香港市场报告2026年第一季度

Office Following robust leasing activity by alternative investment institutions in 2025, thebanking sector has seen business conditions stabilise and has begun pursuing relocations Market Highlights The newly completed International GatewayCentre (IGC) recorded the fourth major JP Morgan committed to the pre-leaseagreement with six combined floors at about Mashreq Bank leased Cheung Kong Centre IIabout 8,000 sq ft, represting both district and HONG KONG ISL AND Leasing sentiment and performance improved acrossselected submarkets in Q1. Premium Central continuedto outperform, recording solid rental growth of 5.1% QoQ.Leasing momentum also spilled over into neighbouringdistricts, with rents in Traditional Central and Admiralty highly active in 2025, leasing activity this quarter shiftedtowards traditional securities and asset managementfirms, alongside banks establishing or expanding wealthmanagement centres. Over the quarter, foreign bank Looking ahead, leasing momentum is expected tostrengthen further in Q2, extending beyond Premium The finance sector remained the primary demanddriver. While hedge funds and quantitative funds were KOWLO ON The two significant leasing deals at West Kowloon,involving approximately 350,000 sq ft of pre-committedspace, have generated strong leasing momentum, whileother areas remain relatively quiet due to the holiday upgrades. The occupancy rate continues to rise, and officespaces over 10,000 sq ft with sea views are now fully leased Although Tsim Sha Tsui and West Kowloon are seeingincreased relocation and expansion deals leading to higherpositive take-up, leasing activities in Kowloon East mainlyinvolve renewals or relocations driven by consolidation. As At the same time, Tsim Sha Tsui District remains popular QUARTERLY INSIGHT Although leasing transactions and demand driversdiffer between Hong Kong Island and Kowloon District,flight-to-quality continues to be the primary considerationfor relocation. As prime office space in Central becomesincreasingly scarce, commercial banks have expanded While raising leasing activities by the banking andinsurance sectors in Tsim Sha Tsui and West Kowlooncontinue to develop the area into a more mature financialservices hub, vacancies resulting from relocations still presentchallenges to the overall office recovery. Additionally, despite Residential Residential transactions remain firm amid active mainland Chinese demand In the first quarter, overall transaction activity furtherpicked up, total volumes rose 9% QoQ to 18,654 units.Primary sales remained broadly flat, while secondarysales rose 13% QoQ reflecting a strong sales momentumacross the board. Prices rose 1.4% MoM in March, following Heightened geopolitical uncertainties in the Middle Easthave further reinforced Hong Kong’s appeal as a relativesafe haven, while some buyers have structured acquisitionsthrough investment companies registered under individualnames to facilitate purchases. With demand remaining In the primary market, new developments werelaunched across Kowloon and the New Territories. Severalprojects recorded strong sales performance during Q1,including Grand Austin Bohemian, which achieved a 100%sell through of its 64 units; Zendo House, with all 164 Luxury residential sales also strengthened in Q1, with 96transactions priced above HK$78 million (US$10 million),representing a 19% QoQ increase. A key highlight wasthe sale of Flat A at Cullinan Harbour, Kai Tak, a 2,141 sq supported by the influx of mainland Chinese professionalsrelocating to Hong Kong. Wong Chuk Hang, Ap Lei Chau,and the Western District continued to rank among the mostsought after leasing locations. On the other hand, the luxury The leasing market maintained its upward trajectory,with mass rents rising 4.7% YoY or 0.8% YTD in March. 2026 Forecast – Residential Sector Nine residential sites were sold between 2024 and 2026.Overall, the government predominantly released small tomedium sized sites, each yielding fewer than 1,100 units.Such site sizes are favoured by developers due to the lowerupfront capital investment required. Notably, six out of the With ongoing improvement in the transaction activity,sentiment and liquidity conditions, the market recoveryis strengthened by solid end-user demand and increasinginvestment demand, supporting an uplift of full-year pricegrowth forecast to 8%–10%. In the primary market, strong Retail Retail sentiment strengthens amid tourism recovery Hong Kong’s retail sales performance continued torecover in early 2026, supported by strong tourism demandand major festive events. From January to February, totalretail sales increased by 11.8% year on year to HK$72.4billion. Discretionary spending outperformed during the Tourism remained a key pillar underpinning retailperformance. Visitor arrivals rose by 18.4% YoY to 9.95million over the two month period, boosted by theChinese New Year holiday and related large scale events,such as the Lunar