Office availability rate drops while high street retail rents continue to recover

• The Hong Kong Grade A office market witnessed positive net absorption for the fourth consecutive quarter in Q3 2024 to reach 324,100 sq ft, bringing the overall availability rate down to 19.3%.
• Core retail district high street rents recorded low single-digit growth q-o-q as leasing momentum gained pace, with banking and financial institutions taking opportunities to expand at prime locations
• The residential market finally saw the hoped-for interest rate cut, yet buyers need more time to digest the news. Housing prices remained under pressure in the still-high rate environment, declining by 6.2% in the first eight months, while total transactions recorded 10,200 units in Q3.