2026-05-01-莱坊-Hong_Kong_Market_Report_2026_Q1_10页_1mb

报告摘要

Hong Kong Market Report Q1 2026 Summary

Core Content Overview

This report provides an analysis of the Hong Kong property market across office, residential, and retail sectors in the first quarter of 2026. It highlights key trends, leasing activity, and market performance indicators, offering insights into both current conditions and future outlooks.

Office Market Highlights

Vacancy Rate: Total Grade-A office vacancy rate stands at 14.5%.
Average Rent: The average net unit rent is HK$50.6 per square foot.
Quarterly Take-up: Quarterly take-up reached 563,633 net square feet, indicating strong demand.
Major Leasing Transactions:
- JP Morgan Chase leased 246,000 sq ft at Artist Square Tower (AST).
- AXA took up 100,000 sq ft at International Gateway Centre (IGC).
- Continental Conair signed a lease of 35,779 sq ft at Manulife Place in Kwun Tong.
- Wework and Standard Chartered Bank leased spaces at Soundwill Plaza II and One Causeway Bay, respectively.
Market Trends:
- Leasing momentum has improved in Premium Central, with a 5.1% quarter-on-quarter (QoQ) rental growth.
- Traditional Central and Admiralty also showed growth of 5.7% and 2.6% QoQ, respectively.
- Causeway Bay and North Point/Quarry Bay experienced rent declines of 0.9% and 1.5% QoQ, respectively.
- Tsim Sha Tsui remains a popular area for Mainland companies and SMEs, with a rising occupancy rate and full leasing of units over 10,000 sq ft with sea views.
- Kowloon East continues to face high vacancy rates, hindering rental growth.
Sectoral Demand:
- The banking and finance sector remains the primary driver of office demand.
- Foreign banks are expanding into Central, particularly into Cheung Kong Centre II.
- Large corporations are showing expansion demand for premium office spaces with large floor plates and high specifications.
Future Supply:
- Several developments are expected to launch in 2026, including Central Crossing, Conic Investment Building, and KT Marina 2.
- These projects are located in key districts and are anticipated to support market recovery.

Residential Market Highlights

Transaction Activity:
- Total residential transactions increased by 9% QoQ to 18,654 units.
- Primary sales remained flat, while secondary sales rose by 13% QoQ.
- Luxury residential sales increased by 19% QoQ, with notable transactions such as the sale of a 2,141 sq ft unit at Cullinan Harbour for HK$139.2 million.
Leasing Activity:
- The leasing market showed upward momentum, with mass rents rising 4.7% YoY.
- Wong Chuk Hang, Ap Lei Chau, and the Western District are among the most sought-after locations.
- Luxury rents rose by 11.2% YoY, reflecting strong demand in high-end properties.
Sales and Launches:
- Key launches in Q1 include Zendo House, Grand Austin Bohemian, and Sierra Sea (Phase 2B), with strong sales performance.
- Incentives were offered in various developments, with some seeing discounts as high as 30%.
Land Sales:
- The bid gap in residential land sales has decreased, with several sites showing less than 10% premium over the second-highest bid.
- The government has released small to medium-sized sites, which are favored by developers for lower upfront costs.

Retail Market Highlights

Sales Recovery:
- Retail sales increased by 11.8% YoY to HK$72.4 billion from January to February 2026.
- Discretionary spending saw a significant surge, particularly in jewellery, watches, and valuable gifts, rising by 27.8% YoY.
Tourism Impact:
- Tourist arrivals rose by 18.4% YoY to 9.95 million, with Mainland Chinese visitors accounting for 79% of the total.
- Major events such as the Lunar New Year Night Parade and New Year Fireworks Display boosted footfall and retail activity.
Education and Cultural Demand:
- Education-related leasing has become a key driver, with Harrow International School Hong Kong acquiring a 52,122 sq ft retail property in Tuen Mun.
- Cultural events such as Art Basel Hong Kong and Art Central are enhancing footfall and supporting retail and dining offerings.
Future Outlook:
- The retail market is expected to remain stable in 2026, supported by large-scale cultural and sports events.
- Core shopping districts like Central, Tsim Sha Tsui, Causeway Bay, and Mong Kok are likely to see continued rent growth.

Key Takeaways

Office Market: Strong leasing activity in Premium Central and West Kowloon, with continued expansion by banks and financial institutions. Vacancy rates remain high in Kowloon East.
Residential Market: Resilient demand with strong sales momentum, particularly in luxury and prime locations. Future supply is expected to support continued market recovery.
Retail Market: Recovery supported by tourism and cultural events, with increasing demand from education and lifestyle sectors.

Contact Information

Research & Consultancy: research.all@hk.knightfrank.com
Commercial Markets: Paul Hart, +852 2846 9537, paul.hart@hk.knightfrank.com
Capital Markets: Antonio Wu, +852 2846 4998, antonio.wu@hk.knightfrank.com
Office Strategy & Solutions:
- Wendy Lau, +852 2846 4988, wendy.lau@hk.knightfrank.com
- Steve Ng, +852 2846 0688, steve.ng@hk.knightfrank.com
Residential Agency: William Lau, +852 2846 9550, williammw.lau@hk.knightfrank.com
Retail Services: Helen Mak, +852 2846 9543, helen mak@hk.knightfrank.com
Valuation & Advisory: Cyrus Fong, +852 2846 7135, cyrus.fong@hk.knightfrank.com