What is the average Class A rent in Hong Kong?

Around 1450 HKD/sqft/yr ($186 USD) across the broader Class A index. Trophy submarkets like Central command 20–40% above that.

How many months of rent-free are normal in Hong Kong?

8 months on a 3-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Hong Kong?

The Hong Kong Class A market is currently softening. Vacancy is 12.8%, which sets the negotiating context.

Headline Class A rent in Hong Kong is around 1450 HKD/sqft/yr ($186 USD), with 8 months of typical rent-free on a 3-year term.

Headline Class A rent: 1450 HKD/sqft/yr ($186 USD).
Trophy submarket rents (Central) push to roughly HK$130/sqft/mo · ≈ $200 PSF/yr USD.
Typical concessions on a 3-year deal: 8 months free rent.
Vacancy stands at 12.8% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Hong Kong Class A office rents and incentives

Headline Class A rent in Hong Kong is around 1450 HKD/sqft/yr ($186 USD), with 8 months of typical rent-free on a 3-year term.

TL;DR

Headline Class A rent: 1450 HKD/sqft/yr ($186 USD).
Trophy submarket rents (Central) push to roughly HK$130/sqft/mo · ≈ $200 PSF/yr USD.
Typical concessions on a 3-year deal: 8 months free rent.
Vacancy stands at 12.8% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Hong Kong are quoted in HKD per sqft per year. Across the broad Class A index the figure is 1450, but the trophy tier in Central reaches roughly HK$130/sqft/mo · ≈ $200 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Hong Kong concessions on a 3-year Class A lease run to 8 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — Profits tax at 16.5% (8.25% on the first HKD 2 million for qualifying entities). No VAT, no capital gains tax, no withholding tax on dividends.

Where rents land by submarket

Central sits at the top end (~HK$130/sqft/mo · ≈ $200 PSF/yr USD). Admiralty clears around HK$110/sqft/mo · ≈ $169 PSF/yr USD as the prime tier. Wanchai & Causeway Bay represents the value end at ~HK$78/sqft/mo · ≈ $120 PSF/yr USD. The full submarket map is on the Hong Kong city page.

Key facts

city	Hong Kong
country	Hong Kong SAR
region	APAC
classARentLocal	1450 HKD/sqft/yr
classARentUsd	$186/sqft/yr
vacancy	12.8%
typicalLeaseYears	3
typicalRentFreeMonths	8
submarkets	5
primeYieldPct	3.4%
trophyRent	HK$130/sqft/mo · ≈ $200 PSF/yr USD
primeRent	HK$110/sqft/mo · ≈ $169 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Hong Kong?: Around 1450 HKD/sqft/yr ($186 USD) across the broader Class A index. Trophy submarkets like Central command 20–40% above that.
How many months of rent-free are normal in Hong Kong?: 8 months on a 3-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Hong Kong?: The Hong Kong Class A market is currently softening. Vacancy is 12.8%, which sets the negotiating context.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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