Analysts forecast a brighter outlook for Hong Kong's battered prime office market, with new grade A office supply expected to decrease in 2026 and 2027. Research firms note that additions over the next two years will fall short of recent levels. Leasing momentum is picking up.
Hong Kong's prime office market has faced challenges in recent years, but analysts see signs of improvement in 2026 due to slowing new supply.
CBRE estimates a net 3.5 million sq ft of new premium office space will be completed over the next two years, compared to a total of 4.5 million sq ft in 2024 and 2025. Colliers forecasts a combined 3.04 million sq ft of new grade A office supply in that period, below this year's peak of 3.46 million sq ft. JLL projects a similar pattern, with 3.28 million sq ft of new prime office space finished in 2026 and 2027, versus 3.62 million sq ft this year.
“Overall leasing momentum is improving,” said Marcos Chan, head of research at CBRE in Hong Kong, adding that new leasing volume is likely to climb by 10 per cent year on year in 2026.
This reduced supply could ease oversupply pressures, stabilizing rents and vacancy rates. However, analysts caution that global economic uncertainties may still impact demand. Key locations and firms mentioned include Central, Admiralty, Alibaba Group Holding, and Ant Group.