香港季度香港市场报告2025年第2季度

This report analyses the performance of Hong Kong’s office,residential and retail property markets Office The leasing markets in Hong Kong Island and Kowloon are experiencing a divergence Market Highlights The new lease secured by Jane Street atHarbourfront Site 3 encompasses over 70%of the Phase 1 office space, with handoveranticipated in early 2027. China Merchant Plaza in Sheung Wanwas completed in June 2025, offeringapproximately 130,000 sq ft of net area. Tenants are persistently seeking flight-to-quality spaces, while trading and relatedsectors in Kowloon continue to facechallenges. HONG KONG ISL AND Market momentum is steadily improving as themacroeconomic landscape stabilises in Hong Kong. Hedgefunds remain main market players, with property upgradesand expansion deals predominantly originating fromthis sector. Jane Street’s significant leasing transaction atHarbourfront Site 3, occupying 223,000 sq ft, sends a positivesignal to the market, particularly benefitting landlords inCentral. Moreover, legal firms serving PRC companies’ IPOscould be an emerging driver of demand in the near term. Buildings located in Central, offering unit sizes between3,000 and 5,000 sq ft with fitted interiors, are gainingtraction due to their prime location and suitable size.Additionally, the current affordable rents and availabilityof fitted office space are facilitating tenants in their effortsto centralise or upgrade their offices. Although the leasingmarket is still on the path to recovery, tenants remainvigilant in their search for flight-to-quality/functionalityspaces that offer maximum incentives. KOWLO ON Global uncertainties surrounding trade and sourcingpose significant challenges for the Kowloon leasingmarket. As a large portion of tenants are tied to supplychain operations, external headwinds are affecting leasingsentiment. June proved to be a quieter month, withtransactions concentrated primarily in the Kowloon East.Leasing activity is more pronounced among companiesinvolved in electronics, construction, and building sectors.Tsim Sha Tsui saw a modest rental growth of +0.7% QoQ,benefitted from leasing demand from insurance, financeand professional service sectors. As overall market demand in Kowloon remains sluggishand office supply continues to increase, landlords areactively implementing various strategies to attract andretain tenants. Larger landlords are presenting an arrayof incentives, such as enhanced common area amenities,renovation options, and flexible leasing terms, in orderto mitigate the impact of lower rents. In contrast, smallerlandlords offer rental subsidies as their primary incentive. QUARTERLY INSIGHT Hong Kong is a leading market for IPO fundraising forthe 1H 2025 with several remarkable listings. Improvedmarket sentiment, increased liquidity and favourable listingpolicy will continue to attract PRC companies from multiplesectors to raise capital in Hong Kong. The resurgence of IPOactivity will remain a near-term positive catalyst for theHong Kong Island market for 2H 2025. We expect a furtheruptick in leasing demand from the banking, finance andprofessional service sectors. In the Kowloon market, Kowloon East continues to facechallenges, particularly among tenants in supply chainoperations and global trading sectors. These businessesare more impacted from global uncertainties and haveincreasingly opted to downsize operations. Tsim Sha Tsuiis expected to outperform in the near-term, benefiting froma tenant mix more aligned with Central, where service-oriented firms dominate. Residential Sales activity strengthened by mortgage affordability and incentives, while pricingremains subdued across segments Hong Kong’s residential market regained momentumin June, with total transactions rising to 5,955 units up 17%MoM, driven by a 28% surge in first-hand sales to 2,147units. For Q2 2025, total residential transactions climbed to16,754 units, marking a 37% increase over Q1. The reboundis supported by improved mortgage affordability, followinga decline in the one-month HIBOR, which has restoredpositive carry for homeowners. If interest rates remain low,mortgage repayments could become more attractive thanrenting, further supporting sales market recovery. Despite the rebound in transaction volume, prices remainunder pressure. The private residential property price indexwas flat in May after a brief rebound in April. Prices are down0.9% YTD and 6.2% YoY. However, buyer interest remainsstrong for properties priced between HK$12-15 million,which have attracted the highest number of enquiries.This segment is especially popular among home upgradersand families, who typically look for three-bedroom unitsapproximately 800 sq ft. During the quarter, demand was primarily led by familytenants, with 400–500 sq ft apartments being the mostsought-after. These units typically command monthlyrents in the range of HK$20,000-30,000, with stronginterest focused on areas such as Sai Ying Pun and Wa