Hong Kong commercial property market recorded 558 leasing deals in March, hitting a two-year record high, according to data from a local property agency.

The March number is 22.6 percent and 40.6 percent higher than February and same period last year, respectively.

The transactions involve an area of 1.78 million square feet, up 55 percent month-on-month and 40 year-on-year.

Major deals recorded last month involve Citic Securities’ (6030) offshore platform CLSA renting a 16,700-sq-ft lower floor of One Pacific Place in Admiralty’ for about HK$1.34 million.

The overall vacancy rate of Grade A buildings on Hong Kong Island dropped by 0.07 percentage points to 13.9 percent from last month, while the rate in Kowloon recorded a decrease of 0.28 percentage point to 15.7 percent.