Central office vacancy falls below 10% as Hong Kong CBD recovery accelerates
The tightening vacancy and rent growth signal demand concentrating in premium CBD buildings, potentially prompting earlier occupier decisions and greater landlord investment in upgrades.
Central’s office vacancy fell from 15.1% in December 2024 to 9.9% in August 2026, while rents rose 8.7% year to date.
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Net office take-up in Central hit over 500,000sq ft in the first eight months of 2026.
Hong Kong's Central business district is recovering ahead of the wider office market, supported by stronger capital markets activity, financial services expansion and rising demand for premium buildings, according to Colliers.
In a recent report, Colliers said Central recorded about 612,000 sq ft of net office take-up during 2024 and 2025, followed by more than 500,000 sq ft in the first eight months of 2026.
The district's vacancy rate fell from 15.1% in December 2024 to 9.9% in August 2026, compared with 15.8% across Hong Kong's Grade A office market, Colliers said. Central rents rose 8.7% year to date, while Grade A1 rents increased 15.4%, significantly ahead of the territory-wide market's 0.3% growth.
Demand for prime buildings has also strengthened. One and Two International Finance Centre have been effectively fully occupied since June, while The Henderson passed 90% occupancy in August.
Colliers said the recovery is being supported by capital market activity, government policies and public and private investment. Alex Lam, head of Hong Kong Island, Office Services at Colliers Hong Kong, said the Hong Kong Exchanges and Clearing's decision to establish a permanent headquarters at One Exchange Square represented a long-term vote of confidence in Central and Hong Kong as an international financial centre.
Fiona Ngan, head of Occupier Services at Colliers Hong Kong, said premium office supply is tightening and occupiers should assess renewal, expansion and relocation options early. She also said landlords will need to invest in building upgrades, amenities and occupier experience as demand shifts towards higher-quality space.
Colliers recommended that future commercial land sales continue to prioritise Central, Admiralty and the New Central Harbourfront to support Hong Kong's long-term competitiveness as a financial centre.