How 2 landmark Central deals boost sentiment in Hong Kong’s office market
JLL’s Alex Barnes and his team closed decade-high single-tenant leases – deals that took on wider significance as rental declines slowed
When Alex Barnes and his team finally closed the two largest single-tenant office leasing deals Central has seen in more than a decade, the outcome was decisive – but the path there was anything but quick.
Before the slump, Central’s most sought-after towers were effectively full. “We used to see a waiting list for office space at Two IFC between 2016 and 2019, even though it commanded the highest rents in the market,” Barnes said. “That demand disappeared after the Covid-19 outbreak.”
For Barnes, an Australian national with more than two decades in Hong Kong’s property market, the challenge was less about timing than staying close to clients through the downturn. “We had been working on several major office requirements, including the Central Yards deal, but no one else knew when or whether those deals would actually close,” he said.
Barnes said sentiment began to turn early last year as wealth management remained strong and other parts of the financial sector started to show early signs of recovery in early 2024. “We saw light at the end of the tunnel early in 2025 as our ongoing client work was building momentum,” he said.