> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Hong Kong Monthly Summary - August 2026 ## Core Content Overview This report provides an analysis of the performance of Hong Kong's office, residential, and retail property markets in July 2026, highlighting trends, demand, and market sentiment across key districts. ## Office Market Analysis ### Key Trends - **Premium Central**: Vacancy rates dropped significantly from 14.5% at the beginning of the year to 9.7% in July. This area remains the most sought-after, with demand driven by Chinese mainland financial institutions. - **Sea-view offices**: These properties have attracted significant attention, especially in Central and Wan Chai North. Strong enquiry levels have improved landlords' negotiating positions and contributed to firmer rental performance. - **Kowloon East**: Vacancy rates slightly decreased to 21.5% in July, with a notable increase in leasing activity involving larger floor plates. Relocation activity accounted for 40% of transactions, up from one-third in the first half of 2026. - **Tsim Sha Tsui**: Vacancy fell to 7.3% in July, down from 8.1% at the start of the year. The area saw a rebound in first-hand activity, expected to reach 1,000 units in August. - **Kowloon Central**: The Gateway remains a top destination, particularly for Chinese mainland firms, due to its prime location and established business ecosystem. ### Market Indicators (July 2026) | District | Net Effective Rent (HK$) | MoM % | YoY % | Vacancy (Jan 2026) | Vacancy (July 2026) | |----------------------|--------------------------|-------|-------|-------------------|---------------------| | Premium Central | 120.7 | 3.9 | 19.0 | 14.5 | 9.7 | | Traditional Central | 83.6 | 2.0 | 12.8 | 9.5 | 8.8 | | Overall Central | 95.9 | 2.8 | 14.6 | 11.3 | 9.1 | | Admiralty | 59.5 | 1.1 | 6.9 | 7.7 | 5.9 | | Sheung Wan | 49.1 | 0.0 | 0.1 | 12.6 | 10.0 | | Wan Chai | 50.2 | 0.6 | 3.5 | 11.0 | 9.7 | | Causeway Bay | 46.3 | 0.7 | -5.4 | 7.9 | 8.8 | | North Point | 27.3 | 3.3 | -7.7 | 16.2 | 14.7 | | Kowloon East | 26.6 | -0.4 | 0.6 | 22.0 | 21.5 | | Tsim Sha Tsui | 46.6 | 0.0 | 0.0 | 8.1 | 7.3 | ### Market Sentiment - Market sentiment is mixed due to stricter Chinese Mainland taxation and capital control policies. - Price stability is expected, with increased volume anticipated from upcoming launches such as *The Sterling* (CR Land, ~2,200 units) and *Park Silicon* (Wheelock, 781 units). ## Residential Market Analysis ### Sales Activity - **Wong Chuk Hang**: Deep Water South, Phase 6B, Tower 1A, 25/F, Flat A sold for HK$75,523,000 at HK$44,530 per sq ft. - **Wan Chai**: Eight-Star Street, 25/F, Flat B sold for HK$42,420,000 at HK$43,286 per sq ft. - **Kai Tak**: Cullinan Harbour, Phase 2B, Tower 8, 16/F, Flat A sold for HK$48,300,000 at HK$41,674 per sq ft. - **West Kowloon**: The Cullinan Zone 2 Luna Sky, 18/F, Flat C sold for HK$43,380,000 at HK$42,198 per sq ft. - **Kai Tak**: Cullinan Harbour, Phase 2B, Tower 8, 17/F, Flat B sold for HK$46,870,000 at HK$40,510 per sq ft. ### Lease Activity - **Mid-Levels East**: Mount Nicholson, Phase 2, Tower B, Lower Floor, No.8 leased for HK$610,000 per month at HK$145 per sq ft. - **Kai Tak**: Cullinan Harbour, Phase 1, Tower 3, Upper Floor, Sky Manor leased for HK$260,000 per month at HK$119 per sq ft. - **North Point**: The Pavilia Hill, Tower 2, Middle Floor, Flat A leased for HK$85,000 per month at HK$75 per sq ft. - **Mid-Levels Central**: 22 Kennedy Road, Middle Floor, Flat South leased for HK$80,000 per month at HK$77 per sq ft. - **Mid-Levels Central**: Dynasty Court, Tower 3, Upper Floor, Flat B leased for HK$108,000 per month at HK$71 per sq ft. ## Retail Market Analysis ### Sales Performance - Retail sales in June 2026 increased by 4.6% YoY, marking the 14th consecutive month of growth. - **Luxury sales** were the main growth driver, rising 20.1% YoY, although slower than the 26.0% increase in May. - **Local consumption** remained subdued, with supermarket sales down 1.1% YoY and department store sales down 4.2% YoY. - **Online retail sales** grew by 11.6% YoY. ### Leasing Highlights - The sale of the ground-floor shop and cockloft at 32 Cochrane Street, Central for HK$75 million reflects a 15.7% capital gain over three years, demonstrating the resilience of Central's prime retail market. - **Brentwood Coffee**'s lease commitment highlights strong demand from café and lifestyle operators in Central, leveraging the office population and tourist traffic. ### Retail Sales by Outlet Type (June 2026) | Outlet Type | Value (HK$ billion) | Share of Total % | YoY % | |--------------------------|--------------------|------------------|-------| | Overall retail sales | 31.5 | - | 4.6 | | - Jewellery, watches... | 5.5 | 17.4 | 20.1 | | - Clothing, footwear... | 3.3 | 10.5 | 0.5 | | - Department stores | 2.2 | 7.1 | -4.2 | | - Consumer durable goods | 4.1 | 12.9 | 5.4 | | - Supermarkets | 4.1 | 13.1 | -1.1 | | Online retail sales | 3.0 | 9.4 | 11.6 | ## Key Contacts ### Research & Consultancy - **Esther Liu** Director, Head of Research & Consultancy, Greater China Email: esther.liu@hk.knightfrank.com Phone: +852 2846 4813 ### Commercial Markets - **Paul Hart** Managing Director, Greater China, Head of Commercial Email: paul.hart@hk.knightfrank.com Phone: +852 2846 9537 ### Office Strategy & Solutions - **Wendy Lau** Executive Director, Head of Hong Kong Office Strategy & Solutions Email: wendy.lau@hk.knightfrank.com Phone: +852 2846 4988 ### Residential Agency - **William Lau** Senior Director, Head of Residential Agency Email: williammw.lau@hk.knightfrank.com Phone: +852 2846 9550 ### Valuation & Advisory - **Cyrus Fong** Executive Director, Head of Valuation & Advisory, Greater China Email: cyrus.fong@hk.knightfrank.com Phone: +852 2846 7135 ### Capital Markets - **Antonio Wu** Head of Capital Markets, Greater China Email: antonio.wu@hk.knightfrank.com Phone: +852 2846 4998 ### Retail Services - **Helen Mak** Senior Director, Head of Retail Services Email: helen.mak@hk.knightfrank.com Phone: +852 2846 9543 ## Important Notice - This document contains general information and is subject to change without notice. - All images are for illustration purposes only. - Knight Frank is not liable for any losses or damages arising from the use of this information. - The document is provided in confidence and is the intellectual property of Knight Frank. ```