香港月刊2025年8月

August 2025 This report analyses the performance of Hong Kong’s office,residential and retail property markets knightfrank.com.hk/research Office HONG KONG ISL AND Premium Grade-A office spaces continue to be preferred by tenants looking toenhance office quality, as current rental trends are favourable to them. Additionally,given the significant adjustments in office sales prices over the past few years, anincreasing number of office occupiers on Hong Kong Island are showing interestin buying offices rather than leasing them. KOWLO ON The leasing market remains comparatively subdued throughout the summer, continuing the pattern observed in the previousmonth. Larger enterprises are mostly opting for renewals to consolidate their standing or postponing decisions until afterSeptember for potential downsizing or other measures. Transactions within the market have predominantly involved theelectronics, shipping, and logistics sectors for office spaces below 3,000 sq ft. Despite the gradual increase in occupancy ofnew offices projects, the downward trend in rentals persists in both West Kowloon and Kowloon East due to ongoing economicuncertainties. Prime Office Market Indicators(July 2025) Residential According to the Rating and Valuation Department (RVD), private residential property priceindex edged up by 0.03% YoY in June. Positive price growth in from April-June narrowed the YTDdecline to -0.9% in June, reflecting a modest market recovery. Mainland Chinese homebuyerscontinued to drive transaction volumes in June, while local purchasers remained more reserved.On the supply side, high inventory levels remain a drag. Kai Tak consists of ~4,220 unsold unitsas of July 2025, while Wong Chuk Hang also saw a notable stock level, with ~510 units available. Meanwhile, the luxury leasing market has seen growing demand from young families, particularlythose with backgrounds in AI and emerging tech sectors, contributing to a steady influx of tenantsin premium residential areas. Retail Retail sales fell by 3.3% YoY from January to June, with luxury segments -6.3% YoY over the sameperiod. Despite the softening in consumer spending, the broader macro data remains relatively stable- unemployment rate low at 3.7% in July and the number of negative equity cases dropped 7.2% QoQ to37,806. These indicators suggest that while discretionary spending remain cautious, consumer sentimentis not severely weakened. There is a noticeable shift in preferences toward quality F&B, experiential retail, and value-driven offerings - particularly fromChinese and Korean brands. In response, retailers are adopting a more measured approach to expansion, which is expectedto keep rental levels stable in the near term. Prime malls remained relatively resilient, Harbour City reported retail revenue ofHK$2.8 billion in the first half of 2025, slightly below the same period last year. Valuation&AdvisoryCyrus Fong(S-368139)Executive DirectorHead of Valuation & Advisory,Greater China+852 28467135cyrus.fong@hk.knightfrank.com Research & Consultancy CommercialMarkets Capital Markets Paul Hart(E-127564)Managing Director, Greater China,Head of Commercial+852 2846 9537paul.hart@hk.knightfrank.com Antonio Wu(E-053542)Head of Capital Markets,Greater China+852 28464998antonio.wu@hk.knightfrank.com Martin WongSeniorDirectorHead of Research & Consultancy,Greater China+852 2846 7184martin.wong@hk.knightfrank.com Office Strategy & SolutionsWendy Lau(E-141423)Executive DirectorHead of Hong Kong OfficeStrategy & Solutions+852 2846 4988wendy.lau@hk.knightfrank.com ResidentialAgencyWilliam Lau(E-096365)Senior DirectorHead of Residential Agency+852 2846 9550williammw.lau@hk.knightfrank.com RetailServices Steve Ng(E-188091)Executive DirectorHead of Kowloon OfficeStrategy & Solutions+852 2846 0688steve.ng@hk.knightfrank.com Helen Mak(E-087455)Senior DirectorHead of Retail Services+852 2846 9543helen.mak@hk.knightfrank.com Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors,funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specificneeds.Important Notice:©Knight Frank 2025: This document and the material contained in it is general information only and is subject to change without notice. Allimages are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable for negligence,or for any direct or indirect consequential losses or damages arising from the use of this information. You should satisfy yourself about the completeness or accuracyof any information or materials and seek professional advice in regard to all the information contained herein. This document and the material contained in it is the property of Knight Frank and is given to you on the understandi