Office MarketBeat Report

In Q2 2025, the average vacancy rate for Grade A office buildings rose by 0.1 percentage points (pp) quarter-over-quarter to 4.1%, while the average rent increased by 2.2%, largely driven by rental growth in the GBD area. Vacancy rates in both the CBD and YBD remained in the 4% range, primarily due to new supply and vacancies in recently refurbished or newly delivered office buildings. In contrast, new buildings in the GBD benefited from pre-leasing activity by major tenants, contributing to upward pressure on rents in the district. Looking ahead, the remodeling of INNO88 in the CBD is expected to be completed in the second half of the year.