ASIA PACIFIC OUTLOOK 2025

HONG KONG

RENT GROWTH

We expect that the rental correction will continue in the 2024–2027 period, with a more notable correction of 7% and 8% in 2024 and 2025, respectively. We expect the overall rental level will be at HKD39.0 per sq ft per month at the end of 2027. The current rental level is at approximately 40% down from the peak seen in January 2019, and such a discount provide opportunities for occupiers for flight-to-quality moves. We expect this trend is likely to continue in 2025.

6.0%

60.0

FORECAST

4.0%

50.0

2.0%

40.0

0.0%

-2.0%

30.0

-4.0%

20.0

-6.0%

10.0

-8.0%

-10.0%

0.0

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

HKD/SQFT/MO

Rent growth (%)

RENT (HKD/SF/MO) AND RENT GROWTH (% PER ANNUM)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield