香港月刊2025年12月

knightfrank.com.hk/research This report analyses the performance of Hong Kong’s office,residential and retail property markets December 2025 Office HONG KONG ISL AND In addition to increasing demand from PRC companies related to IPO activities,banks and funds from the PRC continue to fuel leasing transactions and expansionsin Central. In December, Three Garden Road recorded several financial firms within-house expansion, totalling about two floors, approximately 32,000 sq ft. Moreover, KOWLO ON Prior to the holiday season, sizeable tenants in Kowloon have seen an uptick in relocation activity.While size optimisation remains the primary driver for these moves, there is also stronger demand forhigher-quality buildings and prime locations. Compared to a few quarters ago, these large occupiers are now demonstratinggreater readiness in risk management, leading to clearer goals for investing in relocation and securing extended lease terms Office premises in Tsim Sha Tsui offering sea views have performed particularly well overall, driven by additional demandfrom insurance companies and funds. This surge stems from the area’s proximity and connectivity to Chinese mainland, Residential Residential market saw a gradual recovery. As of November, primary sales reached 18,801 units,up 17.3% YTD and exceeded 2024’s level. Secondary sales also reached 38,148 units, up 15.7% YTD.As such, total transaction has reached 56,949 units as of November. We expect total transaction to Luxury market also sustained momentum with record-setting sales. Notably, the month included a sale of a house at 39 Deep Water Bay, Unit 2, spanning 4,736 sq ft and sold for HK$342 million, equating to HK$72,213 persq ft. On the leasing market front, activity slowed due to seasonal factors. Investor activity has picked up, with increased With the rebounding sales momentum and market sentiment, we expect the luxury price +3% to 5%, mass price 5% to 8% in2026. Similarly with strong tenant demand from professionals and families, luxury rents +3% to 5% and mass rents +3% to 5%. Retail From January to October, total retail sales reached HK$311.7 billion, narrowing the YTD decline to -0.2%.October sales rose 6.9% YoY, led by a 16.4% surge in consumer durables. Luxury sales also edged up, Meanwhile, a notable trend has emerged as finance and banking firms increasingly occupy retail spaces in prime districts. Forinstance, HSBC is set to lease over 40,000 sq ft of prime corner space at Capitol Centre in Causeway Bay, marking the first non-fashion, long-term tenant in one of the district’s busiest shopping lanes since 2008—a shift away from traditional fashion retail. We expect a rental split of prime retail and non-prime retail in 2026. Prime assets will remain resilient with positive rentalgrowth, due to tourism recovery and improving retailer demand. On the other hand, non-prime retail will remain under We like questions. If you’ve got one about our research, or would like some property advice,we’d love to hear from you. CommercialMarketsPaul Hart(E-127564)Managing Director, Greater China,Head of Commercial+852 2846 9537 Valuation&AdvisoryCyrus Fong(S-368139)Executive DirectorHead of Valuation & Advisory,Greater China Capital MarketsAntonio Wu(E-053542) Research & Consultancy Head of Capital Markets,Greater China+852 28464998 Martin WongSeniorDirector Head of Research & Consultancy,Greater China+852 2846 7184 Office Strategy & SolutionsWendy Lau(E-141423)Executive DirectorHead of Hong Kong OfficeStrategy & Solutions ResidentialAgencyWilliam Lau(E-096365) Senior DirectorHead of Residential Agency+852 2846 9550 RetailServicesHelen Mak(E-087455) Steve Ng(E-188091)Executive DirectorHead of Kowloon OfficeStrategy & Solutions+852 2846 0688 Senior DirectorHead of Retail Services+852 2846 9543 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,