> **来源：[研报客](https://pc.yanbaoke.cn)** Q4 2025 This summary analyses the performance of Hong Kong's industrial property market knightfrank.com.hk/research # Highlights # General Vacancy and Rent Changes The leasing activities were more active than in Q3, with not only renewals but also an increase in expansions and relocations. The rental performance of modern logistics remained stable in Q4, while general industrial properties recorded $0.4\%$ decline QoQ, with a larger decline in Kowloon East $(-1.2\%$ QoQ). Additionally, the vacancy rate in modern logistics improved in Q4 2025, decreasing by 0.5 percentage points to $12.8\%$ . Furthermore, due to the rent decline and incentives offered in Kowloon East, the vacancy rate in that area also fell from $9.9\%$ in Q3 2025 to $7.8\%$ in Q4 2025. # Significant Transaction - Relocation A significant new lease from the logistics sector was at G2000 Warehouse Building in Fanling, occupying approximately 123,600 sq ft. The tenant was attracted by the favourable rates, which prompted the local logistics operator to move from a brownfield warehouse in New Territories. # Significant Transaction - Investment In the fourth quarter of 2025, Brookfield established a joint venture in cold storage with Uni-China Group, purchasing the en-bloc No. 4 Tsing Tim Street in Tsing Yi for approximately 246,000 sq ft at HK$663 million (HK$2,695 per sq ft). This four-storey industrial building will be transformed for cold storage purposes, with Uni-China Group utilising half of the floor space for self-use. The renovation is expected to offer high-standard cold storage facilities for food and medical products, with operations slated to begin in the third quarter of 2026. # Industry Movement/Trend Logistics demand associated with e-commerce in the PRC is shaping up, with warehouse and flatted factory tenants seeking expansion in this sector. The connection and collaboration with the Greater Bay Area will continue to transform Hong Kong's logistics landscape and shift demand in traditional warehouses. As more Mainland electric vehicle (EV) brands establish their presence in Hong Kong, demand for car repairs has risen. One Mainland EV brand has leased around 12,000 sq ft at City Industrial Complex in Kwai Chung for its repair services. Further repair needs for Mainland EV brands are expected to occupy additional spaces in Kwai Chung and Tsuen Wan. # 2026 Market Outlook The industrial market in 2026 is expected to remain favourable for tenants, as landlords are becoming increasingly flexible with rent negotiations and non-financial incentives. While rental forecasts are likely to decline $0\%$ to $3\%$ , expansion and consolidation in traditional warehouses and flatted factories should boost new leasing activities. Furthermore, leading cold storage tenants will be wary not just of rental costs but also specifications and layouts when considering relocation, whereas the demand for data centre leasing remains low, as international operators and users are increasingly selective about their operational sites due to global uncertainties. Table 1: Hong Kong Industrial Rents by District or Type (Q4 2025) <table><tr><td rowspan="2">District or Type</td><td colspan="2">Rent</td><td>Change</td></tr><tr><td>HK$ psf / mth</td><td>QoQ%</td><td>YoY%</td></tr><tr><td>General Industrial Building</td><td>12.3</td><td>-0.4%</td><td>-3.8%</td></tr><tr><td>Kwai Chung, Tsing Yi, Tsuen Wan</td><td>13.0</td><td>-0.5%</td><td>-4.6%</td></tr><tr><td>Kowloon East</td><td>12.6</td><td>-1.2%</td><td>-8.9%</td></tr><tr><td>Fanling, Sheung Shui, Sha Tin</td><td>13.0</td><td>0.0%</td><td>0.7%</td></tr><tr><td>Tuen Mun, Yuen Long</td><td>10.5</td><td>0.0%</td><td>-0.6%</td></tr><tr><td>Modern Logistics</td><td>16.5</td><td>0.2%</td><td>-3.8%</td></tr></table> Source: Knight Frank Research Chart 1: Modern Logistics Rental Index and Vacancy Rate Chart 2 : General Industrial Rental Index and Vacancy Rate Table 2: Major Industrial Leasing Transactions (Q4 2025) <table><tr><td>District</td><td>Building</td><td>Area (approx sq ft)</td><td>Type of Tenants</td><td>Nature of Tenancy</td></tr><tr><td>Fanling</td><td>G2000 Warehouse Building</td><td>123,592</td><td>Logistics</td><td>New letting</td></tr><tr><td>Fo Tan</td><td>Pak Sik Godown No.2</td><td>27,000</td><td>Retailer</td><td>Expansion and new letting</td></tr><tr><td>Tsing Yi</td><td>Goodman Interlink</td><td>275,050</td><td>3PL</td><td>In-House expansion</td></tr><tr><td>Kwai Chung</td><td>City Industrial Complex</td><td>14,680</td><td>Euro Pro Automotive Ltd</td><td>New letting</td></tr><tr><td>Cheung Sha Wan</td><td>Hong Kong Spinners Industrial Building Ph 1 & 2</td><td>102,686</td><td>DSV Air & Sea Ltd</td><td>New letting</td></tr></table> Source: Knight Frank Research Chart 3: Import and Total Export Table 3 : Major Industrial Landlords Vacancy Rate (Q4 2025) <table><tr><td>Landlords</td><td>Vacancy Rate</td></tr><tr><td>Goodman</td><td>6.74%</td></tr><tr><td>ATL Logistics Centre Hong Kong</td><td>10.95%</td></tr><tr><td>HUTCHISONPORTS HUTCHISON LOGISTICS</td><td>4.29%</td></tr><tr><td>KERRY LOGISTICS</td><td>1.39%</td></tr><tr><td>華潤物流 CR Logistics</td><td>5.5%</td></tr><tr><td>mapletree</td><td>2.44%</td></tr><tr><td>Modern Terminals</td><td>10.42%</td></tr></table> # We like questions. If you've got one about our research, or would like some property advice, we'd love to hear from you. # 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 # Capital Markets # Antonio Wu (E-053542) Head of Capital Markets, Greater China +852 2846 4998 antonio.wu@hk.knightfrank.com # Residential Agency # William Lau (E-096365) Senior Director Head of Residential Agency +852 2846 9550 williammw.lau@hk.knightfrank.com # Retail Services # Helen Mak (E-087455) Senior Director Head of Retail Services +852 2846 9543 helen mak@hk.knightfrank.com # Valuation & Advisory # Cyrus Fong (S-368139) Executive Director Head of Valuation & Advisory, Greater China +852 2846 7135 cyrus.fong@hk.knightfrank.com