2026-01-19-莱坊-Hong_Kong_Industrial_Summary_Q4_2025_3页_283kb

报告摘要

Q4 2025 Hong Kong Industrial Property Market Summary

Core Content

The Q4 2025 report provides an analysis of the performance of Hong Kong's industrial property market, highlighting key trends, vacancy rates, rent changes, and major leasing and investment activities.

Key Trends and Performance

Leasing Activities

Leasing activities were more active compared to Q3, with an increase in renewals, expansions, and relocations.
Modern Logistics showed stable rental performance, while General Industrial Properties recorded a 0.4% quarterly decline, with a more significant drop in Kowloon East at -1.2%.
The vacancy rate in modern logistics improved by 0.5 percentage points to 12.8%.
In Kowloon East, the vacancy rate fell from 9.9% in Q3 to 7.8% in Q4, attributed to rent declines and incentives.

Significant Transactions

A new lease in the logistics sector was signed at G2000 Warehouse Building in Fanling, covering 123,600 sq ft.
Brookfield and Uni-China Group formed a joint venture to purchase No. 4 Tsing Tim Street in Tsing Yi for HK$663 million, focusing on cold storage transformation.
Uni-China Group will use half of the floor space for self-use, while the other half will be used for high-standard cold storage facilities for food and medical products, with operations starting in Q3 2026.

Industry Movement and Trends

E-commerce in the PRC is driving logistics demand, with tenants seeking expansion in warehouse and flatted factory spaces.
Collaboration with the Greater Bay Area is expected to continue reshaping Hong Kong's logistics landscape.
The presence of Mainland EV brands in Hong Kong has increased demand for car repair services, with one brand leasing 12,000 sq ft at City Industrial Complex in Kwai Chung.
Further repair needs are anticipated in Kwai Chung and Tsuen Wan.

2026 Market Outlook

The industrial market in 2026 is expected to remain favourable for tenants, with landlords becoming more flexible in rent negotiations and offering non-financial incentives.
Rental forecasts are likely to decline by 0% to 3%.
Expansion and consolidation in traditional warehouses and flatted factories should drive new leasing activities.
Cold storage tenants will be more selective, focusing on specifications and layouts in addition to rental costs.
Data centre leasing demand remains low, as international operators are selective due to global uncertainties.

Tables and Charts

Table 1: Hong Kong Industrial Rents by District or Type (Q4 2025)

District or Type	Rent (HK$ psf/mth)	QoQ%	YoY%
General Industrial Building	12.3	-0.4%	-3.8%
Kwai Chung, Tsing Yi, Tsuen Wan	13.0	-0.5%	-4.6%
Kowloon East	12.6	-1.2%	-8.9%
Fanling, Sheung Shui, Sha Tin	13.0	0.0%	0.7%
Tuen Mun, Yuen Long	10.5	0.0%	-0.6%
Modern Logistics	16.5	0.2%	-3.8%

Table 2: Major Industrial Leasing Transactions (Q4 2025)

District	Building	Area (approx sq ft)	Type of Tenants	Nature of Tenancy
Fanling	G2000 Warehouse Building	123,592	Logistics	New letting
Fo Tan	Pak Sik Godown No.2	27,000	Retailer	Expansion and new letting
Tsing Yi	Goodman Interlink	275,050	3PL	In-House expansion
Kwai Chung	City Industrial Complex	14,680	Euro Pro Automotive Ltd	New letting
Cheung Sha Wan	Hong Kong Spinners Industrial Building Ph 1 & 2	102,686	DSV Air & Sea Ltd	New letting

Table 3: Major Industrial Landlords Vacancy Rate (Q4 2025)

Landlords	Vacancy Rate
Goodman	6.74%
ATL Logistics Centre	10.95%
HUTCHISONPORTS	4.29%
HUTCHISON LOGISTICS	4.29%
KERRY LOGISTICS	1.39%
華潤物流 (CR Logistics)	5.5%
mapletree	2.44%
Modern Terminals	10.42%

Contact Information

Research & Consultancy

Martin Wong
Senior Director
Head of Research & Consultancy, Greater China
+852 2846 7184
martin.wong@hk.knightfrank.com

Industrial & Logistic Services

Nathan Chan (E-442806)
Senior Director
Head of Industrial & Logistic Services
+852 2846 4859
nathanmt.chan@hk.knightfrank.com

Commercial Markets

Paul Hart (E-127564)
Managing Director, Greater China
Head of Commercial
+852 2846 9537
paul.hart@hk.knightfrank.com

Office Strategy & Solutions

Wendy Lau (E-141423)
Executive Director
Head of Hong Kong Office Strategy & Solutions
+852 2846 4988
wendy.lau@hk.knightfrank.com
Steve Ng (E-188091)
Executive Director
Head of Kowloon Office Strategy & Solutions
+852 2846 0688
steve.ng@hk.knightfrank.com