# Hong Kong Island office rents return to growth as leasing momentum builds

- **Source:** Real Estate Asia
- **Published:** 2026-08-06T22:22:19.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-office/news/hong-kong-island-office-rents-return-growth-leasing-momentum-builds
- **Topics:** Commercial & Industrial, Transactions & Deals, Regional Markets

## Featured rationale

Accelerating leasing and no major Grade A completions expected in 2026 signal tightening supply-demand conditions that could reduce vacancies and support gradual rental recovery.

## AI summary

Hong Kong Island office rents rose 5.5% year-on-year in 1H 2026, their first annual increase since 2H 2021, as net absorption reached 861,000 sq ft.

## Original article

Office rents rose 5.5% in the first half of 2026.

In a recent report, Knight Frank says Hong Kong's office market recovery strengthened in the first half of 2026, with Hong Kong Island recording its first annual rental growth since the second half of 2021 as leasing activity accelerated.

According to Knight Frank, average office rents on Hong Kong Island rose 5.5% year-on-year in 1H 2026, while net absorption reached 861,000 sq ft, up from 594,000 sq ft in the second half of 2025. The agency said the rebound was led by Overall Central, where rents climbed 10.8% year-on-year, outperforming all other office submarkets.

Knight Frank attributed much of the leasing momentum to the co-working sector, which completed 12 major leasing transactions during the period. These included seven deals between 10,000 sq ft and 20,000 sq ft and three exceeding 20,000 sq ft, together accounting for more than 200,000 sq ft of leased office space. Demand was evenly split between Grade A and Grade B buildings, reflecting differing location preferences and operational requirements. Central and Causeway Bay captured 46% and 40% respectively of total co-working expansion, supported by growing demand from start-ups and mainland Chinese firms seeking flexible office solutions.

In Kowloon, Knight Frank said landlords in Kowloon East continued to offer flexible lease renewal terms to retain occupiers, resulting in a modest increase in renewals during the second quarter. Relocation activity among both large corporates and SMEs eased, with most moves focused on improving space efficiency, consolidating operations and reducing occupancy costs. Floor plate size, total rental expenditure and fit-out costs remained the key factors influencing relocation decisions.

West Kowloon and Kowloon Central remained the most active leasing submarkets, driven by strong demand for premium office space. At The Gateway, only a limited number of whole-floor vacancies remain, while harbour-view offices are close to full occupancy, highlighting continued demand for high-quality space in prime locations.

While leasing conditions continued to differ across Kowloon's submarkets, Knight Frank said overall office rents have largely stabilised. With no major Grade A office completions expected during 2026, the consultancy expects vacancy rates to decline further and take-up to improve, reinforcing the market's bottoming-out phase and supporting a gradual recovery.

## Chinese translation

> Translation model: openai_codex_cli

### 随着租赁势头增强，香港岛写字楼租金恢复增长

Knight Frank 表示，香港写字楼市场复苏在 2026 年上半年增强，香港岛录得自 2021 年下半年以来首次年度租金增长

写字楼租金在 2026 年上半年上涨 5.5%。

在最近的一份报告中，Knight Frank 表示，随着租赁活动加速，香港写字楼市场复苏在 2026 年上半年增强，香港岛录得自 2021 年下半年以来首次年度租金增长。

据 Knight Frank 称，2026 年上半年香港岛平均写字楼租金同比上涨 5.5%，而净吸纳量达到 861,000 平方英尺，高于 2025 年下半年的 594,000 平方英尺。该机构表示，反弹由 Overall Central 引领，该区租金同比上涨 10.8%，表现优于所有其他写字楼子市场。

Knight Frank 将大部分租赁势头归因于共享办公行业，该行业在期内完成了 12 宗重大租赁交易。其中包括七宗 10,000 平方英尺至 20,000 平方英尺的交易，以及三宗超过 20,000 平方英尺的交易，合计占已租赁写字楼空间超过 200,000 平方英尺。需求在甲级和乙级大楼之间分布均衡，反映出不同的地段偏好和运营需求。Central 和 Causeway Bay 分别占共享办公扩张总量的 46% 和 40%，受到初创企业和寻求灵活办公解决方案的中国内地企业需求增长支持。

在九龙，Knight Frank 表示，Kowloon East 的业主继续提供灵活的续租条款以留住租户，导致第二季度续租量温和增加。大型企业和中小企业的搬迁活动均有所放缓，多数搬迁旨在提高空间效率、整合运营和降低占用成本。楼层面积、总租金支出和装修成本仍是影响搬迁决策的关键因素。

West Kowloon 和 Kowloon Central 仍是最活跃的租赁子市场，受优质写字楼空间强劲需求推动。在 The Gateway，仅剩少量整层空置，而海景写字楼接近满租，凸显黄金地段高品质空间的持续需求。

尽管九龙各子市场的租赁状况继续存在差异，Knight Frank 表示整体写字楼租金已基本稳定。由于预计 2026 年不会有重大甲级写字楼竣工，该咨询公司预计空置率将进一步下降，吸纳量将改善，从而强化市场触底阶段并支持逐步复苏。