香港工业总结2026年第2季度

This summary analyses the performance of Hong Kong’s industrialproperty market Q2 2026 knightfrank.com.hk/research Highlights General Vacancy and Rent Changes The leasing market showed signs of stabilisation in Q2 2026, with the pace of rental decline moderatingfrom 1.2% QoQ in Q1 2026 to 0.7% QoQ in the second quarter. In the modern logistics sector, rents fell by2.4% YoY, while vacancy improved slightly by 0.1 percentage points to 11.8%, reflecting a gradual recovery inoccupier demand. Leasing activity was driven mainly by logistics and e-commerce operators relocating frombrownfield facilities, supported by more flexible leasing terms and incentives offered by landlords of high-specification logistics centres. In contrast, the general industrial sector remained under pressure. Rents declined by 4.8% YoY and vacancyedged up to 7.8%. Kowloon East continued to face competitive challenges as the rental gap betweenindustrial and office premises narrowed. At the same time, the growing supply of revitalised industrial projectscreated more owner-occupier opportunities, increasing competition for traditional industrial buildings. Thiswas particularly evident among properties with ancillary office space, where occupiers were able to upgradeto higher-quality premises at relatively competitive rents. Significant Transaction – Logistics & E-commerce Third-party logistics and e-commerce operators continued to expand and upgrade their storage capacityin the first half of 2026. HKTVmall reinforced its operational commitment to Hong Kong through a furtherexpansion of 20,000 sq ft at Goodman Interlink, marking its second major expansion during the period. 759Store, a local retail chain, relocated approximately 60,000 sq ft to ATL Logistics Centre to facilitate buildingupgrades. Meanwhile, YesAsia, an e-commerce platform operator, has allocated an additional 48,000 sq ft forin-house expansion at the Mapletree Logistics Hub. Supported by the recovery in retail sales and continuedgrowth in online consumption, demand from logistics and e-commerce occupiers has aligned with a broadermarket rebound. Significant Transaction – Retail Alo Yoga previously established its flagship store at K11 Musea and is set to open a second location inCauseway Bay. In addition to strengthening its retail presence, the brand has expanded its logistics footprintat ATL Logistics Centre, positioning the facility as its Asia Pacific warehouse hub. This coordinated expansionacross retail and logistics functions reflects growing confidence in both the local and regional market outlook,as well as the brand’s long-term business strategy in Hong Kong. Market Overview The acceleration of Northern Metropolis development, alongside ongoing land resumption and exchange,has driven the relocation of brownfield logistics operators. With rental levels between inner-city highspecification ramp access logistics facilities and brownfield warehouses converging, occupiers areincreasingly taking the opportunity to upgrade to higher quality space. Despite leasing activity driven by relocation and expansion among logistics and e-commerce operators,market momentum is expected to moderate in the second half of 2026. Demand arising from brownfieldrelocations is likely to taper as near-term requirements are gradually fulfilled. At the same time, generalindustrial occupiers remain cautious amid ongoing market uncertainty, with a preference for lease renewalsover relocation or expansion. As a result, rental performance across both modern logistics facilities andgeneral industrial assets is expected to remain under pressure. 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 28464998antonio.wu@hk.knightfrank.com Research & Consultancyresearch.all@hk.knightfrank.com Valuation&AdvisoryCyrus Fong(S-368139)Executive DirectorHead of Valuation & Advisory,Greater China+852 28467135cyrus.fong@hk.knightfrank.com CommercialMarketsPaul Hart(E-127564)Managing Director, Greater China,Head of Commercial+852 2846 9537paul.hart@hk.knightfrank.com Office Strategy & Solutions Industrial & Logistic Services ResidentialAgency Wendy Lau(E-141423)Executive DirectorHead of Hong Kong OfficeStrategy & Solutions+852 2846 4988wendy.lau@hk.knightfrank.com Nathan Chan(E-442806)SeniorDirectorHead of Industrial &Logistic Services+852 2846 4859nathanmt.chan@hk.knightfrank.com William Lau(E-096365)Senior DirectorHead of Residential Agency+852 2846 9550williammw.lau@hk.knightfrank.com RetailServices Steve Ng(E-188091)Executive DirectorHead of Kowloon OfficeStrategy & Solutions+852 2846 0688steve.ng@hk.knightfrank.com Helen Mak(E-087455)Senior DirectorHead of Retail Services+852 2846 9543helen.mak@hk.knightfrank.com Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide includ