Hong Kong Office Market Sees Overall Price Drop in 2023

The overall office prices in Hong Kong declined by 7.8% between Q4 2022 and Q4 2023, with Grade A, B, and C offices decreasing by 2%, 11.5%, and 7.9%, respectively, according to the Hong Kong Property Review 2024.

Grade A office prices saw modest growth in early 2023 but fell 2% year-over-year (YoY) in Q4. Rents also softened, declining by 1.7% over the same period.

Grade B office prices dropped at the start of the year, rebounded in Q2, but declined sharply in the latter half, ending 2023 with an 11.5% YoY decrease. Despite this, rents remained relatively stable, posting a slight 0.7% increase in Q4.

Grade C office prices dipped in Q1, stabilized in Q2, and continued to decline through the rest of the year, marking a 7.9% YoY drop in Q4. Rents followed a similar trend, initially recovering before easing in the last quarter, resulting in a modest 0.6% YoY increase.