Multinational companies in Hong Kong are taking advantage of decade-low lease rates to expand or upgrade their premises, as agents and landlords hold out hope that the Asian financial hub’s prime office market might be bottoming out.

Companies including private equity group General Atlantic, hedge fund Point72 and law firm Akin Gump have planned moves to newer, more centrally located facilities in recent months, according to property agents and industry executives, as rents have fallen by nearly half from their 2019 peak.

Hong Kong-based insurer FWD on Wednesday said it had signed the city’s “l(fā)argest office lease” of the year — a decade-long contract for 330,000 sq ft in Swire Properties’ Taikoo Place — but did not disclose the rental terms.