Hong Kong

The vacancy rate stood at 3.2% in Q3.

The Central/Admiralty submarket was the main driver of this decline.

The vacancy rate in this submarket declined by 2.6ppt to 5.3%.

Total commercial investment volume reached only HK$6.9b in Q3.

Warehouse vacancy increased to 5.5% in Q3.

There was a significant level of activity in Kowloon East.

The company’s G.I.V.E. Sustainability Strategy is paving the way for a greener, more inclusive real estate sector, setting new benchmarks for sustainable development in Hong Kong and beyond.

Whilst overall rents on Hong Kong Island are expected to fall by 3-5%.

A retail unit was recently sold for HK$370m.

There were over 3,200 transactions in total.

But the persistent high vacancy rate is hindering rent recovery.

High construction costs are expected to hinder new hotel supply.

Rents are expected to bottom out in the near term.

And high street shop vacancy declined to 13.7%.

Net absorption increased to over 230,000sqm during the quarter.

The overall vacancy rate is at 12.6% as of Q2.