香港月刊2025年9月

This report analyses the performance of Hong Kong’s office,residential and retail property markets knightfrank.com.hk/research September 2025 Office HONG KONG ISL AND Premium Grade-A office spaces are experiencing an increase in new leases exceeding10,000 sq ft, reflecting a recovery of market confidence, particularly in the bankingand finance sectors. At the same time, rents in these premium Grade-A buildingswith low vacancies are beginning to stabilize. The largest lease of the year, with aninsurance company committing 330,000 sq ft in Quarry Bay, underscores a solidgrowth momentum of insurance sector. It also reflects corporates to capitalise onmore competitive rentals for upgrading and consolidating office space. KOWLO ON Market sentiment in Kowloon remains steady compared to the previous month, with the sourcing and engineering industriesdominating leasing activities. Following the announcement of tariffs in early April, it has been observed that large corporatesare leaning away from long leases due to the rapidly changing business landscape. As rents continue to decline, particularlyin the Cheung Sha Wan area and Kowloon East, an American retail brand has chosen to consolidate its office presence at TheBay Hub in Kowloon Bay to better control costs. Meanwhile, prime office spaces in Tsim Sha Tsui continue to attract interestfrom professional services and insurance firms. This has led to a decrease in vacancy rates in Kowloon Central and may slowthe pace of the ongoing rent decline in Kowloon. Residential Hong Kong’s private residential market showed modest growth in July, with the overall price indexrising 0.4% MoM—marking the fourth consecutive monthly increase. YTD price decline narrowedto 0.4%. According to the Land Registry, 5,291 residential transactions were recorded in August,reflecting an 8.2% decline MoM but a significant 44.8% increase YoY. A record-breaking sale wasrecorded at The Cullinan, a high floor unit (1,798 sq ft saleable + 591 sq ft terrace + parking) sold forHK$231.97 million, equating to HK$129,014 per sq ft. Kai Tak remains a market hotspot for Mainlandbuyers, with over half of 1,316 transactions this year using Mandarin pinyin in registration. The rental index rose by 0.6% MoM, continuing its eighth consecutive month of growth. Rents are now up 2.0% YTD and1.3% YoY. Luxury leasing remains polarized, with strong rental performance in prime locations and softer rents in lessdesirable areas. Retail Retail sales in July maintained positive momentum, +1.8% YoY, marking the third consecutive month ofgrowth. YTD decline from January to July narrowed to 2.6%, indicating a gradual recovery in consumerspending. Supermarkets are struggling, with only a slight 0.2% increase in July. Big chains like M&S,DONKI, ParknShop, and Wellcome have closed several stores. This reflects changing shopping habits, aspeople shift to online groceries or travel to Shenzhen for cheaper options. Neighbourhood shopping centres are under pressure, as supermarkets typically the anchor tenants and other daily essentialsstores may also struggle to stay open. With limited new demand for retail space in these areas, vacancy rates may rise, puttingfurther downward pressure on rental levels. 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 & Solutions ResidentialAgencyWilliam Lau(E-096365)Senior DirectorHead of Residential Agency+852 2846 9550williammw.lau@hk.knightfrank.com Wendy Lau(E-141423)Executive DirectorHead of Hong Kong OfficeStrategy & Solutions+852 2846 4988wendy.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 l