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Hong Kong MarketBeat Reports

Rosanna Tang • 12/04/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.  

Q1 2024 Highlights

Office: Office market leasing activity sustained in Q1 2024 with Kowloon East submarket helping to drive positive quarterly net absorption.

Retail: Inbound tourism continued to support retail recovery in the first quarter.

Logistics: Leasing activity continued in Q1, with several key new transactions and renewals together with a pick-up in inquiries.

Capital Markets: Activity remained quiet in the quarter with investors primarily focused on divestment amid high borrowing costs.

Learn more by clicking our most recent Hong Kong MarketBeat reports below.

CURRENT MARKETBEATS

Office Buildings CBD
Hong Kong Office MarketBeat

Office market leasing activity sustained in Q1 with Kowloon East submarket helping to drive quarterly net absorption to 264,200 sf. The public sector was most active, taking a 23% share of total leased area. Four new completions in the quarter pushed overall availability up to 19.6%. The overall Grade A office rental level softened 0.6% q-o-q.
 

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Shopping Retail
Hong Kong Retail MarketBeat

Inbound tourism continued to support retail recovery in Q1. Leasing activity was more active on Hong Kong Island, with sports, optical, F&B and pharmacy brands expanding. High street rents recorded mild growth across key districts, with the overall average vacancy rate at 8.1%. New government initiatives to launch mega events are set to boost retail sentiment.
 

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Warehouse Internal Rack
Hong Kong Logistics MarketBeat

Leasing activity continued in Q1, with several key new transactions and renewals together with a pick-up in inquiries. The overall prime warehouse vacancy rate dropped to 7.1%. Prime warehouse rents climbed 3.6% q-o-q to reach HK$15.3 per sf per month. Ahead, we see continuing tight vacancy and low single-digit rental growth.
 

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Office Buildings CBD
Hong Kong Capital Markets MarketBeat

Activity remained quiet in Q1 with investors primarily focused on divestment amid high borrowing costs. Quarterly non-residential deal volume at >HK$100 million was down 65.9% q-o-q. Acquisitions of community retail malls contributed to 71% of total consideration. Office, hotel and industrial asset transactions rounded out the quarter.
 

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