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Hong Kong MarketBeat Reports

Rosanna Tang • 07/07/2023
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 2023 Highlights

Office: Office market leasing still awaited significant revival in Q2.

Retail: Retail rents recorded modest growth across key districts in the quarter.

Capital Markets: Investment activity remained stymied by financing costs in the period.

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

CURRENT MARKETBEATS

Office Buildings CBD
Hong Kong Office MarketBeat

Business sentiment continued to improve in Q2 with full resumption of cross-border activities, but caution still prevails. The office leasing market was yet to stage a significant rebound in the quarter, tenants primarily seeking cost saving and flight-to-quality options, with net absorption remaining negative. Overall availability edged up to 17.2%. Citywide office rents retreated a further 2.1% q-o-q.

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Shopping Retail
Hong Kong Retail MarketBeat
Mainland visitors continued to drive the city’s retail sales recovery in Q2, with tourism-orientated sectors such as jewelry & watches, fashion & accessories, and medicines & cosmetics the biggest winners. Retail rents recorded modest growth across key districts, with the F&B sector still trending up. The overall average vacancy rate dropped to 9.1%. Ahead, agility to meet changing spending patterns will be key.
 
 

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Office Buildings CBD
Hong Kong Capital Markets MarketBeat
Investor caution persisted in Q2 amid the higher financing cost environment. Quarterly non-residential deal volume at >HK$100 million was down 20.2% q-o-q. Private land transactions dominated activity, with a single prime development site acquisition the headline deal, while office sector transactions were all driven by end-users. Interest in hotel assets is picking up with an eye to future opportunities.
 

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