香港2025年第4季度工业总结

This summary analyses the performance of Hong Kong’s industrialproperty market Q4 2025 Highlights General Vacancy and Rent ChangesThe leasing activities were more active than in Q3, with not only renewals but also an increase in expansions and relocations. The rental performance of modern logistics remained stable in Q4, while general industrialproperties recorded 0.4% decline QoQ, with a larger decline in Kowloon East (-1.2% QoQ). Additionally,the vacancy rate in modern logistics improved in Q4 2025, decreasing by 0.5 percentage points to 12.8%. Significant Transaction - RelocationA significant new lease from the logistics sector was at G2000 Warehouse Building in Fanling, occupying approximately 123,600 sq ft. The tenant was attracted by the favourable rates, which prompted the locallogistics operator to move from a brownfield warehouse in New Territories. Significant Transaction – InvestmentIn the fourth quarter of 2025, Brookfield established a joint venture in cold storage with Uni-China Group, purchasing the en-bloc No. 4 Tsing Tim Street in Tsing Yi for approximately 246,000 sq ft at HK$663 million(HK$2,695 per sq ft). This four-storey industrial building will be transformed for cold storage purposes,with Uni-China Group utilising half of the floor space for self-use. The renovation is expected to offer high- Industry Movement/TrendLogistics demand associated with e-commerce in the PRC is shaping up, with warehouse and flatted factory tenants seeking expansion in this sector. The connection and collaboration with the Greater Bay Area willcontinue to transform Hong Kong’s logistics landscape and shift demand in traditional warehouses. As more Mainland electric vehicle (EV) brands establish their presence in Hong Kong, demand for car repairshas risen. One Mainland EV brand has leased around 12,000 sq ft at City Industrial Complex in Kwai Chungfor its repair services. Further repair needs for Mainland EV brands are expected to occupy additional spaces 2026 Market OutlookThe industrial market in 2026 is expected to remain favourable for tenants, as landlords are becoming increasingly flexible with rent negotiations and non-financial incentives. While rental forecasts are likely todecline 0% to 3%, expansion and consolidation in traditional warehouses and flatted factories should boostnew leasing activities. Furthermore, leading cold storage tenants will be wary not just of rental costs but 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 Capital MarketsAntonio Wu(E-053542)Head of Capital Markets,Greater China Research & Consultancy Valuation&AdvisoryCyrus Fong(S-368139)Executive DirectorHead of Valuation & Advisory,Greater China Martin WongSeniorDirector Head of Research & Consultancy,Greater China+852 2846 7184 +852 28467135cyrus.fong@hk.knightfrank.com Office Strategy & SolutionsWendy Lau(E-141423) ResidentialAgencyWilliam Lau(E-096365) Executive DirectorHead of Hong Kong OfficeStrategy & Solutions+852 2846 4988 Senior DirectorHead of Residential Agency+852 2846 9550 Nathan Chan(E-442806)SeniorDirectorHead of Industrial & Logistic Services+852 2846 4859 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 This document and the material contained in it is the property of Knight Frank and is given to you on the understanding that such material and the ideas, concepts andproposals expressed in it are the intellectual property of Knight Frank and protected by copyright. It is understood that you may not use this material or any part of itfor any reason other than the evaluation of the document unless we have entered into a further agreement for its use. This document is provided to you in confidence