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Hong Kong MarketBeat Reports

Rosanna Tang • 07/01/2026
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.  

Q4 2025 Highlights

Office: Grade A office leasing activity gained further momentum in Q4 on the back of improved market sentiment.

Retail: Overall retail sales again recorded growth in the Q4 period.

Logistics: Overall leasing activity remained subdued in Q4.

Capital Markets: Real estate investment activity strengthened in Q4 due to lower interest rates and attractive asset pricing.

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

CURRENT MARKETBEATS

Office Buildings CBD
Hong Kong Office MarketBeat

Grade A office leasing activity gained further momentum in Q4 on the back of improved market sentiment, pushing quarterly net absorption to 983,600 sq ft and the full-year 2025 figure to a 7-year high of 1.6 million sq ft. The overall availability rate stood at 20.3%. Greater Central district rents moved further upwards in the period, supporting the overall Grade A rental level to stabilize at +0.4% q-o-q.

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Shopping Retail
Hong Kong Retail MarketBeat

Overall retail sales again recorded growth in Q4 on the back of rising visitor numbers and steadier local consumption. Central submarket was the new leasing activity standout with notable transactions headed by banking, finance, and luxury skincare brands. Core district overall vacancy dropped further q-o-q to 5.9%, rents moving in a range of -2.4% to +0.1% q-o-q.
 

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Warehouse Internal Rack
Hong Kong Logistics MarketBeat

Overall leasing activity remained subdued in Q4 despite a relative easing of trade tensions and growth in total trade performance. Iron Mountain’s 322,400 sq ft lease of the en-bloc Goodman Yuen Long Logistics Centre was a highlight. The overall prime warehouse vacancy rate climbed to a post-COVID high of 11.2%. Prime warehouse rents retreated a further 3.4% q-o-q.

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Office Buildings CBD
Hong Kong Capital Markets MarketBeat

Real estate investment activity strengthened in Q4 on the back of lower interest rates and attractive asset pricing. End-users and cash-rich investors sought value opportunities, taking quarterly non-residential deal volume at >HK$100 million to HK$19.1 billion, jumping 115% q-o-q. The office sector took a dominant 87% of total investment volume, followed by the hotel / rental housing sector at 7%, industrial at 5%, and retail at 2%.
 

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At the end of the third quarter of 2025, the Class B office market recorded a vacancy rate of 8.40%, which corresponds to a total availability of 172,196 m². This figure represents a slight increase compared to the second quarter, when the vacancy rate was 8.23%. The rise is mainly explained by office vacancies in the submarkets Santiago Centro, Estoril, Vitacura, and Lo Barnechea, where lease terminations occurred and some companies relocated to other areas.
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