> **来源：[研报客](https://pc.yanbaoke.cn)** # Hong Kong Monthly Summary - May 2026 ## Core Content Overview This report provides an analysis of the performance of Hong Kong's office, residential, and retail property markets as of May 2026. It highlights trends in demand, supply, rental growth, and price indices across different districts and property types, offering insights into market dynamics and future expectations. --- ## Office Market Analysis ### Key Trends - **Hong Kong Island**: - **Central**: Premium Grade-A premises continue to attract strong demand, primarily from financial services and large institutional occupiers. This has supported a rental growth of approximately 10% over the past 12 months. - **West Kowloon and Quarry Bay**: Leasing activity has increased, especially for new, higher-specification buildings. Multinational occupiers are right-sizing and upgrading to premium spaces, indicating a shift toward quality. - **Kowloon**: - Leasing activity in April was driven by renewals and lease restructurings rather than relocations, mainly in the IT and electronics sectors. - The Kowloon market is entering a bottom-out phase, with tenants seeking to lock in low rents. Renewal discounts have narrowed to 0% to -2% in Kowloon Central, 3% to -6% in Kowloon West, and -4% to -7% in Kowloon East. - With a smaller supply of new office space expected in 2026, positive net absorption could support a stabilization in rents, suggesting a soft-landing phase. ### Rent and Vacancy Data (April 2026) | District | Net Effective Rent (HK$ psf/mth) | MoM % | YoY % | Vacancy % | |------------------|----------------------------------|-------|-------|-----------| | Premium Central | 113.6 | 2.2 | 12.0 | - | | Traditional Central | 83.0 | 1.7 | 6.4 | - | | Overall Central | 94.6 | 1.9 | 8.9 | 10.0 | | Admiralty | 57.0 | 0.0 | 1.9 | 5.5 | | Sheung Wan | 48.8 | 1.0 | -0.1 | 10.1 | | Wan Chai | 49.8 | 0.0 | 1.9 | 9.9 | | Causeway Bay | 46.6 | -1.1 | -7.0 | 9.7 | | North Point | 26.4 | 0.0 | -13.3 | 15.1 | | Quarry Bay | 36.8 | 0.0 | -9.9 | 12.1 | | Tsim Sha Tsui | 51.8 | 0.0 | 0.4 | 20.6 | | Cheung Sha Wan | 26.1 | 0.0 | -3.5 | 15.2 | | Hung Hom | 35.9 | 0.0 | 1.1 | 12.4 | | Kowloon East | 24.5 | 0.0 | -4.1 | 19.7 | | Mong Kok / Yau Ma Tei | 42.3 | 0.0 | -5.6 | - | --- ## Residential Market Analysis ### Sales Performance (Jan-April 2026) - **Primary sales**: 8,146 units sold, representing a 47.8% increase year-to-date. - **Total transactions**: 26,022 units, up 45.5% year-to-date. - **Investment demand**: Strong, driven by mainland Chinese buyers targeting university catchment areas and emerging districts. - **Domestic demand**: Resilient, with projects like Lime Spark in Tsuen Wan seeing strong local take-up. ### Leasing Activity - **Leasing market**: Active, with strong enquiry levels from mainland Chinese families seeking schooling options and some MNC demand for corporate relocations. - **Supply**: Tight, with activity concentrated on renewals. - **Rental demand**: Supported by capital reallocation to Hong Kong, overseas talent-related relocations, and schooling needs. ### Price and Rent Indices (Fig 2 & Fig 3) - **Luxury Residential**: - Price index: ~175 (2026) - Rental index: ~135 (2026) - **Mass Residential**: - Price index: ~260 (2026) - Rental index: ~360 (2026) ### Selected Sales Transactions (April 2026) | District | Building | Unit | Saleable Area (sq ft) | Price (HK$ million) | Price (HK$ per sq ft) | |--------------|------------------------|---------------------------|----------------------|--------------------|----------------------| | Aberdeen | The Corniche | Tower 5, 5/F, Flat A | 2,310 | 120.66 | 52,235 | | Mid-Levels | Central Residence by the Park | 22/F, Flat A | 1,029 | 50.94 | 49,500 | | Wong Chuk Hang | Southside Phase 6B Deepwater South | Tower 1A, 37/F, Flat A | 1,696 | 86.86 | 51,217 | | Kai Tak | Cullinan Harbour | Phase 1, Tower 1, 17/F, Flat B | 1,408 | 69.7 | 49,500 | | Pak Shek Kok | Mayfair by the Sea II | House 5 | 3,649 | 133.8 | 36,668 | ### Selected Lease Transactions (April 2026) | District | Building | Unit | Lettable Area (sq ft) | Monthly Rent (HK$) | Monthly Rent (HK$ per sq ft) | |----------------------|------------------------|---------------------------|-----------------------|-------------------|-----------------------------| | Mid-Levels West | The Legacy | Phase 1, Tower 2, Mid Floor, Flat B | 2,335 | 250,000 | 107 | | Kai Tak | Cullinan Harbour | Phase 1, Tower 1, Mid Floor, Flat A | 2,157 | 190,000 | 88 | | West Kowloon | The Cullinan Zone 1 Sun Sky | Lower Floor, Flat B | 1,295 | 100,000 | 77 | | Mid-Levels West | Yoo18 Bonham | Mid Floor | 2,499 | 175,000 | 70 | | North Point Mid-Levels | The Pavilia Hill | Lower Floor, Flat B | 1,154 | 80,000 | 69 | --- ## Retail Market Analysis ### Sales Growth - Retail sales in Hong Kong grew for 11 consecutive months, with a 12.8% YoY increase in March 2026. - **Motor vehicles** led the increase with an 80.8% YoY rise, attributed to pre-buying ahead of the expiry of EV tax concessions. - **Jewellery and luxury gifts** also saw a 27.2% increase, indicating sustained local and mainland demand. ### Leasing Activity - **High-end retailers** are showing improved market sentiment, with premium units leased at higher rates. - A 700 sq ft ground-floor unit at 16 Canton Road was leased by Emperor Watch & Jewellery at around HK$550,000 per month (HK$786 per sq ft). - Chow Tai Fook returned with a 10,000 sq ft flagship store at about HK$2 million per month. - The **luxury segment**, particularly gold-related products, is expected to outperform. - **Price-sensitive retailers** are likely to accelerate their shift online due to rising store costs. ### Retail Sales Value by Outlet Type (2026) | Outlet Type | Sales Value (HK$ billion) | |-------------------------|--------------------------| | Luxury Goods | - | | Medicines & Cosmetics | - | | Clothing, Footwear & Allied Products | - | | Other Categories | - | ### Tourism Statistics - **Chinese Mainland Visitors**: - **Same Day Visitors (Jan-Mar 2026)**: 2,333,239 (6.6% increase from Jan-Mar 2025) - **Same Day Per-Capita Spending (Q4 2025)**: HK$1,206 (down 47.5% from Q1 2019) - **Overnight Per-Capita Spending (Q4 2025)**: HK$5,347 (down 14% from Q1 2019) --- ## Contact Information - **Research & Consultancy**: research.all@hk.knightfrank.com - **Commercial Markets**: Paul Hart (E-127564), +852 2846 9537, paul.hart@hk.knightfrank.com - **Capital Markets**: Antonio Wu (E-053542), +852 2846 4998, antonio.wu@hk.knightfrank.com - **Retail Services**: Helen Mak (E-087455), +852 2846 9543, helen.mak@hk.knightfrank.com - **Office Strategy & Solutions**: Wendy Lau (E-141423), +852 2846 4988, wendy.lau@hk.knightfrank.com - **Office Strategy & Solutions**: Steve Ng (E-188091), +852 2846 0688, steve.ng@hk.knightfrank.com - **Valuation & Advisory**: Cyrus Fong (S-368139), +852 2846 7135, cyrus.fong@hk.knightfrank.com - **Residential Agency**: William Lau (E-096365), +852 2846 9550, williammw.lau@hk.knightfrank.com