> **来源：[研报客](https://pc.yanbaoke.cn)** # Hong Kong Monthly December 2025 This report analyses the performance of Hong Kong's office, residential and retail property markets knightfrank.com.hk/research # Office HONG KONG ISLAND In addition to increasing demand from PRC companies related to IPO activities, banks and funds from the PRC continue to fuel leasing transactions and expansions in Central. In December, Three Garden Road recorded several financial firms with in-house expansion, totalling about two floors, approximately 32,000 sq ft. Moreover, the level of leasing activities within the wellness sector in Central remains steady. A medical center leased two floors at the China Building, covering around 20,000 sq ft. # KOWLOON Fig 1. Grade-A Office Rents $2007 = 100$ Hong Kong Island rental index Kowloon rental index Source: Knight Frank Research Prior to the holiday season, sizeable tenants in Kowloon have seen an uptick in relocation activity. While size optimisation remains the primary driver for these moves, there is also stronger demand for higher-quality buildings and prime locations. Compared to a few quarters ago, these large occupiers are now demonstrating greater readiness in risk management, leading to clearer goals for investing in relocation and securing extended lease terms from landlords amid the tenant-favoured market — signalling some support for Kowloon's long-declining office sector. Office premises in Tsim Sha Tsui offering sea views have performed particularly well overall, driven by additional demand from insurance companies and funds. This surge stems from the area's proximity and connectivity to Chinese mainland, which benefits their related business operations. As we approach the end of 2025, the market is experiencing a slowdown in its downward adjustment trend, with a further slowdown expected in early 2026. Prime Office Market Indicators (Nov 2025) <table><tr><td rowspan="2">District</td><td colspan="2">Net effective rent</td><td colspan="2">Change</td><td colspan="2">Vacancy</td></tr><tr><td>HK$ psf / mth</td><td>MoM %</td><td>YoY %</td><td>Jan19 %</td><td>Nov25 %</td><td></td></tr><tr><td>Premium Central</td><td>102.8</td><td>0.7</td><td>-2.2</td><td>-</td><td>-</td><td></td></tr><tr><td>Traditional Central</td><td>76.3</td><td>0.4</td><td>-8.7</td><td>-</td><td>-</td><td></td></tr><tr><td>Overall Central</td><td>86.4</td><td>0.5</td><td>-5.9</td><td>1.2</td><td>11.9</td><td></td></tr><tr><td>Admiralty</td><td>55.4</td><td>0.3</td><td>-6.2</td><td>1.9</td><td>6.2</td><td></td></tr><tr><td>Sheung Wan</td><td>48.4</td><td>0.0</td><td>-6.0</td><td>1.3</td><td>13.7</td><td></td></tr><tr><td>Wan Chai</td><td>48.7</td><td>0.6</td><td>-1.3</td><td>1.7</td><td>11.5</td><td></td></tr><tr><td>Causeway Bay</td><td>47.9</td><td>0.2</td><td>-7.4</td><td>1.5</td><td>12.4</td><td></td></tr><tr><td>North Point</td><td>28.6</td><td>-3.4</td><td>-6.8</td><td>6.9</td><td>17.0</td><td></td></tr><tr><td>Quarry Bay</td><td>37.8</td><td>-0.5</td><td>-8.6</td><td>1.1</td><td>12.3</td><td></td></tr><tr><td>Tsim Sha Tsui</td><td>51.2</td><td>0.1</td><td>-3.0</td><td>1.8</td><td>7.3</td><td></td></tr><tr><td>Cheung Sha Wan</td><td>25.9</td><td>0.0</td><td>-9.2</td><td>1.9</td><td>18.3</td><td></td></tr><tr><td>Hung Hom</td><td>35.5</td><td>0.5</td><td>-3.9</td><td>11.3</td><td>11.9</td><td></td></tr><tr><td>Kowloon East</td><td>24.5</td><td>0.1</td><td>-11.0</td><td>7.5</td><td>19.3</td><td></td></tr><tr><td>Mong Kok / Yau Ma Tei</td><td>42.1</td><td>0.5</td><td>-14.4</td><td>-</td><td>-</td><td></td></tr></table> # Residential Residential market saw a gradual recovery. As of November, primary sales reached 18,801 units, up $17.3\%$ YTD and exceeded 2024's level. Secondary sales also reached 38,148 units, up $15.7\%$ YTD. As such, total transaction has reached 56,949 units as of November. We expect total transaction to reach 60,000 - 62,000 units by year end, returning to 2021's level. Fig 2. Luxury Residential Rents and Prices $2007 = 100$ Price index Rental index Luxury market also sustained momentum with record-setting sales. Notably, the month included a sale of a house at 39 Deep Water Bay, Unit 2, spanning 4,736 sq ft and sold for HK $342 million, equating to HK$ 72,213 per sq ft. On the leasing market front, activity slowed due to seasonal factors. Investor activity has picked up, with increased acquisitions of smaller properties ranging from 220 - 250 sq ft for investment purposes, often leased to students. With the rebounding sales momentum and market sentiment, we expect the luxury price $+3\%$ to $5\%$ , mass price $5\%$ to $8\%$ in 2026. Similarly with strong tenant demand from professionals and families, luxury rents $+3\%$ to $5\%$ and mass rents $+3\%$ to $5\%$ . Fig 3. Mass Residential Rents and Prices Note: Owing to database adjustments, some data may be different, specific values are based on 2025 May Source: Knight Frank Research $2007 = 100$ Price index Rental index Source: Knight Frank Research / Rating and Valuation Department Selected Residential Sales transactions (Nov 2025) <table><tr><td>District</td><td>Building</td><td>Tower / floor / unit</td><td>Saleable area (sqft)</td><td>Price (HK$ million)</td><td>Price (HK$ per sq ft)</td></tr><tr><td>Deep Water Bay</td><td>Deep Water Bay Road 39</td><td>Unit 2</td><td>4,736</td><td>342</td><td>72,213</td></tr><tr><td>Mid-Levels Central</td><td>Legacy Phase 2</td><td>Tower 1, 35/F, Unit B</td><td>2,773</td><td>158</td><td>56,900</td></tr><tr><td>West Kowloon</td><td>The Cullinan Zone 6 Aster Sky</td><td>38/F, Unit B</td><td>1,379</td><td>58</td><td>42,059</td></tr></table> Source: Knight Frank Research Note: All transactions are subject to confirmation. Selected Residential Lease Transactions (Nov 2025) <table><tr><td>District</td><td>Building</td><td>Tower / floor / unit</td><td>Lettable area (sq ft)</td><td>Monthly rent (HK$)</td><td>Monthly rent (HK$ per sq ft)</td></tr><tr><td>West Kowloon</td><td>The Cullinan Zone 1 Diamond Sky</td><td>Tower 20, Lower Floor, Flat D</td><td>1,396</td><td>102,000</td><td>73</td></tr><tr><td>Southern</td><td>Residence Bel-Air Phase 2 South Tower</td><td>Tower 2, Upper Floor, Flat A</td><td>1,401</td><td>153,000</td><td>109</td></tr><tr><td>Ho Man Tin</td><td>St. George's Mansions</td><td>Tower 2, Middle Floor, Flat B</td><td>1,752</td><td>148,000</td><td>84</td></tr><tr><td>Mid-Levels Central</td><td>Dynasty Court</td><td>Tower 2, Lower Floor, Flat B</td><td>1,806</td><td>128,000</td><td>71</td></tr><tr><td>North Point</td><td>Harbour Glory</td><td>Tower 8, Middle Floor, Flat B</td><td>1,245</td><td>83,000</td><td>67</td></tr></table> Source: Knight Frank Research Note: All transactions are subject to confirmation. # Retail From January to October, total retail sales reached HK$311.7 billion, narrowing the YTD decline to -0.2%. October sales rose 6.9% YoY, led by a 16.4% surge in consumer durables. Luxury sales also edged up, posting a 9.5% YoY gain. Meanwhile, a notable trend has emerged as finance and banking firms increasingly occupy retail spaces in prime districts. For instance, HSBC is set to lease over 40,000 sq ft of prime corner space at Capitol Centre in Causeway Bay, marking the first nonfashion, long-term tenant in one of the district's busiest shopping lanes since 2008—a shift away from traditional fashion retail. We expect a rental split of prime retail and non-prime retail in 2026. Prime assets will remain resilient with positive rental growth, due to tourism recovery and improving retailer demand. On the other hand, non-prime retail will remain under pressure amid structural shifts caused by northbound spending and online spending. Fig 4. Retail Rents and Sales # Retail rental indices: RVD Private Retail Rental Index KF Non-Core Shopping Centre Rental Index KF Core Shopping Centre Rental Index KF Prime Street Shop Rental Index # Retail sales value by outlet type: Luxury Goods Medicines & Cosmetics Clothing, Footwear & Allied Products Other Categories Source: Knight Frank Research / Rating and Valuation Department / Census and Statistics Department Latest Tourism Statistics - Chinese Mainland Visitors <table><tr><td></td><td>Same Day Visitors (No.)</td></tr><tr><td>Oct 2025</td><td>2,187,184</td></tr><tr><td>Oct 2024</td><td>1,898,619</td></tr><tr><td>Differences</td><td>15.2%</td></tr></table> <table><tr><td></td><td>Same Day Per-Capita Spending (HK$)</td><td>Overnight Per-Capita Spending (HK$)</td></tr><tr><td>Q3 2025</td><td>$1,166</td><td>$4,857</td></tr><tr><td>Q1 2019</td><td>$2,298</td><td>$6,219</td></tr><tr><td>Differences</td><td>-49.3%</td><td>-21.9%</td></tr></table> Source: Knight Frank Research / Tourism Board # 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 # Commercial Markets # Paul Hart (E-127564) Managing Director, Greater China, Head of Commercial +852 2846 9537 paul.hart@hk.knightfrank.com # Capital Markets # Antonio Wu (E-053542) Head of Capital Markets, Greater China +852 2846 4998 antonio.wu@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 # 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 # 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