> **来源：[研报客](https://pc.yanbaoke.cn)** # Hong Kong Industrial Property Market Summary (Q1 2026) ## Core Content This summary provides an analysis of the performance of Hong Kong's industrial property market in the first quarter of 2026, highlighting key trends, vacancy and rent changes, and significant leasing transactions across different sectors. ## Key Market Trends - **Demand Stability**: Despite external challenges, demand for industrial leasing remained steady, mainly driven by major logistics and e-commerce companies. - **Rent Decline**: Rents for industrial properties decreased overall, with a more significant drop in general industrial spaces (-2.2% QoQ) compared to modern logistics spaces (-0.6% QoQ). - **Vacancy Rates**: The overall industrial vacancy rate was 10.0% as of Q1 2026. Kowloon East saw the steepest decline in rents (-10.8% QoQ), reflecting rising vacancy rates. - **Regional Variations**: Some districts, such as Kwai Chung, Tsing Yi, and Tsuen Wan, experienced lower rent declines, while Tuen Mun and Yuen Long showed minimal changes. ## Major Leasing Transactions - **Logistics & E-commerce**: - **JD Express Inv I (Hong Kong) Ltd** leased approximately 17,141 sq ft at **ATL Logistics Centre Block B**. - **HKTVEXPRESS Ltd** expanded its presence by leasing 27,597 sq ft at **Goodman Interlink**. - **Azure Blue HK Limited / Temu** undertook a large expansion of about 97,543 sq ft at **Cainiao Smart Gateway**. - **Pharmaceutical**: - **Wright Life Pharmaceutical Ltd** secured 34,996 sq ft at **Southeast Industrial Building**. - **Art & Valuables**: - **Eythos** committed to 53,000 sq ft for an **Art & Valuables Storage Facility** near the airport. - **Crozier Hong Kong Ltd** renewed a lease of approximately 19,674 sq ft at **ATL Logistics Centre Block B**. ## Market Outlook for 2026 - **Logistics & E-commerce**: These sectors have shown strong confidence in 2026, not only in domestic markets but also in cross-border trade and global commerce. - **Pharmaceutical & Art Sectors**: These industries are experiencing organic expansion, supported by business growth and government initiatives. - **Traditional Industrial Buildings**: These are facing higher vacancies, especially in Kowloon East, due to the narrowing rental differentials between industrial and office spaces, prompting tenants to move operations to office buildings. ## Rent and Vacancy Rates by District or Type (Q1 2026) | District or Type | Rent (HK$ psf / mth) | QoQ% Change | YoY% Change | |------------------|---------------------|-------------|-------------| | General Industrial Building | 12.1 | -2.2% | -3.4% | | Kwai Chung, Tsing Yi, Tsuen Wan | 13.0 | -0.4% | -1.9% | | Kowloon East | 11.2 | -10.8% | -14.1% | | Fanling, Sheung Shui, Sha Tin | 12.9 | -1.1% | -0.4% | | Tuen Mun, Yuen Long | 10.5 | 0.0% | -0.1% | | Modern Logistics | 16.4 | -0.6% | -2.4% | ## Major Industrial Landlords Vacancy Rates (Q1 2026) | Landlords | Vacancy Rate | |-----------|-------------| | Goodman | 6.6% | | ATL Logistics Centre Hong Kong | 10.5% | | HUTCHISONPORTS HUTCHISON LOGISTICS | 3% | | KERRY LOGISTICS | 1.75% | | 華潤物流 CR Logistics | 5.7% | | maple-tree | 2.4% | | Modern Terminals | 10.4% | ## Conclusion The Hong Kong industrial property market in Q1 2026 demonstrated resilience and adaptability, with logistics and e-commerce leading leasing activity. While general industrial rents and vacancies declined, modern logistics spaces showed a more modest drop. The market is influenced by both sector-specific growth and broader economic conditions, with a noticeable shift towards office spaces for traditional industrial tenants.