2026-02-26-莱坊-Hong_Kong_Monthly_February_2026_3页_240kb
报告摘要
Hong Kong Monthly Summary - February 2026
Core Content Overview
This report provides an analysis of the performance of Hong Kong's office, residential, and retail property markets in January 2026, highlighting trends, transaction activity, and market indicators.
Office Market Analysis
Key Trends
- Leasing Trends: Leasing activity from 2025 continued into January 2026, with premium Grade-A offices in Central experiencing rising occupancy and limited available spaces, driving rental increases.
- Demand Drivers: Strong demand from the finance sector and scarcity of vacant space in the prime Central market are key factors in the rising rents.
- Market Activity: Traditional Grade-A buildings and offices in secondary locations may benefit from the significant demand.
Market Indicators (January 2026)
| District | Net Effective Rent (HK$ psf/mth) | MoM % | YoY % | Vacancy Rate (Jan 2026) |
|---|---|---|---|---|
| Premium Central | 105.0 | -0.8 | 2.3 | - |
| Traditional Central | 78.1 | 1.2 | -5.0 | - |
| Overall Central | 88.3 | 0.3 | -1.9 | 11.3 |
| Admiralty | 55.5 | 0.0 | -3.8 | 5.9 |
| Sheung Wan | 48.4 | 0.0 | -2.7 | 12.6 |
| Wan Chai | 49.0 | 0.9 | -1.0 | 11.0 |
| Causeway Bay | 47.5 | 0.0 | -8.1 | 9.7 |
| North Point | 26.6 | -0.9 | -12.8 | 16.9 |
| Quarry Bay | 37.0 | -1.9 | -10.2 | 12.1 |
| Tsim Sha Tsui | 51.8 | 0.0 | -0.0 | 21.0 |
| Cheung Sha Wan | 26.2 | 0.0 | -3.9 | 16.9 |
| Kowloon East | 24.7 | 0.5 | -5.1 | 19.4 |
| Mong Kok / Yau Ma Tei | 42.3 | 0.5 | -10.8 | - |
Key Observations
- Kowloon East: Remains a tenant-favoured market with ongoing fragility.
- Kowloon West and West Kowloon: Showing stabilization.
- Harbour City: Vacancy rate has fallen below 8.6%, indicating potential for rent rebound.
- Market Outlook: The Kowloon market is awaiting further stability for a full "soft landing."
Residential Market Analysis
Luxury Market
- Transaction Activity: Active in January with 46 transactions above HK$50 million, including Houses No.9 and 10 at 15 Shouson Hill, sold at HK$224.6 million and HK$292.46 million respectively.
- Price and Rent: Equivalent to HK$60,264 per sq ft, reflecting strong demand and constrained supply.
Mass Market
- Unit Sales: Developers recorded 1,542 units in January, a 101% increase YoY.
- Leasing Activity: Robust, with strong demand across all tenant types.
- Price and Rent Indices: Showed strong performance, indicating high competition for quality units.
Key Transactions
| District | Building | Unit | Saleable Area (sqft) | Price (HK$ million) | Price (HK$ per sq ft) |
|---|---|---|---|---|---|
| Shouson Hill | 15 Shouson | House 9 | 3,727 | 224.6 | 60,263 |
| Shouson Hill | 15 Shouson | House 10 | 4,853 | 292.46 | 60,264 |
| West Kowloon | The Cullinan Zone 3 Royal Sky | 72/F, Flat B | 1,118 | 38 | 33,989 |
| Wong Chuk Hang | Southside PH 04A LA Montagne | Tower 2A, 33/F, Flat A | 853 | 30 | 35,271 |
| Ho Man Tin | In One Phase IA | Tower 1A, 26/F, Flat A | 968 | 34.8 | 36,000 |
Key Observations
- Luxury Market: Active with significant transactions.
- Mass Market: Leading activity with a substantial increase in unit sales.
- Leasing: Intense competition for quality units, pushing up rents.
Retail Market Analysis
Sales Performance
- Total Retail Sales (2025): HK$380.46 billion, a marginal 1% YoY increase, though still 22% below the 2018 level.
- December 2025: Retail sales rose 6.6% YoY, supported by strong festive demand.
- Category Growth: Electrical goods sales surged by 58.9%, and luxury sales increased by 14.3%.
- Tourism Impact: Visitor arrivals from the Chinese Mainland rose 8.2% in December to 3.35 million, contributing to retail sales.
Leasing Trends
- Luk Fook Renewal: Luk Fook renewed its Russell Street flagship store at a reduced monthly rent of HK$750,000, 6% below its 2023 level and nearly 17% under the landlord's asking price.
- Market Softness: The discounted renewal highlights the continued softness in Hong Kong's high street leasing market, with retailers being cautious and landlords adjusting rents to secure occupancy.
Retail Sales by Outlet Type
- Luxury Goods
- Medicines & Cosmetics
- Clothing, Footwear & Allied Products
- Other Categories
Tourism Statistics
| Period | Same Day Visitors (No.) | Same Day Per-Capita Spending (HK$) | Overnight Per-Capita Spending (HK$) |
|---|---|---|---|
| Dec 2025 | 2,100,791 | - | - |
| Dec 2024 | 1,845,815 | - | - |
| Differences | 13.8% | -49.3% | -21.9% |
Key Observations
- Festive Demand: Supported a significant rise in retail sales in December 2025.
- Leasing Market: Shows signs of softness with retailers being cautious.
- Tourism Impact: Continued to support retail activity, though spending per capita has declined compared to pre-pandemic levels.
Contact Information
Research & Consultancy
Office Strategy & Solutions
- Wendy Lau (E-141423): Executive Director, Head of Hong Kong Office
- Phone: +852 2846 4988
- Email: wendy.lau@hk.knightfrank.com
Commercial Markets
- Paul Hart (E-127564): Managing Director, Greater China, Head of Commercial
- Phone: +852 2846 9537
- Email: paul.hart@hk.knightfrank.com
Office Strategy & Solutions (Kowloon)
- Steve Ng (E-188091): Executive Director, Head of Kowloon Office
- Phone: +852 2846 0688
- Email: steve.ng@hk.knightfrank.com
Capital Markets
- Antonio Wu (E-053542): Head of Capital Markets, Greater China
- Phone: +852 2846 4998
- Email: antonio.wu@hk.knightfrank.com
Valuation & Advisory
- Cyrus Fong (S-368139): Executive Director, Head of Valuation & Advisory
- Phone: +852 2846 7135
- Email: cyrus.fong@hk.knightfrank.com
Retail Services
- Helen Mak (E-087455): Senior Director, Head of Retail Services
- Phone: +852 2846 9543
- Email: helen.maik@hk.knightfrank.com
Residential Agency
- William Lau (E-096365): Senior Director, Head of Residential Agency
- Phone: +852 2846 9550
- Email: williammw.lau@hk.knightfrank.com
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