Hong Kong’s office vacancy at two-decade highs creates optimal window for companies to set long-term strategies

Hong Kong’s current office market downturn, stretching over seven quarters from late 2019, is on par with the longest in history. The contraction in occupancy, however, is more severe this time at 3 million square feet (278,710 square metres), compared with the so-called “negative net absorption” of 1.7 million square feet between 2001 and 2003.

Coincidentally, both down cycles have seen Hong Kong suffer from a pandemic. The severe acute respiratory syndrome (Sars) outbreak 18 years ago was…