Savills

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Hong Kong Office Leasing – Q1 2026

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Contacts & Related Research

 

Office Market Demand is Recovering, with Financial Recovery and Policy Initiatives Emerging as New Growth Drivers

  • Polarised Recovery Momentum
    Demand concentrates in CBD areas, occupiers relocate from non-core districts to capitalise on more competitve rents 

  • Significant Emerging Financial Hub Effect
    Major tenants' relocation such as J.P. Morgan and AXA are driving secondary financial cluster

  • IPO Market Rebound and Transformation
    Strong fundraising activity is shifting demand towards higher-value functions, supporting prime office markets.

  • Strategic Advantages of Corporate Treasury Centre (CTC)
    Tax incentives and outbound expansion of Chinese firms are attracting financial and technology occupiers to set up regional headquarters in Hong Kong.

  • Easing Supply Pressure Supporting Rental Growth
    Vacancy rates decelerated as prime office rents are expected to rise 5–7%

While macroeconomic uncertainties persist, we have observed the Hong Kong office market shifting from broad-based weakness to selective stabilisation. Core business districts, relying on their transport hub advantages and top-tier asset quality, have become the main drivers of recovery. In particular, areas such as Central and West Kowloon continue to be highly favoured by global financial institutions.

Jack Tong, Director of Savills Research & Consultancy
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