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Jones Lang LaSalle: The rental and sale prices in Hong Kong's property market continued to decline in the first quarter, maintaining the annual prediction of a 5% decrease in Residence prices.
In the office building market, during the first quarter of this year, Hong Kong's overall office market recorded a net absorption of -0.1434 million square feet, mainly due to large spaces being released after companies completed their integration and relocation.
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According to Jones Lang LaSalle, the negative absorption in Grade A office spaces in Hong Kong in March was 0.0631 million square feet, and the vacancy rate in East Kowloon rose to over 21%.
Jones Lang LaSalle released the "Hong Kong Property Market Observation" report indicating that after recording a net absorption in the overall Grade A office leasing market in February, there was a negative absorption of 0.0631 million square feet in March, mainly due to the return of a large amount of space to the market after prior corporate office consolidations and relocations. Jones Lang LaSalle mentioned that the vacancy rate in major commercial areas remained relatively stable in March. Among them, the vacancy rates in Central and Eastern Hong Kong Island remained steady; while the vacancy rates in Wan Chai/Causeway Bay and Tsim Sha Tsui improved, decreasing by 0.1 and 0.6 percentage points respectively; the vacancy rate in Eastern Kowloon rose to 21.3% due to the completion of the new project "THE CENDAS."
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