Hong Kong's office leasing market appears to be undergoing a period of transition as rents and vacancy rates head in opposite directions, according to CB Richard Ellis.

While rents are on the rise in some districts because of healthy demand, in other areas rents were under pressure as tenants moved to lower-cost areas, Benedict Ma, CBRE's associate director for research, said in a report.

'The decline in office rents has moderated in recent months on the back of healthy leasing activity and improved market sentiment, particularly when compared with the beginning of the year,' Ma said.

South China Morning Post