> **来源：[研报客](https://pc.yanbaoke.cn)** # Hong Kong Industrial Market Summary – Q2 2026 ## Core Content Overview This report provides an analysis of the performance of Hong Kong's industrial property market during the second quarter of 2026, focusing on leasing activity, rent trends, and significant transactions in both logistics and retail sectors. It also outlines the broader market outlook and the impact of urban development and occupier demand on industrial real estate. ## Key Market Trends ### General Vacancy and Rent Changes - **Leasing Market Stabilisation**: The leasing market showed signs of stabilisation, with the pace of rental decline slowing from 1.2% QoQ in Q1 2026 to 0.7% QoQ in Q2 2026. - **Modern Logistics Sector**: - Rents fell by **2.4% YoY**. - Vacancy rate improved slightly to **11.8%**. - Demand from occupiers is gradually recovering, supported by flexible leasing terms and incentives from high-specification logistics centres. - **General Industrial Sector**: - Rents declined by **4.8% YoY**. - Vacancy rate rose to **7.8%**. - Kowloon East continues to face competitive challenges due to the narrowing rental gap between industrial and office premises. - The supply of revitalised industrial projects is increasing, creating more owner-occupier opportunities and intensifying competition for traditional industrial buildings. ### Market Outlook - **Moderating Momentum**: Despite activity driven by logistics and e-commerce operators, market momentum is expected to moderate in the second half of 2026. - **Demand Shift**: Demand from brownfield relocations is likely to decline as near-term needs are met. - **Occupier Behavior**: General industrial occupiers remain cautious, preferring lease renewals over relocation or expansion due to market uncertainty. - **Rent Pressure**: Rental performance across both modern logistics and general industrial assets is expected to remain under pressure. ## Significant Transactions ### Logistics & E-commerce - **HKTVmall**: Expanded by **20,000 sq ft** at Goodman Interlink, marking its second major expansion in the first half of 2026. - **759 Store**: Relocated **60,000 sq ft** to ATL Logistics Centre to facilitate building upgrades. - **YesAsia**: Allocated an additional **48,000 sq ft** for in-house expansion at the Mapletree Logistics Hub. - **Market Drivers**: The recovery in retail sales and continued growth in online consumption have aligned demand with a broader market rebound. ### Retail - **Alo Yoga**: Opened a second location in Causeway Bay and expanded its logistics footprint at ATL Logistics Centre, positioning it as its Asia Pacific warehouse hub. - **Strategic Expansion**: The coordinated expansion across retail and logistics reflects growing confidence in the local and regional market outlook, as well as the brand's long-term strategy in Hong Kong. ## Data Tables ### Table 1: Hong Kong Industrial Rents by District or Type (Q2 2026) | District or Type | Rent (HK$ psf/mth) | QoQ% | YoY% | |------------------|------------------|------|------| | General Industrial Building | 11.8 | -1.8% | -4.8% | | Kwai Chung, Tsing Yi, Tsuen Wan | 12.6 | -3.2% | -4.7% | | Kowloon East | 11.0 | -1.8% | -14.3% | | Fanling, Sheung Shui, Sha Tin | 12.9 | -0.3% | -1.4% | | Tuen Mun, Yuen Long | 10.5 | 0.0% | 0.0% | | Modern Logistics | 16.4 | -0.1% | -2.4% | ### Table 2: Major Industrial Leasing Transactions (Q2 2026) | District | Building | Area (approx sq ft) | Tenants | Nature of Tenancy | |----------|---------|--------------------|---------|------------------| | Eastern | Westlands Centre | 18,871 (G) | Schindler Lifts | Renewal | | Tsing Yi | Tsing Yi Industrial Centre Block C | 12,566 (G) | YA Logistics Ltd | Renewal | | Tsing Yi | Tsing Yi Industrial Centre Block C | 28,676 (G) | YA Logistics Ltd | Renewal | | Tsuen Wan | Southeast Industrial Building | 19,573 (G) | Uchiya HK Ltd | Renewal | | Tsuen Wan | Ming Wah Industrial Building | 17,982 (G) | Lane Crawford (HK) Ltd | Renewal | ### Table 3: Major Industrial Landlords Vacancy Rate (Q2 2026) | Landlords | Vacancy Rate | |-----------|--------------| | [Image] | 7% | | ATL Logistics Centre Hong Kong | 15% | | [HUTCHISONPORTS HUTCHISON LOGISTICS] | 2.5% | | [Image] | 1.7% | | 華潤物流 CR Logistics | 5.1% | | mapletree | 0.5% | | [Image] | 10.4% | ## Contact Information For more information or inquiries, please contact the relevant teams at Knight Frank Research: - **Industrial & Logistic Services**: Nathan Chan, Senior Director, Head of Industrial & Logistic Services – [nathanmt.chan@hk.knightfrank.com](mailto:nathanmt.chan@hk.knightfrank.com) - **Commercial Markets**: Paul Hart, Managing Director, Greater China, Head of Commercial – [paul.hart@hk.knightfrank.com](mailto:paul.hart@hk.knightfrank.com) - **Office Strategy & Solutions**: Wendy Lau and Steve Ng – [wendy.lau@hk.knightfrank.com](mailto:wendy.lau@hk.knightfrank.com), [steve.ng@hk.knightfrank.com](mailto:steve.ng@hk.knightfrank.com) - **Capital Markets**: Antonio Wu – [antonio.wu@hk.knightfrank.com](mailto:antonio.wu@hk.knightfrank.com) - **Residential Agency**: William Lau – [williammw.lau@hk.knightfrank.com](mailto:williammw.lau@hk.knightfrank.com) - **Retail Services**: Helen Mak – [helen.mak@hk.knightfrank.com](mailto:helen.mak@hk.knightfrank.com) - **Valuation & Advisory**: Cyrus Fong – [cyrus.fong@hk.knightfrank.com](mailto:cyrus.fong@hk.knightfrank.com)