香港月刊2026年3月

knightfrank.com.hk/research This report analyses the performance of Hong Kong’s office,residential and retail property markets March 2026 Office HONG KONG ISL AND Rental growth in premium Grade-A offices in Central accelerated in February, up6.0% YoY or 2.8% YTD, following a 2.3% YoY increase in January. Enquiry levels for Amid ongoing external headwinds, capital and family offices from the Middle Eastare expected to further diversify their portfolios into other major regional hubs inAPAC, such as Hong Kong. This is likely to support demand for smaller floorplates KOWLO ON Market activity remained subdued during the Chinese New Year holidays, with limited movements recorded. Yau Tsim Mong A European insurance firm has secured 100,000 sq ft at IGC, Kowloon Station, making it the fourth significant tenant toestablish their presence in the newly completed Grade-A building. Both existing and prospective tenants are primarily frombanking & finance, insurance and professional services, these sectors are actively seeking to leverage emerging opportunities Residential In February, primary sales reached 4,109 units, up 146.3% YTD and exceeded 2024’s level. Secondarysales also reached 8,229 units, up 59.5% YTD. Total transaction has reached 12,338 units. A standoutnew development is Central Residence by the Park, a premium project offering 99 units. Of these, In terms of luxury sales market, the latest Budget announcement of rising stamp duty (from 4.25%to 6.5%) of properties priced above HK$100 million may have minimal impact on transaction volumes, as the homebuyers are Leasing activity driven by proximity to universities remains active, such as Central & Western District, Sha Tin, Tai Wai andFo Tan. This has continued to attract investors seeking rental income opportunities, boosted by strong demand from Retail Hong Kong’s retail sales value rose 5.5% YoY in January, marking nine consecutive months of growth.Sales of jewellery, watches, clocks and valuable gifts jumped 31.1%, it is expected to pick up further inFebruary with increasing numbers of tourists during the nine-day Chinese New Year holidays. A total of Tourism-driven demand for souvenirs continues to support local brands. Cookies Quartet recently leased Shop A at 32–34Nathan Road in Tsim Sha Tsui. The 1,100-sq-ft unit was taken at about HK$300,000 per month (or HK$ 273 per sq ft). Despite an18.1% YoY decline in bread, pastry, confectionery and biscuits sales in January, this leasing transaction underscores how tourist Ongoing external headwinds in the Middle East may affect visitors’ travel plans to Hong Kong. However, this could also leadlocal residents to travel less or opt for short-haul trips instead, which may help support the performance of the local retail 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+852 2846 9537 RetailServicesHelen Mak(E-087455)Senior Director Research & Consultancyresearch.all@hk.knightfrank.com Valuation&AdvisoryCyrus Fong(S-368139)Executive DirectorHead of Valuation & Advisory,Greater China Office Strategy & SolutionsSteve Ng(E-188091)Executive DirectorHead of Kowloon OfficeStrategy & Solutions+852 2846 0688 Office Strategy & SolutionsWendy Lau(E-141423)Executive DirectorHead of Hong Kong OfficeStrategy & Solutions+852 2846 4988 ResidentialAgencyWilliam Lau(E-096365)Senior DirectorHead of Residential Agency of this information. You should satisfy yourself about the completeness or accuracy of any information or materials and seek professional advice in regard to all the information containedherein.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 and proposals expressedin 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 it for any reason other than the evaluation ofthe document unless we have entered into a further agreement for its use. This document is provided to you in confidence on the understanding it is not disclosed to anyone other than