Hong Kong Office Space Cost in 2025 [Guide from Experts]

What is the Average Cost of Office Spaces in Hong Kong in 2025?

In 2025, the average monthly cost of a private office desk in Hong Kong ranges between HK$5,500 and HK$10,000. While the market has experienced a slight softening, premium districts such as Central and Admiralty continue to command higher rates, making them the preferred choice for established multinational firms seeking prestige and proximity to the city’s financial core.

According to research by property consultancy Savills, Hong Kong remains one of the world’s most expensive office markets, ranking second only to London’s West End. Prime office space in the city costs an estimated US$228 per square foot per year, including rent and fit-out expenses.

Despite its high ranking, the study noted a 1.1% decline in costs compared with the previous quarter, reflecting subtle market adjustments while still maintaining global competitiveness.

This means that, although Hong Kong remains costly, especially for prime offices, businesses have slightly more room to negotiate compared to previous years.

Companies prioritising prestige tend to lean towards Central and Admiralty, while cost-conscious tenants may consider fringe areas such as Sheung Wan, North Point, or Quarry Bay, where rents are more moderate yet still offer strong connectivity to the CBD.

Comparison of Average Cost of Office Spaces Across Major Districts of Hong Kong

Hong Kong is one of the world’s most dynamic office markets, offering a range of options from premium business addresses in Central to more cost-effective alternatives in fringe districts such as North Point and Sheung Wan.

Below is a detailed look at average rental prices across key districts of Hong Kong.

Fortress Hill / North Point Office Rental

Located just five to six MTR stations away from Central, Fortress Hill and North Point are popular choices for businesses seeking proximity to the city’s core without the premium rents of Central. Notable office buildings in this area include the AIA Tower, Harbour East, and the Lee & Man Commercial Center. The average rental cost in these districts ranges between HK$27 and HK$51 per square foot.

Quarry Bay / Tai Koo Office Rental

Quarry Bay and Tai Koo are slightly further at seven to eight MTR stations from Central, but the Central–Wan Chai Bypass reduces travel time to just around ten minutes. These districts also benefit from their closeness to Kowloon East, another growing business hub. Offices in Taikoo Place dominate the landscape, offering modern facilities for enterprises. Rental rates in Quarry Bay typically range from HK$27 to HK$71 per square foot.

Central Office Rental

Central remains the most prestigious business district in Hong Kong, hosting the headquarters of many multinational financial institutions. Prime office buildings are concentrated along Connaught Road Central, Des Voeux Road Central, and Queen’s Road Central. As the core financial hub, Central commands the highest rents in the city, with average office rentals ranging from HK$40 to HK$160 per square foot.

Sheung Wan Office Rental

Just one MTR station away from Central, Sheung Wan serves as a fringe district offering a balance of accessibility and cost savings. Significant buildings in the area include Cosco Tower, FWD Financial Centre, Infinitus Plaza, and Nan Fung Tower. Businesses can expect rental prices in Sheung Wan between HK$28 and HK$63 per square foot.

Admiralty Office Rental

Positioned on the edge of Central and only one MTR stop away, Admiralty is home to several landmark commercial buildings such as Admiralty Centre, Lippo Centre, and Pacific Place. Office rents in Admiralty range between HK$38 and HK$108 per square foot, making it slightly more affordable than Central but still premium.

Wan Chai Office Rental

Two MTR stops from Central, Wan Chai is a lively district with excellent transport connectivity and a wide selection of office buildings, including Five Pacific Place, Central Plaza, Convention Plaza, and Dah Sing Financial Centre. Rental prices here range from HK$28 to HK$72  per square foot.

Causeway Bay Office Rental

Just three MTR stations from Central, Causeway Bay offers a bustling commercial environment with prominent buildings such as Times Square, Lee Garden, and Tower 535. The rental range in Causeway Bay is between HK$35 and HK$75 per square foot, reflecting its popularity with both local and international firms.

A summarised version of the average rental cost by districts in Hong Kong (2025-2026) is presented in the table below.
 

Comparison of Prices of Flexible Office Space Options in Hong Kong

Flexible office spaces typically include private offices, coworking spaces, virtual offices and enterprise offices. The price comparison of flexible office spaces in Hong Kong is highlighted below.

Private Office

Private office costs in Hong Kong start from HK$5,500 and range up to HK$10,000 per month in mid-range to premium Central Business District (CBD) locations. Fortunately, prices are often affordable in non-CBD areas, starting from around HK$2,250 to HK$4,000 per person/month.

Virtual Office

A virtual office is the most cost-effective option, providing a professional business presence without the need for a dedicated physical workspace. Usually, prices of virtual offices in Hong Kong range from HK$68 to HK$1,288 per person.

However, the price is determined by the services included. Check out below.

• Basic Business Address/Mail Handling: The prices of virtual offices in Hong Kong offering basic services, including a business address and mail handling, are generally low, ranging from HK$68 to HK$400 per month.
• Complete Virtual Office Package: Premium virtual office package in Hong Kong includes the address, as well as services such as dedicated local phone numbers, call answering/forwarding, and bookable meeting rooms. These premium virtual office packages in Hong Kong typically range from HK$528 to HK$1,288 per month, depending on the location.

Coworking Space

Coworking space offers shared workspaces with flexible membership options. This is a cheaper alternative to a private office for individuals or small teams. Usually, coworking space costs in Hong Kong range from HK$1,580 to HK$6,750 per person.

However, prices vary according to different categories of coworking spaces. Here is a breakdown.

• Hot Desk (Flexible Seating): This membership grants general access to the communal seating areas. Monthly prices of hot desks in Hong Kong range from HK$1,580 to HK$4,500 per person. 
• Dedicated Desk: A reserved desk that is exclusively yours within the shared area. A dedicated desk in Hong Kong is generally more expensive, ranging from HK$3,500 to HK$6,750 or more per person per month.

Enterprise Office

Enterprise offices are designed for larger companies that require custom layouts, branding, and exclusive facilities within serviced office centres. Pricing depends on the size, configuration, and location; however, enterprise suites typically range from HK$1,999 to HK$499,999 per month. These setups are particularly attractive to multinationals seeking agility while maintaining a consistent corporate identity.

A summarised version of flexible office spaces prices in Hong Kong (2025-2026) is presented in the table below.
 

Office Space Market Analysis in Hong Kong (2025)

The Hong Kong Grade A office market showed stronger leasing momentum in the second quarter of 2025, primarily supported by relocation and expansion activities within the banking, finance, and insurance sectors.

The new lease area in Hong Kong for Q2 stood at 1.2 million square feet, marking the highest quarterly level since the COVID-19 outbreak in early 2020. Significant transactions included Jane Street’s pre-commitment of over 207,000 sq ft at Site 3 of the Central Harbourfront project, expected to be completed in 2027, and FWD Life Insurance securing over 107,000 sq ft at Devon House in Hong Kong East.

These deals highlight the pivotal role of financial and insurance institutions in driving demand during the market’s recovery.

Despite healthy leasing activity, overall market indicators revealed mixed results. The citywide office availability rate in Hong Kong remained stable at 19.3% in Q2, reflecting ongoing pressure on the supply of office space. Net absorption, however, dropped nearly 50% quarter-on-quarter to 71,400 sq ft, as pre-lease activities in projects under construction were not yet captured in the figures.

On the rental side, Grade A office rents continued their downward trend, declining 1% in Q2 2025, resulting in a 3.4% decline for the first half of the year. The market, therefore, continues to face challenges in stabilising rents, even amid renewed leasing momentum.

Looking at the longer-term trajectory, the Hong Kong office market has been in a cyclical downturn since mid-2019, with vacancy rates rising sharply from 2.5% in February 2019 to 14.5% in May 2025.

Over this period, Grade A rents have decreased by 43%, reflecting both weaker demand and an abundance of supply. As of May 2025, vacant office space totalled 10.5 million sq ft, and with 6.7 million sq ft of new supply scheduled to enter the market over the next four years, rental pressure is likely to persist (Savills Market Report 2025).

While a resurgence in IPO activity and sustained demand from the financial services sector may provide pockets of stability, analysts suggest a meaningful rebound in overall rents is unlikely until vacancy rates fall below 6%.

In short, Hong Kong’s office market in 2025 is shaped by a tension between strong leasing demand from key industries and the structural challenge of high vacancies and oversupply. The market outlook will depend heavily on the city’s economic recovery, the performance of the IPO pipeline, and the pace at which new supply is absorbed into the market.

Factors Impacting the Price of Office Spaces in Hong Kong

The price of office spaces in Hong Kong is influenced by a combination of factors such as global economic forces, local market dynamics, and sector-specific trends. As one of the world’s leading financial hubs, fluctuations in demand and supply directly translate into noticeable shifts in rental levels, often making Hong Kong among the most expensive office markets globally.

The prominent factors impacting the price of office spaces in Hong Kong are discussed below.

1. Supply and Vacancy Rates

One of the most significant factors affecting office space pricing is the balance between supply and demand. Since mid-2019, Hong Kong has experienced an oversupply of Grade A offices, with vacancy rates increasing from 2.5% in early 2019 to approximately 14.5% by 2025. The upcoming delivery of 6.7 million sq ft of new office space over the next four years is expected to keep vacancy rates high, which will continue to put downward pressure on rents.

2. Economic and Financial Market Conditions

Hong Kong’s office market is closely tied to its financial services sector, which remains the primary driver of demand. Banking, insurance, and investment firms have a significant influence on leasing momentum. Events such as the IPO resurgence in 2025 have generated new leasing demand, stabilising parts of the market. Conversely, global economic uncertainty, slower-than-expected recovery in China, and capital market volatility have weighed heavily on business expansion plans, dampening rental growth.

3. Location and Accessibility

Geography plays a pivotal role in shaping rental prices. Central and Admiralty, as core CBD areas, continue to command premium rents, often exceeding HK$100 per square foot, thanks to their prestige, concentration of multinational headquarters, and superior connectivity. Fringe areas such as Sheung Wan, North Point, and Quarry Bay offer lower rental levels, attracting cost-conscious tenants while still providing convenient access to Central.

4. New Infrastructure and Developments

Large-scale infrastructure projects and new commercial developments also impact rental dynamics. For example, the Central–Wan Chai Bypass has improved accessibility to Eastern districts such as Quarry Bay and Tai Koo, making them more attractive alternatives. Similarly, upcoming projects, such as Site 3 at the Central Harbourfront, will introduce new premium office space, which could reshape demand patterns and redistribute tenant interest.

5. Global Positioning and Investor Confidence

Hong Kong’s position as an international business hub and gateway to China continues to underpin long-term demand. However, geopolitical developments, shifts in multinational corporations’ regional strategies, and evolving foreign investment trends can sway occupier sentiment and, in turn, rental pricing. Confidence from global investors also affects how landlords price premium office assets in prime districts.

6. Flexible Workspace Trends

The rise of serviced offices and coworking spaces has added another dimension to Hong Kong’s office market. Businesses seeking shorter lease terms and cost-effective alternatives increasingly turn to flexible spaces. This shift in tenant preferences exerts competitive pressure on traditional office landlords, prompting them to adjust their pricing strategies to maintain occupancy levels.

Cost-Saving Tips for Renting an Office Space in Hong Kong

Companies can take strategic steps to manage costs without compromising on location or functionality. By being flexible in choices and adopting available market opportunities, tenants can significantly reduce overheads.

The following are cost-saving tips for renting an office space in Hong Kong.

1. Consider Fringe Business Districts

Premium locations, such as Central and Admiralty, command the highest rents, often exceeding HK$100 per square foot. To cut costs, businesses can consider fringe districts such as Sheung Wan, Quarry Bay, North Point, or Wan Chai, which offer modern office buildings at significantly lower prices while still maintaining excellent transport links to Central. These areas are beautiful for startups and SMEs that do not require a prestigious Central address.

2. Explore Flexible Workspaces

Serviced offices, coworking spaces, and virtual offices offer businesses ready-to-move-in solutions at a fraction of the cost of traditional leasing. With monthly desk rates starting from HK$2,000 to HK$3,500 for hot desks and virtual office packages from HK$200 per month, companies can save on fit-out, maintenance, and long-term commitments. Flexible contracts also allow tenants to scale space up or down depending on team size and project needs.

3. Negotiate Lease Terms

In a tenant-favourable market, where vacancy rates remain high, there is more room for negotiation. Businesses should seek rent-free periods, fit-out subsidies, or flexible exit clauses during lease discussions. Engaging professional tenant representatives or brokers can help secure better deals, particularly in Grade A buildings facing long vacancy cycles.

4. Optimise Space Usage

Rethinking how office space is used can further drive savings. Implementing hot desking policies, hybrid work models, or shared meeting rooms can reduce the total area required, thereby lowering rental obligations. Technology-driven workplace management tools can also help track real space usage and avoid paying for underutilised areas.

5. Leverage New Supply

With millions of square feet of new office space entering the market in the coming years, landlords are under pressure to attract tenants. Businesses can capitalise on this oversupply by exploring new developments that offer competitive rental packages and modern amenities, which are often superior to those found in older properties.

6. Bundle Services into the Lease

Opting for office providers, such as The Executive Centre and Compass Offices, offering workspaces with inclusive utilities, cleaning, IT support, and reception services within the rental fees, helps avoid additional operational expenses. This is especially valuable in serviced offices and coworking spaces, where bundled costs improve predictability and ease budgeting.

What Price Difference to Expect in Hong Kong Offices in 2026

The year 2026 in the Hong Kong office market will be dominated by the market absorbing the heavy supply pipeline initiated in 2025, which is widely forecasted to push the citywide vacancy rate to its peak. However, this peak will be immediately followed by a steep drop in new supply in the following years, setting the stage for a potential inflexion point.

Here is what is anticipated for the Hong Kong office market in 2026:

1. Vacancy Rate: Reaching Peak Levels

The overall Grade A office vacancy rate is widely expected to reach its cyclical peak around 16% in 2026 (Real Estate Asia), driven by the need to absorb the substantial new supply delivered in 2025 and 2026.

2. Decentralised Pressure

The vast majority of new supply completions in 2025 were concentrated in Kowloon (e.g., Yau Tsim Mong), which will continue to pressure non-core districts, leading to significantly higher vacancy rates there.

3. Rent: Stabilisation and Narrowing Decline

Overall Market Rent: Rent decline is expected to narrow significantly compared to 2025. One optimistic forecast suggests that the general reduction in Grade A office rent could narrow to a modest 3% to 5% across Hong Kong for the 2025/2026 period (AASTOCKS).

Core Central Stability: Rents in prime Central buildings, having shown resilience and achieved stabilisation by the end of 2025, are expected to remain roughly flat in 2026. This submarket is projected to lead the eventual market recovery.

4. Supply Dynamics: The Anticipated Drop-Off

Supply Trough: Although the supply surge still impacts 2026, it represents a crucial point: the volume of new Grade A completions is projected to decline significantly in 2026 and subsequent years compared to the prominent figures in 2025. This sharp decline in the future pipeline (starting from 2027 onwards) is the fundamental factor that gives the market a long-term path to recovery.

CBD Supply: All new supply in the core Central submarket is expected to be completed by 2026, meaning immediate new project deliveries in the following years will no longer burden the CBD.

5. Key Trends: Accelerating Polarisation

Flight to Quality Deepens: The divergence between new/upgraded buildings and older stock will be starker. Older, non-upgraded Grade A buildings (especially those over 30 years old) are projected to continue experiencing value erosion, and some will face capital and rental value declines of up to 20% by 2026 (Hong Kong Business).

Demand Remains Selective: Leasing activity will continue to be driven by financial sector expansion (especially quant funds, hedge funds) and corporate relocations/upgrades seeking high-quality space at competitive effective rents.

In essence, 2026 is expected to mark the cyclical low point for the Hong Kong office market in terms of vacancy, but it also signals the beginning of a long-term recovery story due to the impending supply drought anticipated for this year. The market will transition from managing excessive supply to gradually absorbing it.

Get the Best Office Space Prices in Hong Kong with Office Hub

By evaluating Hong Kong office leasing costs and fluctuations in the Hong Kong office market, we found that Hong Kong remains one of the expensive locations globally. Still, shifting conditions, such as rising vacancies and rental softening, are creating opportunities for smarter deals. This means businesses now have a chance to secure offices at better rates than before.

For entrepreneurs and companies, the key lies in making informed choices. Central and Admiralty remain premium, but exploring flexible options or alternative districts can deliver significant cost advantages. Office Hub simplifies this process by comparing prices across locations and workspace types, helping you stretch your budget without compromising quality.

With us, you don’t just find an office but also secure the most competitive pricing in Hong Kong. From private offices to coworking spaces and enterprise offices, our flexperts ensure you pay the correct rate for the right space.

Ready to join a strong business community in Hong Kong without overspending? Search for your perfect workspace today with Office Hub and secure the best value for your budget.