2025-12-19-莱坊-Hong_Kong_Monthly_December_2025_3页_256kb

报告摘要

Hong Kong Monthly Summary - December 2025

Core Content Overview

This report provides an analysis of the performance of Hong Kong's office, residential, and retail property markets in December 2025. It highlights key trends, indicators, and expectations for the coming months, with a focus on market dynamics and investment opportunities.

Office Market Analysis

Key Trends

Demand Drivers: Increased demand from PRC companies related to IPO activities, as well as banks and funds from the PRC, is fueling leasing transactions and expansions in Central.
Leasing Activity: In December, financial firms in Central expanded their office footprint, totaling about two floors or 32,000 sq ft. The wellness sector also showed steady leasing activity, with a medical center leasing two floors at the China Building (20,000 sq ft).
Kowloon Market: Large tenants in Kowloon have increased relocation activity, driven by size optimisation and a stronger demand for high-quality buildings and prime locations. The market is showing signs of support after a long decline.
Market Slowdown: The office market is experiencing a slowdown in its downward adjustment trend, with further declines expected in early 2026.

Office Market Indicators (November 2025)

District	Net Effective Rent (HK$ psf/mth)	MoM %	YoY %	Vacancy Rate (Jan19 %)	Vacancy Rate (Nov25 %)
Premium Central	102.8	0.7	-2.2	-	-
Traditional Central	76.3	0.4	-8.7	-	-
Overall Central	86.4	0.5	-5.9	1.2	11.9
Admiralty	55.4	0.3	-6.2	1.9	6.2
Sheung Wan	48.4	0.0	-6.0	1.3	13.7
Wan Chai	48.7	0.6	-1.3	1.7	11.5
Causeway Bay	47.9	0.2	-7.4	1.5	12.4
North Point	28.6	-3.4	-6.8	6.9	17.0
Quarry Bay	37.8	-0.5	-8.6	1.1	12.3
Tsim Sha Tsui	51.2	0.1	-3.0	1.8	7.3
Cheung Sha Wan	25.9	0.0	-9.2	1.9	18.3
Hung Hom	35.5	0.5	-3.9	11.3	11.9
Kowloon East	24.5	0.1	-11.0	7.5	19.3
Mong Kok / Yau Ma Tei	42.1	0.5	-14.4	-	-

Key Observations

The premium office market in Central is showing resilience with a slight increase in net effective rent.
The overall office market is expected to slow down in 2026, but there is some support for the long-declining Kowloon sector.
Tsim Sha Tsui's office market, particularly those with sea views, is performing well due to demand from insurance companies and funds.

Residential Market Analysis

Key Trends

Market Recovery: The residential market is gradually recovering, with primary and secondary sales showing year-to-date increases.
Luxury Market: The luxury market has sustained momentum, with record-setting sales. A notable sale was a house at 39 Deep Water Bay, Unit 2, which sold for HK$342 million.
Leasing Activity: Investor activity has increased, with more acquisitions of smaller properties (220 - 250 sq ft) for investment purposes, often leased to students.
Expectations: Luxury prices are expected to rise by 3% to 5%, and mass prices by 5% to 8% in 2026. Both luxury and mass rents are expected to increase by 3% to 5%.

Residential Sales (November 2025)

District	Building	Unit / Floor / Tower	Saleable Area (sq ft)	Price (HK$ million)	Price (HK$ per sq ft)
Deep Water Bay	Deep Water Bay Road 39	Unit 2	4,736	342	72,213
Mid-Levels Central	Legacy Phase 2	Tower 1, 35/F, Unit B	2,773	158	56,900
West Kowloon	The Cullinan Zone 6 Aster Sky	38/F, Unit B	1,379	58	42,059

Residential Lease Transactions (November 2025)

District	Building	Unit / Floor / Tower	Lettable Area (sq ft)	Monthly Rent (HK$)	Monthly Rent (HK$ per sq ft)
West Kowloon	The Cullinan Zone 1 Diamond Sky	Tower 20, Lower Floor, Flat D	1,396	102,000	73
Southern	Residence Bel-Air Phase 2 South Tower	Tower 2, Upper Floor, Flat A	1,401	153,000	109
Ho Man Tin	St. George's Mansions	Tower 2, Middle Floor, Flat B	1,752	148,000	84
Mid-Levels Central	Dynasty Court	Tower 2, Lower Floor, Flat B	1,806	128,000	71
North Point	Harbour Glory	Tower 8, Middle Floor, Flat B	1,245	83,000	67

Retail Market Analysis

Key Trends

Sales Performance: Total retail sales from January to October 2025 reached HK$311.7 billion, narrowing the YTD decline to -0.2%. October sales rose 6.9% YoY, primarily driven by a 16.4% surge in consumer durables.
Luxury Sales: Luxury sales also increased, with a 9.5% YoY gain.
Shift in Retail Demand: Finance and banking firms are increasingly occupying retail spaces in prime districts. HSBC is set to lease over 40,000 sq ft of prime corner space at Capitol Centre in Causeway Bay, marking a shift from traditional fashion retail.
Tourism Impact: Tourism statistics show a 15.2% increase in Chinese mainland visitors in October 2025 compared to October 2024, with per capita spending remaining relatively stable.

Retail Market Expectations

2026 Outlook: Prime retail assets are expected to remain resilient with positive rental growth, driven by tourism recovery and improving retailer demand. Non-prime retail, however, will continue to face pressure due to structural shifts in consumer spending.

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 by Outlet Type

Luxury Goods
Medicines & Cosmetics
Clothing, Footwear & Allied Products
Other Categories

Contact Information

Research & Consultancy

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

Commercial Markets

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

Capital Markets

Antonio Wu
Head of Capital Markets, Greater China
+852 2846 4998
antonio.wu@hk.knightfrank.com

Valuation & Advisory

Cyrus Fong
Executive Director
Head of Valuation & Advisory, Greater China
+852 2846 7135
cyrus.fong@hk.knightfrank.com

Office Strategy & Solutions

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