JPMorgan in talks to rent HK space in biggest lease, report says

JPMorgan Chase & Co. is negotiating to lease an office complex in Hong Kong’s West Kowloon district, which could become the city’s largest office lease agreement, as reported by local newspaper Sing Tao.

The financial institution plans to consolidate its operations by moving from current locations in Central and Kwun Tong to occupy all three towers of Sun Hung Kai Properties Ltd.’s Artist Square Towers development. The 672,000-square-foot commercial project near Hong Kong’s high-speed rail terminus connecting to mainland China is scheduled for completion in 2026.

Neither Sun Hung Kai nor JPMorgan representatives provided immediate comments regarding the potential relocation.

This potential move follows a broader trend of financial institutions decentralizing from Hong Kong’s traditional business core amid prolonged market softness. Last year, UBS Group AG announced similar consolidation plans to relocate offices near the West Kowloon rail hub.

The district continues attracting international corporations seeking operational efficiencies and enhanced connectivity to mainland Chinese clients. Existing tenants in the area’s International Commerce Centre include financial heavyweights Morgan Stanley and Deutsche Bank AG.

Hong Kong’s commercial property sector faces ongoing challenges, with office vacancy rates nearing historic highs and declining rental values. Third-quarter data shows average office rents across all business districts decreased approximately 0.8% quarterly, while property consultancy Cushman & Wakefield projects full-year rental declines between 4% and 6%.

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Published on October 17, 2025