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Hong Kong commercial property market faces challenging recovery in 2024
Research - DECEMBER 13, 2023

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Hong Kong commercial property market faces challenging recovery in 2024

by Andrea Zander

Hong Kong's commercial property leasing and investment markets experienced a slower-than-expected improvement in 2023. As high interest rates and global economic slowdown persist, the road to recovery will remain bumpy and challenging in 2024, according to JLL's Year-End Property Market Review and Forecast.

Joseph Tsang, chairman of JLL in Hong Kong, said that the government implemented seven measures to provide crucial support for the housing and land markets in order to prevent a detrimental impact on the economy.

Key points:

The total surrendered office spaces in the five major office markets dropped 27.2 percent year-over-year in 2023. Overall, grade A office rents will drop 5 to 10 percent in 2024. Some international retail brands are considering expanding their presence in the city. Rents of High Street shops will rise 5 to 10 percent next year, while rents of prime shopping malls will climb 0 to 5 percent only.
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