Hong Kong's prime office rents rose in a range of 1.3 per cent to 4.7 per cent last month with falling vacancies, according to Cushman & Wakefield.
The property consultant said the availability of prime space in Central fell further to 2.5 per cent in September. The grade-A market in Hong Kong East was similarly tight, with availability of 2.8 per cent.
According to its survey, net effective rents for prime offices were HK$55.10 a square foot per month. Rents in Wan Chai and Causeway Bay were HK$28.33, those in Hong Kong East HK$24.39 and those in Tsim Sha Tsui HK$24.29.
Cushman & Wakefield said leasing volume was expected to pick up again in the final quarter, putting further pressure on an already-tight market, particularly for those with a larger space requirement.
The purchase of 15 floors of Cosco Tower in Sheung Wan by the Government of Singapore Investment Corp dominated the investment market last month. It is being hailed as a sign that confidence is returning and transaction volume increasing.