• Gross leasing activity increased to the highest quarterly figure since Q3 2019. Despite higher leasing volume, the bulk of activity involved relocation and downsizing. New and expansionary demand, while visible, remained limited.

 

  • Overall net absorption registered the seventh consecutive quarterly contraction in total occupied space.

 

  • Total vacant space climbed to a record high. Kowloon East was the only market to report lower vacancy.