房地产 -香港季刊 -2025 年第三季度香港市场报告 Hong Kong Quarterly - Hong Kong Market Report 2025 Q3

HongKongMarketReportQ32025

knightFrank

Oct2025

ThisreportanalysestheperformanceofHongKong’soffice,

residentialandretailpropertymarkets

.hk/research

HongKongMarketReport|Q320252

HongKongOverallOfficeHighlights

PremiumGrade-AofficespacesinCentralisdrivingofficeabsorption,whileotherdistrictscontinuetoexperienceastrugglebetweensupplyanddemand.

Q32025OfficeHighlights

AverageUnitRent(Netsqft)

HK$49.0

TotalGrade-AOfficeVacancy

14.5%

QuarterlyTake-up(Netsqft)

+311,437

Table1:Q32025MajorLeasingTransactions

DistrictPropertyTenantArea(Netsqft)

Central

CentralTower

QubeResearch&Technologies

20,255

Central

AIACentral

JunHeLawOffices

13,644

Admiralty

TwoPacificPlace

CreditAgricoleCorporate&InvestmentBank

19,513

CheungShaWan

83KingLamStreetTowerA

AECOM

110,000

KaiTak

Airside

ShanghaiCommercialBank

71,863

KwunTong

TheMillennityTower2

Shell

12,295

Source:KnightFrankResearch

MarketHighlights

Fig1:OfficeVacancyRate

Central/AdmiraltyWanChai/CausewayBay

TsimShaTsuiKowloonEast

Althoughtheoccupierdemandfromthe

QuarryBay

financesectorforpremiumGrade-Aoffices

VacancyRate

inCentralcontinues,otherolderGrade-A

RENT

25.0%

optionsandsomenewdevelopmentscontinuetoseealackinleasingactivity.

20.0%

15.0%

10.0%

OneCausewayBay,locatedinCausewayBaydistrict,wassuccessfullydeliveredtomarketinSeptember2025,providingaround500,000sqft(net)ofspace.

5.0%

0.0%

Q2Q3Q4Q1Q2Q320242025

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1201620172018

Q2Q3Q4Q12019

Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022

Q2Q3Q4Q12023

Source:KnightFrankResearch

ExpansionandrelocationeffortsinKowloonareprimarilycenteredintheTsimShaTsuiDistrict,whilerenewalprojectsdominatethenon-coreareas.

HONGKONGISLAND

Leasingdemandisbeingledbyfinancialinstitutionssuchasquantfunds,hedgefunds,wealthmanagers,andprivate

banking,withacleartrendtowardupgradingorexpandingintopremiumGrade-AofficespacesinCentral.Thishas

helpednarrowtheyear-to-daterentaldeclineinPremium

Centralto-1.3%asofAugust,outperformingthebroader

Grade-Amarket’s-5.2%drop.Meanwhile,traditionalGrade-Abuildingsarefocusingontenantretentionandcompeting

withnewdevelopmentstocapturelimitedrelocation

demand,resultinginslowerpre-leasingprogressforsomenewprojects.

Beyondthefinancialsector,co-workingspaceoperatorsareseekingadditionallocationstoaccommodategrowing

demandfromMainlandenterprisesandstart-ups.PRClegalfirmsarealsocontributingtoleasingmomentum,buoyed

byIPO-relatedactivityinHongKong.Meanwhile,the

technologysectorisgeneratingscatteredbutnotableleasinginterestinhigh-qualityofficebuildingssituatedinnon-coreareas,ofteninvolvingsubstantialfloorplatestosupport

expansionneeds.

HongKongMarketReport|Q320253

KOWLOON

LeasingsentimentinKowloonmirrorsthatofHong

KongIsland.InTsimShaTsui,thecoredistrict,witnesses

anincreaseinleasingtransactionsprimarilydrivenby

professionalservicesandinsurancecompanies.Officesin

TsimShaTsuiremainhighlysoughtafterbytenantsdue

totheirstrategiclocationandaccessibilitytoXRL,makingthemparticularlyattractivetobusinessesservingMainlandChineseclients.Propertiesofferingrenovatedinteriors

andseaviewsareespeciallyfavoured.Conversely,new

developmentsinnon-coreCBDareasarefacingchallengesinattractingtenants,primarilyduetolimitedaccesstoMTRstations.

TherelocationsentimentinQ3appearsweaker,withexpectationsleaningtowardsahigherprevalenceofleaserenewalsasglobaltradeuncertaintiespersist.Rising

renovationcostsdampenrelocationappetite,asinitial

capitalexpenditurebecomesanincreasinglysignificantdeterrentfortenants.Inresponse,landlordsaresteppingupeffortstoattractnewoccupiersbyofferingenhancedincentives—rangingfromincreasedcapitalexpenditurecontributionstoupgradedfixturesandfit-outs.

Table2:PrimeOfficeMarketIndicators(Sep2025)

NeteffectiverentChangeVacancy

HK$

psf/mth

PremiumCentral

101.3

0.2

-3.3

-

-

TraditionalCentral

76.0

-2.0

-7.9

-

-

OverallCentral

85.7

-1.0

-5.9

2.6

12.3

Admiralty

55.6

-0.6

-5.8

4.8

6.7

SheungWan

48.5

-0.6

-7.6

2.7

13.7

WanChai

48.5

-0.4

-1.4

3.4

11.2

CausewayBay

48.9

-0.6

-5.7

3.2

6.1

NorthPoint

29.6

-1.7

-8.1

4.7

18.4

QuarryBay

38.0

-3.8

-8.4

0.5

12.6

TsimShaTsui

51.2

-0.3

-4.0

2.8

7.8

CheungShaWan

25.9

-0.6

-10.1

1.2

22.0

HungHom

35.3

0.0

-4.4

7.0

10.9

KowloonEast

24.4

-0.3

-12.8

12.6

19.5

MongKok/YauMaTei

41.9

-3.4

-15.8

-

-

Source:KnightFrankResearch

Note:Rentsandpricesaresubjecttorevision.

Q325

%

Q319

%

QoQ

%

YoY

%

District

QUARTERLYINSIGHT

Theleasinglandscapeisshowingencouragingsignsof

momentum,particularlyintermsofnettake-upduring

thefirstthreequarters.ExpansionactivityhasbeenledbyfundsandfinancialinstitutionsconcentratedinCentral,

whilewealthmanagementandprivatebankingoperationsareestablishingtheirpresenceacrossthecity—especiallyincorebusinessdistrictswithstrongconnectivitytotheXRL.

Atthesametime,non-coreofficesfaceheightened

competitivepressuretherentdifferentialsbetweencoreand

non-coredistrictscontinuetodimmishandanabundanceofnewGrade-Aofficesupplyissettoenterthesupply

pipeline.

Astherentdifferentialsbetweendistrictscontinueto

diminishandagrowingnumberofhigh-qualityoffices

aresettoenterthedevelopmentpipeline.Upcoming

relocationsandconsolidationsareexpectedtocontributetorisingvacancylevelscitywide,promptinglandlordstoadoptmoreflexibleleasingstrategiestoremaincompetitive.

HongKongMarketReport|Q320254

Fig2:QuarterlyTake-upbySectors-HongKongIsland

2%2%1%

3%

Sector

6%

BankingandFinance

TMT

18%

69%

Import/export,WholesaleandRetailTradesLegal

Co-working

Professionalandbusinessservices

Insurance

Fig3:QuarterlyTake-upbySectors-Kowloon

12%

4%6%

30%

11%

16%21%

Sector

Import/export,wholesaleandretailtradesTMT

PublicSector

Construction

BankingandFinance

Insurance

Others

Source:KnightFrankResearch

Fig4:NetTake-up&Completion(Netmillionsqft)

Nettake-upGrade-AOfficeSupply

3

2.25

1.5

0.75

2020

2021

2022

2023

2024

2025Q1-Q3

0

-0.75

-1.5

-2.25

Source:KnightFrankResearch

Table3:FutureSupplyY2025

DistrictDevelopmentArea(Netsqft)Developer

WanChai

199-203HennessyRoad

83,637

TungWahGroupofHospitals

Central

TakshingHouse

130,000

TakShingInvestmentCoLtd

HungHom

ConicInvestmentBuilding

385,718

CheungKong

PokFuLam

Cyberport5Development

258,624

CyberportManagementCompanyLtd.

SheungWan

212-232DesVoeuxRoadCentral

135,000

TaiHungFai

WestKowloon

InternationalGatewayCentre

1,921,350

SunHungKaiProperties

Source:KnightFrankResearch

HongKongMarketReport|Q320255

Residential

Residentialmarketseessteadytransactiongrowthamidsoftpricingandpolicysupport

HongKong’sresidentialmarketdemonstratedresilienceinSeptember2025,withtotaltransactionsrising6.7%MoMto5,643units.Primarysalesledthegrowth,increasingby

10.8%to1,974units,whilesecondarysalesrose4.5%to3,669units.InSeptember,theshareofprimarytransactionsroseto35%ofthetotalsales,comparedtojust18%duringthe

sameperiodlastyear.ForQ3overall,transactionvolumereached16,700units,reflectingonlyaslight0.3%QoQ

decline,underscoringasteadymarketmomentum.Themomentumwasunderpinnedbyastrongreboundinthestockmarketanda25-basis-pointratecutbyHKMAtoliftbuyingsentiment.

Despiteanuptickinactivity,propertypricesremainedsoftasdevelopersfocusedonclearingunsoldinventory.

Around13,000first-handcompletedunitsavailablefor

sale,withKaiTakandTuenMunholdingthelargestshares.Todrivesales,developersoffereddeeperdiscountsonthenewprojects,whichinturnexerteddownwardpressureonsecondarymarketprices.Asaresult,theprivateresidentialpriceindexdroppedby1.2%YoYor0.2%YTD.

Well-locatedandcompetitivelypriceddevelopments

continuedtooutperform.Forexample,TheMVPinMid-

LevelsWestachieveda97%salesratewithanaverage

salesprice(ASP)HK$31,400persqft,whileHouseMuseinKowloonCitysold96%ofitsunitswithASPHK$19,100persqft—highlightingsustaineddemandinprimelocations.InQ3,14newdevelopmentswerelaunched,adding4,299unitsacrossthecity.Weexpectthatmoresmall-tomedium-scaleprojects(typicallyfewerthan500units)areexpectedinthecomingmonths.

Theluxuryresidentialsegmentalsoshowedresilience,

recording56transactionsoverHK$78million(US$10

million)—a3.7%increaseQoQ—amountingtoHK$81.3

billionintotalvalue.Astandoutdealwasa4,736sqftunitat8DeepWaterBayRoad,soldforHK$319million(HK$67,356persqft),underscoringtheenduringappealoftrophyassetsamonghomebuyers.

Meanwhile,theleasingmarketcontinuedtooutperform,rising1.1%MoMinAugustor3.2%YTD.Massmarketleasingremainedactive,drivenbystrongdemandfromstudents

andprofessionals—particularlyinareasnearHKU,which

2026Forecast-ResidentialSector

sawasurgeinenquiriesandsiteinspections.Luxuryleasingheldsteady,supportedbydemandfromAIprofessionalsandmainlandChineseinvestors,despiteseasonalslowdowns.

Fig5.LuxuryResidentialRentsandPrices

2007=100

PriceindexRentalindex

210

190

170

150

130

110

90

70

50

2007200820092010201120122013201420152016201720182019202020212022202320242025

Source:KnightFrankResearch

Sincetheimplementationoftheprogressiverating

systemfordomestictenementsinJanuary2025,tenant

preferencesintheluxurysegmenthaveshifted.Some

tenantsareoptingforsmallerunitsorcompromising

onviewstoreducerentalcostsandratingexposure.For

instance,aunitwitharateablevalueofHK$2,000,000—

equivalenttoamonthlyrentofHK$166,667—nowincursanadditionalHK$91,500inannualrates,representinga

92%increasefrompreviouslevels.Whilethenewsystem

primarilyaffectspropertieswitharateablevalueexceedingHK$550,000—representingjust2%ofprivatedomestic

tenements—itsimpactisconcentratedintheluxurymarket.

Fig6.MassResidentialRentsandPrices

2007=100

PriceindexRentalindex

450

400

350

300

250

200

150

100

200720082009201020112012201320142015201620172018201920202021202220232024202550

Source:KnightFrankResearch/RatingandValuation

Lookingahead,totaltransactionvolumeisprojectedtoreachbetween60,000and62,000unitsin2025.Pricesareexpectedtoincrease2%to3%thisyear,withapotentialreboundofupto5%in2026.

LuxuryResidentialPrices

LuxuryResidentialRents

MassResidentialPrices

MassResidentialRents

+5%

+3%to+5%

+5%

+3%to+5%

HongKongMarketReport|Q320256

Table4:SelectedResidentialSalesTransactions(Sep2025)

DistrictBuildingTower/Floor/Unit

SaleableArea

(sqft)

Price

(HK$million)

Price

(HK$persqft)

DeepWaterBay

DeepWaterBayRoad8

Unit3

4,736

319

67,356

ShousonHill

ShousonPeak

Unit17M

2,972

133.68

44,980

PokFuLam

MountPokfulam

86/F,UnitA

3,724

159.387

42,800

KaiTak

PanoHabour

Tower1,11/F,UnitA

2,088

9.5422

45,700

KaiTak

TheKnightsbridge

Tower8,22/F,UnitA

1,259

4.898

38,904

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation.

Table5:SelectedResidentialLeaseTransactions(Sep2025)

DistrictBuildingTower/Floor/Unit

LettableArea

(sqft)

MonthlyRent

(HK$)

MonthlyRent

(HK$persqft)

Mid-LevelsWest

Alassio

UpperFloor,FlatB

1,650

147,000

89

TsinShaTsui

HarbourPinnacle

UpperFloor,FlatA

1,968

145,000

74

Mid-LevelsWest

UniversityHeights

Block1,MiddleFloor,FlatB

1,508

110,000

73

WestKowloon

TheCullinan

Tower21,Zone6,LowerFloor,FlatB

1,117

82,000

73

RepulseBay

BelleviewPlace

Block3,FlatA

1,371

98,000

71

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation.

Table6:FirstHandSales–LaunchedProjects(Sep2025)

FirstSale

Date

DevelopmentDistrict

No.of

Units

AveragePrice

persqft(HK$)

Incentives

(Highest

discountrate)

25/9/2025

TheLegacy(Phase1)

Mid-LevelsWest

106

NA

NA

19/9/2025

HouseMuse

KowloonCity

120

19,101

20%

14/9/2025

Phase1ofHighwood

ToKwaWan

401

18,570

10%

13/9/2025

TheMVP

Mid-LevelsWest

117

31,403

10%

6/9/2025

Phase1ofTheHeadlandResidences

ChaiWan

592

17,207

15%

Source:KnightFrankResearch/MarketSource

HongKongMarketReport|Q320257

Table7:ProgressiveRatingSystemforDomesticTenements

TheprogressiveratingsystemfordomestictenementshastakeneffectfollowingthegazettaloftheRating(Amendment)Ordinance2024on1November2024.Startingfrom1January2025:

•Fordomestictenementswithrateablevalueof$550,000orbelow,About98%ofprivatedomestictenements,theratespercentagechargeremainsat5%.

•Fordomestictenementswithrateablevalueover$550,000,Ratesarecalculatedaccordingtothefollowingprogressiverateschargescale:

AnnualRVofDomesticTenements

$550,000orbelow

$550,001-$800,000

About$800,000

5%

5%

5%

5%

1st$500,000:5%

Next:$250,000:8%

1st$500,000:5%

Next:$250,000:8%

Above:$800,000:12%

About98%

(Around2.16Mtenements)

About1.1%

(Around24,000tenements)

About0.8%

(About18,000tenements)

Rateablevalue“RV”referstoanestimateoftheannualrentalvalueofapropertyatadesignatedvaluationreferencedatebasedontheassumptionsstipulatedintheRatingOrdinance.

ProportionofPrivateDomesticTenements

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation.

AfterJan2025

Rates%Changes

BeforeJan2025

Table8.ExamplesforAdditionalRatesPayable

AnnualRVofDomesticTenementsAnnualRatesPayableaftertheAmendment%ChangeaftertheAmendment

$550,000orbelow

Unchanged

0%

$600,000

Additional$1,500

+5%

$800,000

Additional$7,500

+19%

$1,000,000

Additional$21,500

+43%

$2,000,000

Additional$91,500

+92%

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation.

Rateablevalue“RV”referstoanestimateoftheannualrentalvalueofapropertyatadesignatedvaluationreferencedatebasedontheassumptionsstipulatedintheRatingOrdinance.

HongKongMarketReport|Q320258

Retail

Retailrecoverygainsmomentumamidluxurysurgeandmainlandbrandexpansion

LatestTourismStatistics–ChineseMainlandVisitors

HongKong’sretailsalesrose3.8%YoYinAugust,markingthefourthconsecutivemonthofgrowthandsignalling

agradualrecoveryinconsumerdemand.However,

performanceacrossdifferentretailcategoriesremains

SameDayVisitors(No.)

uneven.Forinstance,totalsalesofconsumerdurablesandfurnitureandfixtureswere-13.6%and-16.1%respectivelyforthefirsteightmonthsYoY.Thedeclinesmaybeattributedtoincreasedcompetitionfromcross-bordershopping,wheresimilargoodsareoftenavailableatlowerpricesinmainlandChina.Reflectingthispressure,severalretailersinthe

consumerdurablesandfurnituresegmentsclosedstores

Difference

+46%

●

2,496,283

Aug

2019

Aug

2025

1,709,072

duringthequarter.TheseincludeDaisoinTaiPoandthreeLivingPlazabranchesinSouthHorizons,SheungWan,andTuenMun.FurnitureretailerPricerite,whichoperated27storesattheendof2022,nowhasonly14remaining.

Incontrast,theluxurysalesstoodoutat+16.4%YoYinAugustbutremained-2%forthefirsteightmonthsYoY,

contributedbythereboundinvisitornumbersandraisedgold-relatedgoodssalesarisingfromasharpriseingold

Source:KnightFrankResearch/TourismBoard

prices.In2025,theaveragepriceof24KgoldinHongKongwasHK$25,337perounce.ByOctober,pricespeakedat

HK$32,745perounce,+60.6%YTD.ThevolumeofluxurysalesinAugustwas+14.1%YoY,suggestingtheboarder

recoveryinvariousluxuryitems,includingwatchesandhigh-valuegifts,beyondjustgold-relatedgoods.

Fig7:RetailRentsandSales

RetailSalesHK$billion

Retailrentalindices:

RVDPrivateRetailRentalIndex

KFNon-CoreShoppingCentreRentalIndex

KFCoreShoppingCentreRentalIndex

KFPrimeStreetShopRentalIndex

Retailsalesvaluebyoutlettype:

LuxuryGoods

Medicines&Cosmetics

Clothing,Footwear&AlliedProducts

OtherCategories

Priceindex2011=100

500

Forecast

160

400

120

300

100

80

200

60

40

20

2025

180

100

140

02011201220132014201520162017201820192020202120222023202420250

Jan-Aug

Source:KnightFrankResearch/RatingandValuationDepartment/CensusandStatisticsDepartment

HongKongMarketReport|Q320259

Table9:KeyRetailLettingsinQ3

DistrictPropertyFloor

MonthlyRental

(HK$)

Area

(sqft)

Rental

(HK$persqft)

Tenant

CausewayBay

CausewayBay

CausewayBay

TsimShaTsui

MongKok

22-24RussellStreet

G/FNo.6&1/FNos.4-8KaiChiuRoad

52YunPingRoad

15MiddleRoad(HZentre)

46ArgyleStreet

(LeeKwanBuilding)

G/Fto4/F

Groundfloor&1stfloor

G/FUnit

GroundFloorShop1&2

GroundFloorShop

$1,500,000

$650,000

$350,000

$600,000

$150,000

8,740

4,713

800

7,954

650

$171.6

$137.9

$437.5

$75.4

$231.0

YuCheungPharmacy

Fashionstore

ToSummer

(Perfumes&fragrances)

PekingHotpot

CryptoExchange

SheungShui

122–132SanFungAvenue(LungHaBuilding)

GroundFloorShopE

$100,000

1,700

$59.0

T.momoShoppingMall

Source:KnightFrankResearch/MarketSource

FoundedinBeijingin2009,LAOPUGOLDhasemergedasChina’spremierbrandintraditionalgoldcraftsmanshipisridingawaveofmomentumwiththelaunchofitsnew

4,000sqftflagshipstoreinIFCMallthisOctober,drawinglongqueuesandbustlingfoottraffic.Thebrandmadeits

HongKongdebutin2018withamodest700sqftshopin

HarbourCityandwentpublicontheHongKongStock

ExchangeinJunlastyear.Despitethedownsizingandstoreclosuresamonglocalretailers,mainlandChinesebrands

areactivelyexpandingacrossHongKong’sprimemalls,neighbourhoodmallsandhighstreets,whichhelpretaillandlordsimproveoccupancyratesinthenearterm.

Tourismalsoplayedasupportiveroleinretailactivity.

Duringtheeight-dayNationalDayGoldenWeekandMid-AutumnFestivalholiday,HongKongrecorded

approximately1.64millioninboundvisitors.Mainland

touristsaccountedforover1.4million,or85%ofthetotal,

drawnbyattractionssuchastheNationalDayfireworks,

horseracingevents,andculturalfestivities.However,duetostructuralshiftsandevolvingconsumptionpatternsamongmainlandvisitors,overallspendingisexpectedtoremain

belowpre-covidlevels.Notably,per-capitaspendingby

overnightmainlandtouristsdeclinedby19%,fromHK$6,011inQ22019toHK$4,892inQ22025.

Whilerecentretailsalesfigurespointtoarecovery,

themarketremainsintransition.Manyretailershave

undergoneconsolidation,leavingnoticeablevacancies

acrossmajorshoppingstreets.Asitremainsunclearwhetherthisconsolidationphasehasconcluded,retailrentsare

expectedtostaybroadlystableinthenearterm.

Welikequestions.Ifyou’vegotoneaboutourresearch,orwouldlikesomepropertyadvice,we’dlovetohearfromyou.

Research&Consultancy

MartinWong

SeniorDirector

HeadofResearch&Consultancy,GreaterChina

+85228467184

martin.wong@

KeithChan

Economist

Research&Consultancy,GreaterChina

+85228469514

keithch.chan@

CommercialMarketsCapitalMarkets

PaulHart(E-127564)ManagingDirector,GreaterChina,

HeadofCommercial+85228469537

paul.hart@

OfficeStrategy&Solutions

WendyLau(E-141423)ExecutiveDirector

HeadofHongKongOfficeStrategy&