ASIA PACIFIC OUTLOOK 2025

HONG KONG

DEMAND & VACANCY

The Grade A office market registered a fourth consecutive quarter of positive net absorption in Q3 2024. Leasing activities predominantly focused on relocations driven by occupier cost saving, with other moves involving flight-to-quality incentives. Despite the positive take -up momentum, the overall availability rate continued to stay at a high level due to the elevated supply. We expect that the availability rate will reach a peak in H2 2025, before gradually moving down amid declining new supply and stable absorption.

25.0%

1.2

FORECAST

1.0

20.0%

0.8

0.6

15.0%

0.4

10.0%

0.2

0.0

5.0%

-0.2

-0.4

0.0%

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

NET ABSORPTION (MSF) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield