香港月刊2026年2月

knightfrank.com.hk/research This report analyses the performance of Hong Kong’s office,residential and retail property markets February 2026 Office HONG KONG ISL AND Leasing trends from 2025 are continuing into January 2026, with premium Grade-Aoffices in Central seeing rising occupancy and limited available spaces on themarket. This has driven rental increases in specific premium buildings. For example,Chinese asset management firm - E Fund Management is expanding its presence tothe 23rd floor of Two IFC, which further boost the building’s occupancy rate close KOWLO ON Transaction activity fell short of expectations compared to December 2025. Nevertheless, market pessimism is easing, asshown by larger average lease sizes driven by relocations of sizeable companies. Tenants over 10,000 sq ft are shifting tomore “active” decisions; unlike last year’s short-term renewals, January saw proactive moves amid uncertainty, boostingdownsizing relocations. For example, a US-based homeware vendor cut its space by 10% and relocated within Kwun Tong, Overall, Kowloon East is still a tenant-favoured market. Kowloon West and West Kowloon are stabilising, while KowloonCentral shows rent rebound potential as Harbour City vacancy falls below 8.6%. The Kowloon market awaits further stability Residential The luxury market remained active in January, with a total of 46 transactions above HK$ 50million recorded, based on market sources. Notably, Houses No.9 and 10 at 15 Shouson Hill weresold during the month. House No.9 (saleable area 3,727 sq ft) and House No.10 (4,853 sq ft) weretransacted at HK$224.6 million and HK$292.46 million respectively, equivalent to HK$60,264 per On the leasing front, activity also remained robust. Stocks within the HK$20,000–HK$130,000 monthly rental bracket hasbecome increasingly constrained, reflecting strong demand across all tenant types. Tenants accelerated relocations ahead of Retail In 2025, total retail sales amounted to HK$380.46 billion, a marginal 1% YoY increase, though still 22%below the 2018 level. In December 2025 alone, retail sales rose 6.6% YoY, supported by strong festivedemand. Sales of electrical goods surged by 58.9%, while luxury sales recorded a 14.3% increase. Visitor In January 2026, Luk Fook renewed its Russell Street, Causeway Bay flagship store at a reduced monthlyrent of HK$750,000—6% below its 2023 level and nearly 17% under the landlord’s asking price. The 3,068 sq ft ground floor unit facing Times Square will be retained for another three years at HK$244 per sq ft. This discountedrenewal of a prime Russell Street shop underscores the continued softness in Hong Kong’s high street leasing market, with We like questions. If you’ve got one about our research, or would like some property advice,we’d love to hear from you. Capital MarketsAntonio Wu(E-053542)Head of Capital Markets,Greater China+852 28464998 CommercialMarketsPaul Hart(E-127564)Managing Director, Greater China,Head of Commercial RetailServicesHelen Mak(E-087455)Senior DirectorHead of Retail Services Research & Consultancyresearch.all@hk.knightfrank.com Office Strategy & SolutionsSteve Ng(E-188091)Executive DirectorHead of Kowloon OfficeStrategy & Solutions+852 2846 0688 Valuation&AdvisoryCyrus Fong(S-368139)Executive DirectorHead of Valuation & Advisory, Office Strategy & SolutionsWendy Lau(E-141423)Executive Director ResidentialAgencyWilliam Lau(E-096365) Senior DirectorHead of Residential Agency+852 2846 9550