Global Office Markets Diverge as Hong Kong and New York Show Two Extremes
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On 18 October 2026, the South China Morning Post business section reported that Morgan Stanley and JLL analysis pointed out that from Hong Kong to New York, global office markets are undergoing deep divergence, with tenants competing for "best-in-class" properties while the remaining properties face falling rents, low occupancy rates and financing pressure. The analysis suggested that this reflects both a global trend of chasing quality assets and a disconnect between improving leasing fundamentals and property value recovery. The report did not mention specific rent declines, occupancy rate figures or which specific properties were involved.
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- 南華早報·商業Morgan Stanley and JLL: Global Office Market Splits into “Best-in-Class” and “the Rest”
Morgan Stanley and JLL analysis indicates that from Hong Kong to New York, the global office market is undergoing a deep bifurcation, with tenants competing for prime properties while the rest face falling rents, low occupancy rates and financing pressure. The analysis argues that this reflects both a global trend of chasing quality assets and a disconnect between improving leasing fundamentals and property value recovery.
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