Office: Office demand remained anemic in Q4 with many firms reducing space needs. Average rentals again retreated, by 6.3% q-o-q and 19.3% y-o-y, with Greater Central dropping 22.4% y-o-y.
Retail: Overall core-area vacancy edged up to 18.5%, although some leasing on a short-term basis partially stemmed the rise. Overall average rents remained soft, falling a relatively mild 2.2% q-o-q.
Investment: Investment activity improved in Q4 as buyers sought bargains, with transaction volume increasing to HKD16.82 billion. However, full-year volume totaled just HKD45.48 billion, down 13.6% y-o-y to the lowest level since 2009.
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