2023-04-26-莱坊-Hong_Kong_Industrial_Summary_Q1_2023_3页_294kb

Hong Kong Industrial Market Summary Q1 2023

Jan and February 2023 saw a quiet leasing market due to global economic headwinds, with overall performance stable amid strong fundamentals and low vacancy rates. Rent levels showed healthy growth: General industrial rents reached HK$12.3 per sq ft per month, a 7.6% year-over-year increase, while modern logistics rents stood at HK$16.5 per sq ft per month, up 2.0% YoY. Both vacancy rates remained low at 3.3%.

Notable leasing activities included deals on Goodman Westlink (38,370 sq ft) in Tuen Mun and Mapletree Logistics hub (59,555 sq ft) in Tsing Yi. External trade was depressed, with imports dropping 4.1% and total exports falling 8.8% YoY in currency values, but border reopening and mainland recovery may ease some pressure. Major sales saw activity at iCITY in Kwai Chung, driven by higher yields and absence of stamp duties. New supply is expected with Cainiao Smart Gateway launching in Q2 2023.

Future outlook expects improved leasing activity in Q2 due to increased demand, sustaining flat rents amid new projects.