Visitor Arrivals Continue to Support Hong Kong Retail Recovery, Grade A Office Net Absorption Still in Negative Territory
Residential Prices and Transaction Numbers Down Amid Interest Rate Uncertainty
- Hong Kong retail market vacancy rates remained stable in Q3, with high street and F&B rents recording low single-digit growth, and jewellery & watches and cosmetics brands predominantly driving expansion
- Overall Grade A office space net absorption remained mired in negative territory at -225,900 sq ft in Q3, although new leasing activity was notably more active compared to the prior two quarters
- Persistent interest rate hikes and a downward stock market trend have slowed residential transactions in both primary and secondary home markets, with prices continuing to decline throughout Q3
HONG KONG SAR - Media OutReach - 10 October 2023 - Global real estate services firm Cushman & Wakefield today published its Hong Kong Property Markets Review and Outlook Q3 2023 report.
