Figures
Hong Kong Figures - Industrial Q1 2025
April 25, 2025 10 Minute Read
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- Leasing activity slowed over the quarter as occupiers adopted a more cautious approach amid global trade uncertainty. No leasing transactions exceeding 100,000 sq. ft. were recorded, the first time this has occurred since Q1 2023.
- Warehouse vacancy increased to 10.1%, a rise of 2.6-ppt from the previous quarter, surpassing the previous high of 8.4% set in Q3 2024 and marking the first time in 25 years that vacancy has reached a double-digit percentage. Vacancy for ramp-access space increased by 3.7-ppt to 14.4%, while that for lift-access space rose by 0.9-ppt to 3.6%..
- Prolonged and elevated vacancy contributed to a 2.1% q-o-q decline in warehouse rents this quarter, marking a fifth consecutive quarterly drop.