2026-03-30-莱坊-Hong_Kong_Monthly_March_2026_3页_243kb

Hong Kong Monthly Summary - March 2026

Core Content Overview

This report provides an analysis of the performance of Hong Kong's office, residential, and retail property markets in February 2026. It highlights key trends, demand dynamics, and market indicators across different districts and property types.

Office Market

Key Trends

• Rental Growth: Premium Grade-A offices in Central saw a 6.0% YoY increase in rental growth, with a 2.8% YTD increase. This follows a 2.3% YoY increase in January.
• Enquiry Levels: Enquiry levels for high-quality office spaces remain resilient, indicating sustained occupier demand for prime buildings.
• Tenant Demand: The banking & finance, insurance, and professional services sectors are actively seeking office spaces, leveraging opportunities from the PRC.
• Portfolio Diversification: Capital and family offices from the Middle East are expected to diversify into APAC hubs, including Hong Kong, which may support demand for smaller floorplates (5,000 sq ft or below) in Grade-A offices.

Market Activity

• Yau Tsim Mong remains the most sought-after area for office upgrades.
• Kowloon East continues to show momentum in relocations and renewals.
• A European insurance firm has secured 100,000 sq ft at IGC, Kowloon Station, making it the fourth major tenant in the newly completed Grade-A building.

Prime Office Market Indicators (February 2026)

Residential Market

Sales Activity

• Primary Sales: Reached 4,109 units, a 146.3% YTD increase, and exceeded 2024 levels.
• Secondary Sales: Reached 8,229 units, a 59.5% YTD increase.
• Total Transactions: Reached 12,338 units in February.
• Central Residence by the Park: A premium project with 99 units, 61 sold (62% sell-through rate), with an average price of HK$46,800 per sq ft.

Luxury Market

• Luxury Sales: 68 transactions above HK$50 million recorded, a 48% MoM increase.
• Stamp Duty Increase: The Budget announcement of rising stamp duty (from 4.25% to 6.5%) for properties priced above HK$100 million may have minimal impact on transaction volumes due to low sensitivity among buyers.

Leasing Activity

• Proximity to Universities: Leasing activity in areas like Central & Western District, Sha Tin, Tai Wai, and Fo Tan remains active, driven by demand from non-local students.
• Selected Lease Transactions:
  • Wan Chai: HKCEE Convention Plaza Apartments, HK$90,000 monthly rent (64 HK$ per sq ft).
  • Mid-levels Central: Dynasty Court, HK$110,000 monthly rent (73 HK$ per sq ft).
  • Central: One Central Place, HK$85,000 monthly rent (86 HK$ per sq ft).
  • Mid-levels West: University Heights, HK$105,000 monthly rent (70 HK$ per sq ft).
  • Mid-levels Central: Dynasty Court, HK$140,000 monthly rent (78 HK$ per sq ft).

Retail Market

Sales Performance

• Retail Sales Value: Rose 5.5% YoY in January, marking nine consecutive months of growth.
• Jewellery, Watches, Clocks & Valuable Gifts: Increased 31.1% YoY.
• Tourist Impact: The nine-day Chinese New Year holidays saw 1.77 million tourists visit Hong Kong, a 14% YoY increase, with 1.5 million from the Chinese mainland.
• Tourism-Driven Demand: Supports local brands and souvenirs sales.
• Leasing Example: Cookies Quartet leased Shop A at Nathan Road in Tsim Sha Tsui for HK$300,000 per month (or HK$273 per sq ft).

Domestic Consumption

• F&B and Apparel Closures: Indicate limited appetite for new openings, suggesting cautious domestic consumption.

External Headwinds

• Middle East Travel Impact: May affect tourist numbers, but could lead to local residents opting for short-haul trips, supporting retail performance.

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

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:
  • Hong Kong: Wendy Lau (E-141423), +852 2846 4988, wendy.lau@hk.knightfrank.com
  • Kowloon: 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