2025-05-19-莱坊-Hong_Kong_Monthly_April_2025_4页_251kb

报告摘要

Central District:

Office rents in Central recorded a 1.6% MoM decline (HK$59.8/sq ft), marking the third consecutive month of falls. Traditional Grade A offices experienced a sharper drop of 3.7% MoM.
Demand for higher-quality spaces driven by insurers, law firms, and hedge funds seeking flexibility and risk reduction amid economic uncertainty.
Recentralisation trend observed as companies relocate from decentralised districts like Kowloon to lower-rent areas (e.g., Kowloon East), widening the rental gap.

Kowloon District:

Leasing activity rebounded in March with a 4.4% MoM increase in transaction volume, driven by electronics and IT companies prioritising short-term leases to mitigate market risks. Larger deals (over 10,000 sq ft) increased by 10% in number.
Rent pressures remain due to global economic uncertainty and tariff policies, with Grade-A rents expected to stay stable in the short term.

Market Conditions:

Overall home prices fell 0.9% MoM after three consecutive months of declines, hitting an 8-year low, driven by economic uncertainty and high sentiment concerns.
First-hand sales surged 148% MoM amid reduced stamp duties, with 2,229 transactions in March, while average prices dipped 10%.

Luxury Segment:

High-end properties (e.g., The Peak’s HK$89,944/sq ft sale) remain strong, contrasting with subdued sales in the mid-range segment.

Leasing Market:

Rentals outperformed sales, supported by demand from mainland professionals/students and cash-rich buyers seeking flexibility. Mid- to high-grade apartments saw price indices reach five-year highs.

Hopes for H1 2025:

Price declines (2-3%) may continue as buyers adopt cautious strategies due to trade tensions and tariff risks.

Sales Performance:

February sales dropped 13% YoY (HK$29.4 billion), extending a 12-month decline, impacted by global uncertainty and online competition.
Primary outlet categories (e.g., clothing, food) saw significant sales declines.

Market Dynamics:

Despite weak sales, prime districts saw strong leasing activity (+21% visitors YoY), boosted by high-end events (e.g., Art Basel). Retailers are responding cautiously to economic shifts, with landlords reducing rental rates to retain tenants.
Online retailers (e.g., JD.com, Alibaba) intensify competition, offering lower prices and enhanced services, squeezing local retailers.

Summary Notes:

All property segments face economic uncertainty, with reduced market confidence and cautious investment driven primarily by US tariff policies.
Opportunities lie in higher-quality spaces and bottom-fishing in the luxury and prime districts.

Overall Tone:
Amidst uncertainties, cautious market engagement is advised across office, residential and retail segments.

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