Grade A office rents in Central held firm for the third straight month in September, fuelling optimism that the downturn in rents has finally bottomed out.
Signs of a recovery in the leasing market were evident as rents for grade A space in Central remained stable at $63 per square foot a month.
However, David Lindsay, director of Vigers' commercial department, cautioned that while 'the downturn in rents has probably come to an end', next year's increase in supply would wipe out any strong rebound.
Rents in Central were down 8.69 per cent year-on-year, according to the latest Vigers/Bridge News Hong Kong Property Index.
Grade A office rents in Wan Chai and Causeway Bay had inched up less than 1 per cent from August, it said.
After remaining stagnant during July and August, rents in Wan Chai North rose just 0.76 per cent to $39.80 per sq ft.
