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Figure 13. Estimated demand and supply of Grade A office
Source: CB Richard Ellis.
In the meantime, vacancy rate for the said market edged further
down by 1.3 percentage points throughout 2015 to 2.9% as at the end of 2015,
according to Jones Lang LaSalle. Despite some recent pickups, the figure
is still subdued at 4.0% as at mid-2016, whereas that for Central still hovered
around the 1.5%-level, meaning effectively every Grade A office building in
the region is fully occupied. As Figure 14 shows, the persistent downward
trend of vacancy rates since mid-2010 cannot be clearer.
Figure 14. Vacancy rate of Grade A office by sub-market
Source: 'Hong Kong Property Market Monitor', Jones Lang LaSalle.
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