JPMorgan Chase & Co will be the anchor tenant of an upcoming office project in Hong Kong’s West Kowloon area, marking one of the city’s largest leasing deals amid a prolonged downturn in the commercial market.

The US bank will occupy about 250,000 square feet (23,000 square meters) of space across six connected floors in Artist Square Towers, landlord Sun Hung Kai Properties Ltd said in a statement on Friday.

The development is scheduled for completion in 2027. The project comprises three harborfront blocks with a total of about 672,000 square feet of office space. JPMorgan will take the top six floors in two of the three towers.

The bank will continue to maintain its “strong presence” in Central, according to an internal note seen by Bloomberg News. JPMorgan will move its Kowloon office to the new premises in the latter part of 2028, the note said. A spokesperson for the firm confirmed the contents of the memo.

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Hedge funds, wealth managers and private banks have helped drive a pickup in demand for prime office space in recent months. However, Hong Kong’s broader office market remains under pressure, with near record-high vacancy rates and declining rents.

CBRE Group Inc expects office rents to decline by as much as 3 percent this year, after falling 2.9 percent in 2025. Earlier this year, Point72 Asset Management agreed to lease additional space for its new office in The Henderson, a recently opened skyscraper in Central.