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Hong Kong MarketBeat Reports

Rosanna Tang • 05/07/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.  

Q2 2024 Highlights

Office: Leasing activity sustained in Q2, with quarterly net absorption achieving a third consecutive positive quarter.

Retail: Retail sales slowed across multiple categories in Q2 in the face of changing visitor spending trends and residents’ outbound travel.

Logistics: The logistics market saw some sizable area leasing transactions from the 3PL sector in Q2.

Capital Markets: Sentiment remained cautious in Q2 with investors chiefly concerned with divesting non-core assets 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

Leasing activity sustained in Q2, with Kowloon East submarket helping to push quarterly net absorption to a third consecutive positive quarter at 318,000 sf. The insurance sector was most active, taking a 22% share of total leased area. Two new completions in the quarter prompted overall availability up to 19.8%. The overall Grade A office rental level retreated a further 1.5% q-o-q. 
 

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Shopping Retail
Hong Kong Retail MarketBeat

Retail sales slowed across multiple categories in Q2 in the face of changing visitor spending trends and residents’ outbound travel. Regardless, leasing momentum continued, with some international brands taking prime high street spaces on Hong Kong Island with an eye to capturing growing footfall. High street rents in key districts recorded steady growth, with the overall average vacancy rate at 7.8%. 
 

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Warehouse Internal Rack
Hong Kong Logistics MarketBeat

The logistics market observed some sizable leasing transactions of logistics space from 3PL in Q2 2024. The overall prime warehouse vacancy rate edged down from 7.1% to 6.5%. Prime warehouse rents remained stable at HK$15.3 per sf per month. Ahead, with absence of new supply in near term, rents are expected to stay largely stable throughout 2024. 
 

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Office Buildings CBD
Hong Kong Capital Markets MarketBeat

Sentiment remained cautious in Q2 with investors chiefly concerned with divesting non-core assets amid high borrowing costs. Quarterly non-residential deal volume at >HK$100 million was down 32.4% q-o-q. The office sector took 65% of investment volume in the quarter, with strata-titled transactions prevalent, headed by AIA Group’s HK$1.4 billion acquisition. Retail, hotel, industrial, and mixed-use asset deals completed the quarter. 
 

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