香港2025年第三季度工业总结

This summary analyses the performance of Hong Kong’s industrialproperty market Q3 2025 knightfrank.com.hk/research Highlights General Vacancy and Rent Changes The primary leasing activities in Q3 were predominantly driven by renewal transactions. The rental rates forgeneral industrial properties and modern logistics facilities decreased by 1.6% and 2.0% QoQ, respectively.Nevertheless, tenants, particularly those in logistics and trading sectors, have faced a downturn in business,leading to a more pronounced increase in vacancy rates during the previous quarter. Modern logisticsvacancy rose to 13.3% in Q3, up 0.6 ppts QoQ. General industrial vacancy climbed to 8.5%, up 1.1 ppts QoQ,Kowloon East was relatively stable with vacancy only up 0.5ppts QoQ. Significant Transaction - Relocation The logistics provider, SF DHL, has relocated from Goodman Interlink in Tsing Yi to occupy approximately95,000 sq ft at Cainiao Smart Gateway in Chek Lap Kok, primarily driven by cost efficiency. Significant Transaction – New Demand Despite the challenges facing the general industrial and modern logistics leasing market, a noteworthyexpansion has occurred with a Mainland medical company leasing around 100,000 sq ft in Tsuen Wan.This new lease, recorded at the Tsuen Wan Industrial Centre, is believed to accommodate pharmaceuticalproduction due to the property’s advantages, such as adequate floor height and electrical capacity. Industry Movement/Trend Ongoing challenges are putting pressure on the local supply chain and trading sectors, marked by uncertainglobal trade, a shift toward northbound consumption and a decline in both local and Mainland touristconsumption. Leasing demand from local supply chain and trading firms remains weak. In contrast, industrialleasing activities are primarily led by PRC firms seeking to expand into Hong Kong. Online shopping is becoming increasingly prevalent, traditional retailers are downsizing their warehousespaces in Hong Kong and relocating to Shenzhen to cut cost. As connections with the Mainland strengthen,retailers are optimising their inventory and labor costs, which is likely to further weaken demand forwarehouse space. Overall View In the short term, the logistics leasing sector is anticipated to face continued difficulties as uncertaintypervades the macroeconomic environment, and local business sentiment is expected to remain muted.Landlords of specialised industrial properties, such as cold-storage facilities and data centres, are alsoexploring temporary storage solutions to manage vacant spaces. Moreover, warehouse landlords areincreasingly providing more extensive rental packages, including unprecedented rent-free period, toattract tenants, signaling a negative outlook for the market. Consequently, rents are projected to decline asvacancies increase. We like questions. If you’ve got one about our research, or would like some property advice,we’d love to hear from you. Valuation & AdvisoryCyrus Fong(S-368139)Executive DirectorHead of Valuation & Advisory,Greater China+852 28467135cyrus.fong@hk.knightfrank.com Capital Markets Commercial MarketsPaul 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 2846 4998antonio.wu@hk.knightfrank.com Research & Consultancy Martin WongSeniorDirectorHead of Research & Consultancy,Greater China+852 2846 7184martin.wong@hk.knightfrank.com Office Strategy & Solutions Residential Agency Wendy Lau(E-141423)Executive DirectorHead of Hong Kong OfficeStrategy & Solutions+852 2846 4988wendy.lau@hk.knightfrank.com William Lau(E-096365)Senior DirectorHead of Residential Agency+852 2846 9550williammw.lau@hk.knightfrank.com Industrial & Logistic Services Nathan Chan(E-442806)SeniorDirectorHead of Industrial & Logistic Services+852 2846 4859nathanmt.chan@hk.knightfrank.com Retail Services 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 theirspecific needs.Important Notice:©Knight Frank 2025: This document and the material contained in it is general information only and is subject to change withoutnotice. All images are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable fornegligence, or for any direct or indirect consequential losses or damages arising from the use of this information. You should satisfy yourself about the completenessor accuracy of any infor