房地产 -香港月报 Hong Kong Monthly - August 2025

HongKongMonthly

knightFrank

August2025

ThisreportanalysestheperformanceofHongKong’soffice,

residentialandretailpropertymarkets

.hk/research

Fig1.Grade-AOfficeRents

2007=100

Office

HongKongIslandrentalindexKowloonrentalindex

HONGKONGISLAND

190

170

150

130

110

90

70

PremiumGrade-Aofficespacescontinuetobepreferredbytenantslookingtoenhanceofficequality,ascurrentrentaltrendsarefavourabletothem.Additionally,giventhesignificantadjustmentsinofficesalespricesoverthepastfewyears,anincreasingnumberofofficeoccupiersonHongKongIslandareshowinginterestinbuyingofficesratherthanleasingthem.

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

50

KOWLOON

Source:KnightFrankResearch

Theleasingmarketremainscomparativelysubduedthroughoutthesummer,continuingthepatternobservedinthepreviousmonth.LargerenterprisesaremostlyoptingforrenewalstoconsolidatetheirstandingorpostponingdecisionsuntilafterSeptemberforpotentialdownsizingorothermeasures.Transactionswithinthemarkethavepredominantlyinvolvedtheelectronics,shipping,andlogisticssectorsforofficespacesbelow3,000sqft.Despitethegradualincreaseinoccupancyofnewofficesprojects,thedownwardtrendinrentalspersistsinbothWestKowloonandKowloonEastduetoongoingeconomicuncertainties.

PrimeOfficeMarketIndicators(July2025)

Net

effectiverentChangeVacancy

Jan19%

PremiumCentral

101.0

-0.1

-4.1

-

-

TraditionalCentral

76.6

-1.3

-7.9

-

-

OverallCentral

85.9

-0.8

-6.2

1.2

13.0

Admiralty

55.6

-0.6

-6.5

1.9

7.1

SheungWan

48.8

0.0

-9.3

1.3

14.2

WanChai

48.3

-0.4

-2.3

1.7

11.4

CausewayBay

48.6

-1.1

-8.7

1.5

6.8

NorthPoint

29.6

-1.7

-8.5

6.9

17.3

QuarryBay

38.1

-3.7

-8.6

1.1

12.7

TsimShaTsui

51.3

0.0

-3.7

1.8

8.4

CheungShaWan

26.1

0.0

-10.1

1.9

26.7

HungHom

35.3

0.0

-4.4

11.3

11.1

KowloonEast

24.4

-0.3

-13.7

7.5

19.4

MongKok/YauMaTei

41.9

-3.4

-15.8

-

-

Source:KnightFrankResearch

Note:RentsandVacanciesaresubjecttorevision.

HK$

psf/mth

July25%

MoM

%

YoY

%

District

Residential

AccordingtotheRatingandValuationDepartment(RVD),privateresidentialpropertypriceindexedgedupby0.03%YoYinJune.PositivepricegrowthinfromApril-JunenarrowedtheYTDdeclineto-0.9%inJune,reflectingamodestmarketrecovery.MainlandChinesehomebuyerscontinuedtodrivetransactionvolumesinJune,whilelocalpurchasersremainedmorereserved.Onthesupplyside,highinventorylevelsremainadrag.KaiTakconsistsof~4,220unsoldunitsasofJuly2025,whileWongChukHangalsosawanotablestocklevel,with~510unitsavailable.

Meanwhile,theluxuryleasingmarkethasseengrowingdemandfromyoungfamilies,particularlythosewithbackgroundsinAIandemergingtechsectors,contributingtoasteadyinfluxoftenantsinpremiumresidentialareas.

Fig3.MassResidentialRentsandPrices

2007=100

Fig2.LuxuryResidentialRentsandPrices

2007=100

PriceindexRentalindex

PriceindexRentalindex

210

190

170

150

130

110

90

70

450

400

350

300

250

200

150

100

50

2007200820092010201120122013201420152016201720182019202020212022202320242025

200720082009201020112012201320142015201620172018201920202021202220232024202550

Source:KnightFrankResearch

Source:KnightFrankResearch/RatingandValuationDepartment

SelectedResidentialSalestransactions(July2025)

DistrictBuildingTower/floor/unit

Saleablearea

(sqft)

Price

(HK$million)

Price

(HK$persqft)

ThePeak

TwelvePeaks

Unit12

3,771

280

74,521

ThePeak

GoughHillResidences

Unit3A

5,661

260

45,928

Mid-LevelsWest

UniversityHeights

Tower2,10/F,UnitB

1,584

68.8

43,434

Stanley

OneStanley

House20

3,451

138

39,988

WestKowloon

Cullinan

ZONE1SunSky,77/F,UnitA

1,553

96

61,816

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation.

SelectedResidentialLeaseTransactions(July2025)

DistrictBuildingTower/floor/unit

Lettablearea

(sqft)

Monthlyrent

(HK$)

Monthlyrent

(HK$persqft)

Mid-LevelsCentral

No.21BorrettRoad

Phase1,UpperFloor,Flat1

2,886

300,000

104

HoManTin

St.George'sMansions

Tower2,LowerFloor,FlatA

1,755

180,000

103

NorthPoint

VictoriaHarbour

Tower2,MiddleFloor,FlatB

1,107

110,000

99

HoManTin

73KadoorieAvenue

No73

2,631

215,000

82

TaiKokTsui

OneSilversea

Tower7,UpperFloor,FlatA

968

100,000

103

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation.

MALL

Retail

Retailsalesfellby3.3%YoYfromJanuarytoJune,withluxurysegments-6.3%YoYoverthesameperiod.Despitethesofteninginconsumerspending,thebroadermacrodataremainsrelativelystable-unemploymentratelowat3.7%inJulyandthenumberofnegativeequitycasesdropped7.2%QoQto37,806.Theseindicatorssuggestthatwhilediscretionaryspendingremaincautious,consumersentimentisnotseverelyweakened.

ThereisanoticeableshiftinpreferencestowardqualityF&B,experientialretail,andvalue-drivenofferings-particularlyfromChineseandKoreanbrands.Inresponse,retailersareadoptingamoremeasuredapproachtoexpansion,whichisexpectedtokeeprentallevelsstableinthenearterm.Primemallsremainedrelativelyresilient,HarbourCityreportedretailrevenueofHK$2.8billioninthefirsthalfof2025,slightlybelowthesameperiodlastyear.

Fig4.RetailRentsandSales

Retailrentalindices:

RVDPrivateRetailRentalIndex

KFNon-CoreShoppingCentreRentalIndexKFCoreShoppingCentreRentalIndex

KFPrimeStreetShopRentalIndex

Retailsalesvaluebyoutlettype:LuxuryGoods

Medicines&Cosmetics

Clothing,Footwear&AlliedProductsOtherCategories

Priceindex2011=100

RetailSalesHK$billion

180

Fo

2025recast

500

160

400

140

120

300

100

80

200

60

40

100

20

02011201220132014201520162017201820192020202120222023202420250

Jan-Jun

Source:KnightFrankResearch/RatingandValuationDepartment/CensusandStatisticsDepartment

LatestTourismStatistics–ChineseMainlandVisitors

SameDay

Visitors(No.)

Jun2025

1,835,400

Jun2024

1,537,026

Differences

-16%

SameDayPer-Capita

Spending(HK$)

OvernightPer-Capita

Spending(HK$)

Q12025

$1,217

$5,113

Q12019

$2,298

$6,219

Differences

-47%

-18%

Source:KnightFrankResearch/TourismBoard

Welikequestions.Ifyou’vegotoneaboutourresearch,orwouldlikesomepropertyadvice,

we’dlovetohearfromyou.

Research&Consultancy

MartinWong

SeniorDirector

HeadofResearch&Consultancy,GreaterChina

+85228467184

martin.wong@

CommercialMarketsPaulHart(E-127564)

ManagingDirector,GreaterChina,HeadofCommercial

+85228469537

paul.hart@

OfficeStrategy&SolutionsWendyLau(E-141423)

ExecutiveDirector

HeadofHongKongOfficeStrategy&Solutions

+85228464988

wendy.lau@

SteveNg(E-188091)

ExecutiveDirector

HeadofKowloonOfficeStrategy&Solutions

+85228460688

steve.ng@

CapitalMarkets

AntonioWu(E-053542)HeadofCapitalMarkets,GreaterChina

+85228464998

antonio.wu@

ResidentialAgency

WilliamLau(E-096365)SeniorDirector

HeadofResidentialAgency+85228469550

williammw.lau@

RetailServices

HelenMak(E-087455)SeniorDirector

HeadofRetailServices+85228469543

helen.mak@

Valuation&AdvisoryCyrusFong(S-368139)ExecutiveDirector

HeadofValuation&Advisory,GreaterChina

+85228467135

cyrus.fong@

knightFrank

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