Even after several turbulent years, Hong Kong still commands some of the world’s highest office rents. In 2025, it ranks No.2 globally in office rental costs, just behind London’s West End, according to CBRE’s Global Prime Office Occupancy Costs report.
As the market stabilizes post-pandemic, and new occupiers return—especially from mainland China—Hong Kong’s Central district is regaining momentum while remaining notoriously expensive. But behind the headline rates lie important shifts in tenant strategies, leasing preferences, and location choices.
Global Cost Comparison (2025)
| Rank | Market | Prime Rent (USD/sq ft/year) | Year-on-Year Change |
| 1 | London (West End) | $255 | +2.3% |
| 2 | Hong Kong (Central) | $248 | +1.7% |
| 3 | New York (Midtown) | $220 | +1.1% |
| 4 | Tokyo (Marunouchi) | $192 | -0.5% |
| 5 | Singapore (Marina Bay) | $168 | +3.2% |
Source: CBRE Global Prime Office Occupancy Costs, Q1 2025
Key Takeaways:
- Hong Kong’s rents remain among the highest due to limited supply, prestige demand, and Central’s global finance appeal.
- Modest growth in 2025 reflects renewed mainland Chinese demand and improving macro conditions.
What’s Driving Hong Kong’s Resilience?
- Limited Premium Supply
Central remains supply-constrained, with few new completions and strong institutional ownership keeping vacancy rates low.
- Demand from Mainland Firms
As Chinese firms continue regional expansion, many prioritize Central for headquarters or satellite offices—boosting high-end demand.
- Strategic Financial Hub
Despite geopolitical challenges, Hong Kong retains strong financial sector infrastructure and legal advantages for APAC operations.
- Stable Currency Peg
The Hong Kong dollar’s peg to the U.S. dollar reduces FX risk and attracts international occupiers.
Office Leasing Trends in 2025
| Trend | Description |
| Flight to Quality | Tenants prefer Grade A buildings, even at a premium |
| Flexible Leases Rising | Demand for coworking, plug-and-play offices continues to grow |
| Shifting to Fringe CBDs | Areas like Wan Chai, Quarry Bay gain popularity due to lower rents |
| Smaller Footprints | Tenants reduce leased area but invest in better design & tech |
What Does This Mean for Tenants?
While Central remains aspirational, tenants are more strategic than ever:
- Tech and media firms favor fringe CBDs for cost savings.
- Legal and finance firms still pay for the Central brand but demand more in terms of services and layout.
- Startups and regional offices turn to serviced offices and flexible leasing.
Opportunities Beyond Central
| Area | Avg. Rent (USD/sq ft/month) | Popular With |
| Wan Chai | $7.50 | Media, startups |
| Quarry Bay | $6.80 | Tech, back-office teams |
| Tsim Sha Tsui | $6.20 | Trading, creative firms |
| Kowloon Bay | $5.90 | Logistics, fintech |
Tenants looking to balance prestige and budget can explore flexible workspaces or hybrid offices in these zones, with many providers offering short-term leases and full-service solutions.
MatchOffice Makes the Search Easier
Whether you’re seeking top-tier space in Central or value-driven locations nearby, MatchOffice helps you compare leasing options in real time. Our platform showcases:
- Coworking hubs
- Serviced offices
- Corporate office towers
All with transparent pricing, current availability, and helpful guides.
Explore premium and affordable offices across Hong Kong with MatchOffice—and find a space that matches your goals in 2025
