香港市场报告2026年第2季度

This report analyses the performance of Hong Kong’s office,residential and retail property markets Office The total number of registered non-Hong Kong companies reached an all-time high16,014 by end of June 2026 (+3.3% YoY). Q2 2026 Office Highlights Total Grade-A OfficeVacancy13.9% Market Highlights The co-working sector recorded over200,000 sq ft of new lettings in 1H 2026,supporting leasing momentum acrossHong Kong Island. Manulife has renewed over 300,000 sq ftat Kwun Tong. Levi Strauss committed to a within-districtrelocation to The Quayside, securing over18,000 sq ft of office space. HONG KONG ISL AND Hong Kong Island’s office market continued to recover in1H 2026, with average rents rising 5.5% YoY, marking the firstrental growth since 2H 2021. Leasing activity remained strongas net absorption reached 861,000 sq ft, following 594,000 sqft in 2H 2025. The rebound was led by Overall Central, whererents increased by 10.8% YoY, significantly outperformingother submarkets. 10,000 and 20,000 sq ft and three exceeding 20,000 sq ft.These transactions accounted for more than 200,000 sq ftof leased space. Demand was evenly distributed betweenGrade A and Grade B buildings, reflecting varying locationpreferences and operational requirements. Central andCauseway Bay captured 46% and 40% of total co-workingexpansion respectively, supported by growing demand fromstart-ups and PRC firms seeking flexible office solutions inHong Kong. Co-working sector was a key demand driver, completing12 major leasing transactions, including seven deals between KOWLO ON Kowloon East landlords continued to offer flexiblerenewal terms to retain occupiers, leading to a slight increasein lease renewals during Q2, while relocation activity amongboth large corporates and SMEs moderated. Most relocationswere driven by occupiers seeking better space utilisation,consolidating operations and managing occupancy costs.Floor plate, total rental expenditure and fit-out costsremained the primary considerations for tenants evaluatingrelocation options. premium office space. At The Gateway, only a limitednumber of whole-floor vacancies remain available, whileharbour-view offices are nearing full occupancy, reflectingsustained demand for quality space in prime locations. Although leasing conditions continued to vary acrossKowloon’s submarkets, overall office rents have largelystabilised. With no major Grade-A office completionsanticipated in 2026, vacancy rates and take-up areexpected to improve further, reinforcing the market’songoing bottoming-out phase and supporting a gradualrecovery. Both West Kowloon and Kowloon Central remained themost active leasing submarkets, with strong demand for Quarterly Insight Crossing are also well positioned to capitalize on thedistrict’s robust demand. In Kowloon, leasing demand isanticipated to remain supported by ongoing growth inthe banking and finance, PRC corporate, and insurancesectors. This consistent tenant activity is expected tosustain leasing momentum and contribute to a gradualrecovery in the Kowloon office market. Premium Grade A office spaces in Central continueto draw strong interest from tenants. Among the latestdevelopments, Cheung Kong Centre II has achievednotable leasing success, with occupancy levels reachingaround 60%, driven by its high-quality specifications andharbour-view. In the context of ongoing leasing activity inCentral, new projects such as Takshing House and Central Residential Residential activity stays elevated as market enters a rebalancing phase For the first half of 2026, the residential marketdemonstrated strong momentum, supported by a robustdemand and an optimistic market sentiment. Totaltransaction volume in Q2 increased by 19% QoQ to 22,156transactions. The first-hand sales market was particularlyactive, with a 26% QoQ growth to 6,997 transactions inQ2, reflecting strong buyer appetite for new launches anddevelopers’ proactive sales strategies. Prices for mass residential continued to rise, reachinga growth of 7.6% YTD or 12.5% YoY in May. The PRCgovernment’s new outbound investment regulation mighttemporarily hinder the near-term market sentiment.Moving to second half 2026, price growth is likely tomoderate as sentiment normalises following the heightenedactivity seen in the first half of the year. In the first-hand sales market, 13 new developments werelaunched during Q2, providing 5,186 units in total. Threeprojects in Kai Tak contributed more than 1,700 units, whilephases of the redevelopment project One Victoria Cove alsoadded over 900 units. Strong sales performance is observedacross both high-end sea-view new builds and moreaffordable projects in older urban areas. Phase 1 of OneVictoria Cove, for example, achieved a 100% sell-through ofall 360 units launched. Demand for prime units is expectedto gradually spillover to lower-tier alternatives, bringing amore resilient and balanced market dynamics. The luxury residential market also continue