• Office leasing momentum remained weak in Q4 2020 as the city reported a resurgence in COVID-19 cases.
  • Net absorption contracted for the fifth consecutive quarter while full-year net absorption registered the largest decline on record.
  • The rental decline accelerated on Hong Kong Island but slowed in Kowloon and New Territories. The rental gap between core and non-core submarkets narrowed over the course of 2020, curtailing decentralisation.