香港市场报告2025年第4季度

Office Finance sector and PRC-related demand drive solid take-up in premium office spaces inCentral, while existing vacant space and future supply still hinder overall rental growth Market Highlights International Gateway Centre (IGC), located inKowloon Station, was completed in December2025, providing around 1,900,000 sq ft (net) Quant trader QRT has committed 6 floors atTwo IFC, around 140,000 sq ft which will bevacant following UBS relocation, becoming Diverging performance between submarkets HONG KONG ISL AND The market continued to exhibit a clear bifurcationbetween submarkets through the end of 2025. Leasingmomentum in premium Grade-A buildings pickedup, with premium offices in Central rents rising3% YoY in 2025 as a whole, suggesting that certain On the other hand, an substantial influx of supply scheduled for2026 and secondary vacancies weigh on the performance of traditionalbuildings in Central and other submarkets. Notably, Traditional Landlords remain flexible regarding leasing agreements, offeringnot just rental adjustments but various non-financial incentives.This dynamic has continued to favour tenants in lease negotiations, KOWLO ON Following the completion of IGC in December, includingIGC, the vacancy rate in Tsim Sha Tsui is 21%; excluding IGC,the vacancy rate stands at 7.5%. As no major new supply is Leasing activity in Kowloon softened notably in Q4,particularly in December due to the holiday season andcorporate decision-making delays. Overall relocation appetite More occupiers are cautiously resuming relocationstudies, adopting a conservative strategy that prioritises costefficiency. They continue to focus on securing competitiverents, minimising capital expenditure on fit-out and relocation Tsim Sha Tsui outperformed the broader Kowloon market,with rental decline narrowed to 0.5% YoY compared to 4.0%for overall Kowloon in 2025. Demand was mainly driven QUARTERLY INSIGHT The office market closed the year with selective recoveryacross submarkets, reflecting a clear divergence – robustdemand for premium, well-located assets in PremierCentral, while conventional buildings and non-core areascontinue to face challenging conditions. Net take-up beneficiaries of upgrade-driven relocations, while non-coreareas will continue to navigate heightened competition from Consolidation trends are expected to push vacancyrates higher in certain locations, requiring landlordsto adopt a proactive and flexible approach. With rentdifferentials across districts narrowing and high-quality Looking forward to 2026, the outlook is cautiously Residential Robust transaction growth amid price sensitivity and rising inventory pressure Hong Kong’s residential market entered a phase ofrecovery in 2025. All-year transaction volume reached62,832, up 18.3% YoY, returning to 2020’s level. Primaryactivity remained strong, with transactions rising 21.5%YoY, while the secondary market also recorded growth of In the first-hand market, eight projects were launchedduring the quarter, providing 2,786 units. Kowloon lednew supply of 1,693 units, largely in Kai Tak and Yau Tong.Notable sell-through performances underscored the strongdemand for competitively priced projects, particularly at While inventory remains a concern, pressure has easedcompared with previous years. As of December, unsold unitsstood at approximately 11,250, a reduction of about 6,280 The luxury segment sustained momentum in Q4, with81 transactions above HK$78 million (US$10 million), a 45%QoQ increase. A key highlight was the sale of a 9,455 sq fthouse at Mount Nicholson, transacted for HK$1.04 billion, Developers are adopting a more strategic approach amidimproving market sentiment and homebuying activity,launching projects at market-acceptable pricing and The leasing market continued to strengthen, with rentsrising 0.2% MoM in November and 4.3% YTD, supported bysteady demand from professionals and students. Leasing On the development front, four land parcels weresold in 2025 and one in January 2026, predominantlycomprising small to medium-sized plots, each expected toyield fewer than 1,500 units. These sites offer developersadvantages, including lower upfront capital requirements Retail Positive retail sales alongside stable F&B demand and ongoing prime street repositioning Hong Kong’s retail market is showing early signs ofstabilisation. From January to November, total retailsales reached approximately HK$345 billion, a 0.4% YoY In 2025, the sector continued to come under competitivepressure from cross-border consumption and online sales.E-commerce penetration in Hong Kong has risen sharply,with online sales jumping from 6.3% (or HK$20 billion)of total retail in 2020 to 9.5% (or HK$32.6 billion) in thefirst eleven months of 2025. On the other hand, credit cardspending by Hong Kong residents also illustrated the shift of Beyond domestic factors, visitors are contributing less tothe retail market than in the past. Overall overn