香港季度香港市场报告2025年第三季度

This report analyses the performance of Hong Kong’s office,residential and retail property markets Hong Kong Overall Office Highlights Premium Grade-A office spaces in Central is driving office absorption, while other districtscontinue to experience a struggle between supply and demand. Q3 2025 Office Highlights Market Highlights Although the occupier demand from thefinance sector for premium Grade-A officesin Central continues, other older Grade-Aoptions and some new developments continueto see a lack in leasing activity. One Causeway Bay, located in Causeway Baydistrict, was successfully delivered to marketin September 2025, providing around 500,000sq ft (net) of space. Expansion and relocation efforts in Kowloonare primarily centered in the Tsim Sha TsuiDistrict, while renewal projects dominate thenon-core areas. HONG KONG ISL AND Leasing demand is being led by financial institutions suchas quant funds, hedge funds, wealth managers, and privatebanking, with a clear trend toward upgrading or expandinginto premium Grade-A office spaces in Central. This hashelped narrow the year-to-date rental decline in PremiumCentral to -1.3% as of August, outperforming the broaderGrade-A market’s -5.2% drop. Meanwhile, traditional Grade-Abuildings are focusing on tenant retention and competingwith new developments to capture limited relocationdemand, resulting in slower pre-leasing progress for somenew projects. Beyond the financial sector, co-working space operatorsare seeking additional locations to accommodate growingdemand from Mainland enterprises and start-ups. PRC legalfirms are also contributing to leasing momentum, buoyedby IPO-related activity in Hong Kong. Meanwhile, thetechnology sector is generating scattered but notable leasinginterest in high-quality office buildings situated in non-coreareas, often involving substantial floor plates to supportexpansion needs. KOWLO ON Leasing sentiment in Kowloon mirrors that of HongKong Island. In Tsim Sha Tsui, the core district, witnessesan increase in leasing transactions primarily driven byprofessional services and insurance companies. Offices inTsim Sha Tsui remain highly sought after by tenants dueto their strategic location and accessibility to XRL, makingthem particularly attractive to businesses serving MainlandChinese clients. Properties offering renovated interiorsand sea views are especially favoured. Conversely, newdevelopments in non-core CBD areas are facing challengesin attracting tenants, primarily due to limited access to MTRstations. The relocation sentiment in Q3 appears weaker, withexpectations leaning towards a higher prevalence of leaserenewals as global trade uncertainties persist. Risingrenovation costs dampen relocation appetite, as initialcapital expenditure becomes an increasingly significantdeterrent for tenants. In response, landlords are steppingup efforts to attract new occupiers by offering enhancedincentives—ranging from increased capital expenditurecontributions to upgraded fixtures and fit-outs. QUARTERLY INSIGHT The leasing landscape is showing encouraging signs ofmomentum, particularly in terms of net take-up duringthe first three quarters. Expansion activity has been led byfunds and financial institutions concentrated in Central,while wealth management and private banking operationsare establishing their presence across the city—especially incore business districts with strong connectivity to the XRL. non-core districts continue to dimmish and an abundanceof new Grade-A office supply is set to enter the supplypipeline. As the rent differentials between districts continue todiminish and a growing number of high-quality officesare set to enter the development pipeline. Upcomingrelocations and consolidations are expected to contribute torising vacancy levels citywide, prompting landlords to adoptmore flexible leasing strategies to remain competitive. At the same time, non-core offices face heightenedcompetitive pressure the rent differentials between core and Residential Residential market sees steady transaction growth amid soft pricing and policy support Hong Kong’s residential market demonstrated resiliencein September 2025, with total transactions rising 6.7% MoMto 5,643 units. Primary sales led the growth, increasing by10.8% to 1,974 units, while secondary sales rose 4.5% to 3,669units. In September, the share of primary transactions roseto 35% of the total sales, compared to just 18% during thesame period last year. For Q3 overall, transaction volumereached 16,700 units, reflecting only a slight 0.3% QoQdecline, underscoring a steady market momentum. Themomentum was underpinned by a strong rebound in thestock market and a 25-basis-point rate cut by HKMA to liftbuying sentiment. Despite an uptick in activity, property prices remainedsoft as developers focused on clearing unsold inventory.Around 13,000 first-hand completed units available forsale, with Kai Tak and Tuen Mun holding the largest shares.To drive s