## Featured rationale

Tight prime availability and early leasing by expansion-minded occupiers signal strengthening demand, potentially supporting Central rents while Kowloon moves towards gradual stabilisation.

## AI summary

Hong Kong Island office rents rose 4.8% in the first five months of 2026, led by Traditional Central's 10.6% increase.

## Original article

Island-wide office rents grew by 4.8% in the first five months of 2026.

Hong Kong's office leasing market continued to improve in the first half of 2026, with Hong Kong Island leading the recovery as demand for prime space strengthened, according to Knight Frank.

Knight Frank said island-wide office rents rose 4.8% year-to-date during the first five months of 2026, led by Traditional Central, where rents climbed 10.6%, outperforming Premium Central's 9.0% growth. The consultancy attributed the gains to tightening availability of prime offices and spillover demand from occupiers seeking high-quality space within Central.

Outside Central, rental growth remained selective, with Sheung Wan, Admiralty and Wan Chai North recording increases of between 1% and 5%, while Causeway Bay continued to face rental pressure due to substantial new supply despite improved leasing activity.

Knight Frank also noted that multinational corporations and financial-sector occupiers are increasingly securing additional prime office space ahead of future expansion, negotiating lease renewals earlier amid concerns over limited future supply of high-specification premises.

In Kowloon, rental declines moderated, with average effective rents falling 2.06% in the first half of 2026, an improvement from the 3.6% decline recorded in the second half of 2025. Knight Frank said Kowloon Central and West Kowloon remained the most active leasing markets, with demand also broadening into non-core districts.

The consultancy expects the Kowloon office market to move towards a soft landing in the second half of 2026, supported by expansion from banking, finance and insurance occupiers, improving business conditions in electronics, trading and retail, and a limited future supply pipeline that should help absorb vacancy and stabilise rents.

## Chinese translation

> Translation model: grok

### 中环领涨香港写字楼租金，需求持续增强

香港写字楼租赁市场在2026年上半年持续改善，港岛引领复苏，优质办公空间需求走强。

2026年前五个月，全岛写字楼租金累计上涨4.8%。

莱坊（Knight Frank）称，香港写字楼租赁市场在2026年上半年持续改善，港岛引领复苏，优质办公空间需求走强。

莱坊表示，2026年前五个月全岛写字楼租金按年迄今累计上涨4.8%，其中传统中环租金攀升10.6%，优于优质中环9.0%的涨幅。该咨询机构将涨势归因于优质写字楼供应趋紧，以及租户在中环寻求高品质空间所带来的溢出需求。

中环以外，租金增长仍具选择性：上环、金钟及湾仔北录得1%至5%的升幅，铜锣湾则因大量新供应而持续面临租金压力，尽管租赁活动有所改善。

莱坊亦指出，跨国公司与金融业租户正越来越多地提前锁定额外优质写字楼空间以配合未来扩张，并因高规格物业未来供应有限的担忧而更早协商续约。

在九龙，租金跌幅趋缓：2026年上半年平均实际租金下跌2.06%，较2025年下半年录得的3.6%跌幅有所改善。莱坊表示，九龙中与西九龙仍是最活跃的租赁市场，需求亦向非核心区域扩展。

该咨询机构预计，九龙写字楼市场在2026年下半年将迈向软着陆，受银行、金融与保险业租户扩张、电子、贸易与零售业经营状况改善，以及有限的未来供应管道支撑，有助消化空置并稳定租金。