> **来源：[研报客](https://pc.yanbaoke.cn)** # Hong Kong Monthly February 2026 This report analyses the performance of Hong Kong's office, residential and retail property markets knightfrank.com.hk/research # Office HONG KONG ISLAND Leasing trends from 2025 are continuing into January 2026, with premium Grade-A offices in Central seeing rising occupancy and limited available spaces on the market. This has driven rental increases in specific premium buildings. For example, Chinese asset management firm - E Fund Management is expanding its presence to the 23rd floor of Two IFC, which further boost the building's occupancy rate close to $100\%$ . Driven mainly by strong demand from the finance sector and a scarcity of vacant space in the prime Central market, traditional Grade-A buildings and offices in secondary locations may benefit from this significant demand. # KOWLOON Fig 1. Grade-A Office Rents $2007 = 100$ Source: Knight Frank Research Transaction activity fell short of expectations compared to December 2025. Nevertheless, market pessimism is easing, as shown by larger average lease sizes driven by relocations of sizeable companies. Tenants over 10,000 sq ft are shifting to more "active" decisions; unlike last year's short-term renewals, January saw proactive moves amid uncertainty, boosting downsizing relocations. For example, a US-based homeware vendor cut its space by $10\%$ and relocated within Kwun Tong, while a local construction firm reduced by $20\%$ to 13,000 sq ft and also moved within Kwun Tong. These relocations remain concentrated in Kowloon East, highlighting the region's ongoing fragility. Overall, Kowloon East is still a tenant-favoured market. Kowloon West and West Kowloon are stabilising, while Kowloon Central shows rent rebound potential as Harbour City vacancy falls below $8.6\%$ . The Kowloon market awaits further stability for a full "soft landing." Prime Office Market Indicators (January 2026) <table><tr><td rowspan="2">District</td><td colspan="2">Net effective rent</td><td colspan="2">Change</td><td colspan="2">Vacancy</td></tr><tr><td>HK$ psf / mth</td><td>MoM %</td><td>YoY %</td><td>Jan19 %</td><td>Jan26 %</td><td></td></tr><tr><td>Premium Central</td><td>105.0</td><td>-0.8</td><td>2.3</td><td>-</td><td>-</td><td></td></tr><tr><td>Traditional Central</td><td>78.1</td><td>1.2</td><td>-5.0</td><td>-</td><td>-</td><td></td></tr><tr><td>Overall Central</td><td>88.3</td><td>0.3</td><td>-1.9</td><td>1.2</td><td>11.3</td><td></td></tr><tr><td>Admiralty</td><td>55.5</td><td>0.0</td><td>-3.8</td><td>1.9</td><td>5.9</td><td></td></tr><tr><td>Sheung Wan</td><td>48.4</td><td>0.0</td><td>-2.7</td><td>1.3</td><td>12.6</td><td></td></tr><tr><td>Wan Chai</td><td>49.0</td><td>0.9</td><td>-1.0</td><td>1.7</td><td>11.0</td><td></td></tr><tr><td>Causeway Bay</td><td>47.5</td><td>0.0</td><td>-8.1</td><td>1.5</td><td>9.7</td><td></td></tr><tr><td>North Point</td><td>26.6</td><td>-0.9</td><td>-12.8</td><td>6.9</td><td>16.9</td><td></td></tr><tr><td>Quarry Bay</td><td>37.0</td><td>-1.9</td><td>-10.2</td><td>1.1</td><td>12.1</td><td></td></tr><tr><td>Tsim Sha Tsui</td><td>51.8</td><td>0.0</td><td>-0.0</td><td>1.8</td><td>21.0</td><td></td></tr><tr><td>Cheung Sha Wan</td><td>26.2</td><td>0.0</td><td>-3.9</td><td>1.9</td><td>16.9</td><td></td></tr><tr><td>Hung Hom</td><td>35.6</td><td>0.3</td><td>0.3</td><td>11.3</td><td>12.1</td><td></td></tr><tr><td>Kowloon East</td><td>24.7</td><td>0.5</td><td>-5.1</td><td>7.5</td><td>19.4</td><td></td></tr><tr><td>Mong Kok / Yau Ma Tei</td><td>42.3</td><td>0.5</td><td>-10.8</td><td>-</td><td>-</td><td></td></tr></table> # Residential The luxury market remained active in January, with a total of 46 transactions above HK $50 million recorded, based on market sources. Notably, Houses No.9 and 10 at 15 Shouson Hill were sold during the month. House No.9 (saleable area 3,727 sq ft) and House No.10 (4,853 sq ft) were transacted at HK$ 224.6 million and HK$292.46 million respectively, equivalent to HK$60,264 per sq ft. The primary mass market continued to lead activity as developers pushed new projects, recording 1,542 units in January, up $101\%$ and $54\%$ YoY from 2025 & 2024 levels. Fig 2. Luxury Residential Rents and Prices $2007 = 100$ Price index Rental index On the leasing front, activity also remained robust. Stocks within the HK $20,000-HK$ 130,000 monthly rental bracket has become increasingly constrained, reflecting strong demand across all tenant types. Tenants accelerated relocations ahead of the Chinese New Year holidays, including those affected by landlords pivoted from leasing to sales. As a result, competition for quality units intensified throughout the month, further pushing up the rentals. Fig 3. Mass Residential Rents and Prices $2007 = 100$ Price index Rental index Source: Knight Frank Research / Rating and Valuation Department Selected Residential Sales transactions (January 2026) <table><tr><td>District</td><td>Building</td><td>Tower / floor / unit</td><td>Saleable area (sqft)</td><td>Price (HK$ million)</td><td>Price (HK$ per sq ft)</td></tr><tr><td>Shouson Hill</td><td>15 Shouson</td><td>House 9</td><td>3,727</td><td>224.6</td><td>60,263</td></tr><tr><td>Shouson Hill</td><td>15 Shouson</td><td>House 10</td><td>4,853</td><td>292.46</td><td>60,264</td></tr><tr><td>West Kowloon</td><td>The Cullinan Zone 3 Royal Sky</td><td>72/F, Flat B</td><td>1,118</td><td>38</td><td>33,989</td></tr><tr><td>Wong Chuk Hang</td><td>Southside PH 04A LA Montagne</td><td>Tower 2A, 33/F, Flat A</td><td>853</td><td>30</td><td>35,271</td></tr><tr><td>Ho Man Tin</td><td>In One Phase IA</td><td>Tower 1A, 26/F, Flat A</td><td>968</td><td>34.8</td><td>36,000</td></tr></table> Source: Knight Frank Research Note: All transactions are subject to confirmation. Selected Residential Lease Transactions (January 2026) <table><tr><td>District</td><td>Building</td><td>Tower / floor / unit</td><td>Lettable area (sqft)</td><td>Monthly rent (HK$)</td><td>Monthly rent (HK$ per sq ft)</td></tr><tr><td>The Peak</td><td>No.28 Gough Hill Road</td><td>-</td><td>4,715</td><td>525,000</td><td>111</td></tr><tr><td>Mid-Levels East</td><td>Summit</td><td>Upper Floor, Flat A</td><td>2,375</td><td>300,000</td><td>126</td></tr><tr><td>The Peak</td><td>No.3 Plunkett's Road</td><td>-</td><td>4,096</td><td>400,000</td><td>98</td></tr><tr><td>Mid-Levels Central</td><td>Dynasty Court</td><td>Tower 3, Upper Floor, Flat B</td><td>1,513</td><td>99,000</td><td>65</td></tr><tr><td>Mid-Levels Central</td><td>The Morgan</td><td>Lower Floor, Flat B</td><td>1,304</td><td>85,000</td><td>65</td></tr></table> Source: Knight Frank Research Note: All transactions are subject to confirmation. # Retail In 2025, total retail sales amounted to HK$380.46 billion, a marginal 1% YoY increase, though still 22% below the 2018 level. In December 2025 alone, retail sales rose 6.6% YoY, supported by strong festive demand. Sales of electrical goods surged by 58.9%, while luxury sales recorded a 14.3% increase. Visitor arrivals from the Chinese Mainland also provided a lift, rising 8.2% in December to 3.35 million people. In January 2026, Luk Fook renewed its Russell Street, Causeway Bay flagship store at a reduced monthly rent of HK$750,000—6% below its 2023 level and nearly 17% under the landlord's asking price. The 3,068 sq ft ground floor unit facing Times Square will be retained for another three years at HK\(244 per sq ft. This discounted renewal of a prime Russell Street shop underscores the continued softness in Hong Kong's high street leasing market, with retailers staying cautious and landlords adjusting rents to secure occupancy. Fig 4. Retail Rents and Sales # 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 Source: Knight Frank Research / Rating and Valuation Department / Census and Statistics Department Latest Tourism Statistics - Chinese Mainland Visitors <table><tr><td></td><td>Same Day Visitors (No.)</td></tr><tr><td>Dec 2025</td><td>2,100,791</td></tr><tr><td>Dec 2024</td><td>1,845,815</td></tr><tr><td>Differences</td><td>13.8%</td></tr></table> <table><tr><td></td><td>Same Day Per-Capita Spending (HK$)</td><td>Overnight Per-Capita Spending (HK$)</td></tr><tr><td>Q3 2025</td><td>$1,166</td><td>$4,857</td></tr><tr><td>Q1 2019</td><td>$2,298</td><td>$6,219</td></tr><tr><td>Differences</td><td>-49.3%</td><td>-21.9%</td></tr></table> Source: Knight Frank Research / Tourism Board # We like questions. If you've got one about our research, or would like some property advice, we'd love to hear from you. # Research & Consultancy research.all@hk.knightfrank.com # Office Strategy & Solutions Wendy Lau (E-141423) Executive Director Head of Hong Kong Office Strategy & Solutions +852 2846 4988 wendy.lau@hk.knightfrank.com # Commercial Markets Paul Hart (E-127564) Managing Director, Greater China, Head of Commercial +852 2846 9537 paul.hart@hk.knightfrank.com # Office Strategy & Solutions Steve Ng (E-188091) Executive Director Head of Kowloon Office Strategy & Solutions +852 2846 0688 steve.ng@hk.knightfrank.com # Capital Markets Antonio Wu (E-053542) Head of Capital Markets, Greater China +852 2846 4998 antonio.wu@hk.knightfrank.com # Valuation & Advisory Cyrus Fong (S-368139) Executive Director Head of Valuation & Advisory, Greater China +852 2846 7135 cyrus.fong@hk.knightfrank.com # Retail Services Helen Mak (E-087455) Senior Director Head of Retail Services +852 2846 9543 helen.maik@hk.knightfrank.com # Residential Agency William Lau (E-096365) Senior Director Head of Residential Agency +852 2846 9550 williammw.lau@hk.knightfrank.com