Cushman & Wakefield: Hong Kong Retail Market in Gradual 1H Recovery Since Border Reopening, Office Leasing Market Yet to Stage Significant Rebound
Residential Transaction Slowdown Since May as More Buyers Turn Cautious in Rate Hike Environment
- Retail sentiment continues to rebound, with high street rents maintaining low-single-digit growth, vacancy rates further dropping across districts, and pharmacy sector the most active for expansion
- Overall Grade A office net absorption in Q2 recorded -172,700 sq ft as leasing activity is yet to rebound significantly, some tenants taking advantage of lower rents for flight-to-quality moves
- Initial boost from border reopening on residential market fades, as high interest rate environment suppresses housing transactions and price performance
HONG KONG SAR - Media OutReach - 6 July 2023 - Global real estate services firm Cushman & Wakefield today published its Hong Kong Property Markets Review and Outlook 1H 2023 report.