ASIA PACIFIC OUTLOOK 2025

HONG KONG

NEW SUPPLY

Seven new projects are expected to enter in 2025, totaling 3.5 million sq ft. This is higher than the 5-year average supply due from 2024 to 2028, at 1.3 million sq ft per annum. Core districts will be the major source new supply in 2025. A sizable project in Greater Tsim Sha Tsui will account for 60%, or 2.1 million sq ft, of the new stock. However, beyond 2025, new supply will gradually taper off with approximately just 1.5 million sq ft between 2026 and 2029, and this will send a positive signal to the market.

4.0

FORECAST

3.5

3.0

2.5

2.0

1.5

1.0

NEW SUPPLY (MSF)

0.5

0.0

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield