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New Home Sales and Returning Investors Help Drive Hong Kong Residential Market Transactions
Overall Office Leasing Activity Picks Up, but Grade A Office and Prime Retail High-Street Rents Remain Under Pressure
- Homebuyers and investors were both active in the Hong Kong residential market in Q2 2025, incentivized by a weakening HIBOR and rapid launches of new projects by developers at attractive prices. The total residential transaction number for the Q2 period is expected to rise by 30% q-o-q to reach 15,900 units.
- The Grade A office new-lease transaction area reached 1.2 million sf, the highest level since the COVID-19 pandemic period. However, the overall Grade A office rental level continued to decline, falling 1% q-o-q, resulting in an overall 3.4% drop for the 1H 2025 period.
- Retail market sale performance has yet to demonstrate significant improvement despite an increase in visitor arrivals. High street vacancy rates generally trended upwards across core districts in Q2, weighing on overall rental levels. Nevertheless, a notable number of new leasing transactions were recorded, reflecting an ongoing “tenant reshuffling” in the market.
HONG KONG SAR – Media OutReach Newswire – 3 July 2025 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets 1H 2025 Review and 2H Outlook press conference. The one-month Hong Kong Interbank Offered Rate (HIBOR) has been gradually softening since May, resulting in lower mortgage rates. Coupled with developers actively launching new residential projects at competitive prices, momentum in the primary residential market remained strong in the period. Improved rental yields also encouraged investors to re-enter the housing market, supporting monthly transaction volumes that exceeded 5,000 cases in Q2.
In the Grade A office sector, net absorption remained positive in Q2, with Hong Kong Island showing greater resilience. However, high availability and an abundant future supply pipeline continued to weigh on rental performance. In the retail sector, despite a steady rise in visitor arrivals, retail sales have yet to show notable improvement. Vacancy pressures persisted, leading to a general downward trend of high street retail rents during Q2.
Grade A office leasing market: New lease area reached 1.2 million sf, the highest level since the COVID-19 period
The Hong Kong Grade A office market witnessed accelerated leasing momentum in Q2 2025, underpinned by relocation and expansion activities from the banking & finance and insurance sectors, The new leased transaction area for Q2 2025 reached 1.2 million sf, the highest quarterly level since Q3 2019. Several big-ticket deals were recorded, including Jane Street’s pre-commitment of more than 207,000 sf at Site 3 at the Central Harbourfront project. The overall office availability rate remained largely stable at 19.3% in Q2, while quarterly positive net absorption slowed, dropping almost 50% to record 71,400 sf. With the new supply pipeline remaining abundant, the overall Grade A office rental level continued to trend down, dropping 1% q-o-q in Q2, contributing to an overall 3.4% drop for the 1H 2025 period.
Chart 1: Rents of Grade A offices in Hong Kong
John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “In the 1H 2025 period, the Hong Kong Stock Exchange is expected to rank first globally in terms of funds raised through the Initial Public Offering (IPO) market — reclaiming the top spot for the first time since 2019. With more Chinese mainland stocks expected in the pipeline, this should help support office market sentiment and stimulate downstream leasing demand, particularly in the banking & finance and professional services sectors. Despite the improving market sentiment, an ample new supply pipeline and high availability may continue to weigh on rental performance in 2H 2025, and we forecast the overall office rental to decline by 7%–9% throughout 2025.”
John Siu added, “According to Cushman & Wakefield’s new What Occupiers Want 2025 report, the top three priorities shaping occupiers’ leasing strategies are cost control, talent retention, and operational excellence. While occupiers remain cost-cautious, they increasingly recognize the importance of a healthy and engaging workplace in attracting and retaining talent. Against this backdrop, other than offering rental incentives, we encourage landlords to collaborate closely with occupiers to create unique and value-driven work environments, so as to stand out in today’s highly competitive office market.”
Retail leasing market: Retail sales continued to contract despite improving tourist arrivals, while high street rents remained under pressure
For the January to May 2025 period, Hong Kong recorded more than 20 million visitor arrivals, growing 12% y-o-y. We believe this growth is supported by the opening of the Kai Tak Sports Park and the recent hosting of a range of mega-events at the venue. However, the rise in visitor numbers has not yet translated into stronger retail sales. From January to May 2025, total retail sales in Hong Kong amounted to HK$ 155.1 billion, reflecting a y-o-y decline of 4.0%. Visitor spending has become more cautious, with a growing preference for cultural experiences and value-for-money retail offerings. As a result, traditionally popular high-end retail categories have been most affected. Sales in the Jewellery & Watches and Apparel & Accessories sectors declined by 8.8% and 5.7% y-o-y, respectively. The Medicines & Cosmetics and Food, Alcoholic Beverages & Tobacco sectors recorded modest growth, rising by 3.4% and 2.7% y-o-y, respectively.
Vacancy rates generally trended upwards across core retail districts in Q2 2025. The vacancy rate in Causeway Bay showed the most notable increase to climb to 13.2%, from 5.3% last quarter. Vacancy rates in Mongkok and Central rose slightly q-o-q, to 9.5% and 8.6%, respectively, while Tsimshatsui remained stable at 9.4%. Retail leasing activity was most active in Mongkok in the Q2 period, supported by the district’s relatively attractive rental levels and stable tourist footfall.
High street retail rents generally fell in Q2, in response to lifted vacancy pressure. Rents in Causeway Bay fell by 3.6% q-o-q, followed by Tsimshatsui and Mongkok at 3.4% and 1.7% q-o-q, respectively. Rents in Central rose slightly at 0.2% q-o-q, supported by resilient local demand. In the F&B sector, rents across districts recorded a mild decline on a q-o-q basis, within a 1% range.
Chart 2: High street retail rents in prime districts in Hong Kong
John Siu commented, “The Hong Kong retail market is experiencing a reshuffling of tenants. Retailers and F&B operators that are promoting local culture, offering unique experiences, and offering high-quality services and products, will likely be favored by tourists and will be able to prosper in the market. In contrast, some traditional retailers will be forced out of the market due to their failure to adapt to the shifted consumption patterns. Nevertheless, leasing activity in core districts has remained active. The current attractive rental level is lowering entry costs for new market players, while benefitting more mass-market retailers aiming to enter high-street areas. Looking ahead, with the opening of the Kai Tak Stadium, we expect that the government will continue to promote mega-events and world-class concerts, in turn drawing more international visitors and tourism spending. We expect high street retail rents and F&B rents to remain largely stable in the 2H 2025 period, and to mildly correct in the range of -1% to -3% through 2025.”
Residential market: Lower HIBOR and active new launches drive transactions; home prices stabilize in Q2
Overall sentiment in Hong Kong’s residential market continued to improve in Q2 2025. The decline in the HIBOR during the quarter, which remained at relatively low levels, helped reduce mortgage and entry costs, creating favorable conditions for homebuyers. At the same time, developers actively launched new projects with attractive pricing strategies, fueling strong activity in the primary market and sustaining high overall transaction volumes. According to Cushman & Wakefield estimates, the total number of residential sales and purchase agreements in Q2 is expected to reach approximately 15,900, representing a 30% q-o-q increase, reflecting the continued market purchasing power.
Chart 3: Number of residential sale & purchase agreements
Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “The positive market response to new launches between March and May supported monthly transaction volumes exceeding 5,000 units, indicating resilient end-user demand and contributing to home price stabilization. Based on data from the Rating and Valuation Department, the overall residential price index edged up by 0.5% between April and May, narrowing the first five months’ decline to 0.9%. On the leasing front, the growing number of expats and non-local students, coupled with the traditional leasing peak season in May and June, drove the private residential rental index up by 0.67% m-o-m in May, resulting in a 1.4% increase over the first five months of 2025. Looking ahead, while global uncertainties persist and the sustainability of low HIBOR remains uncertain, a potential interest rate cut by the U.S. later this year could further support lower HIBOR levels, providing a positive narrative for the housing market. We maintain our earlier forecast that overall transaction volume will be similar to last year, with full-year home price fluctuations expected to remain within a ±3% range.”
Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, concluded, “According to our tracking of popular housing estates, all market segments showed some improvement in Q2. Notably, City One Shatin, representing the mass market, recorded a 2.3% q-o-q sale price increase. Taikoo Shing, representing the mid-market, saw a modest 0.4% q-o-q rise, while Bel-Air, representing the luxury segment, saw sale prices decline narrowly by 2.5% q-o-q. Recently, some banks have relaunched mortgage cash rebate programs, effectively lowering the entry threshold and stimulating buying interest among prospective purchasers. Over the past one to two months, we observed an approximately 5% increase in mortgage inquiries compared to April. Among the newly signed provisional sale and purchase agreements, 60%–70% of transaction prices were 3% to 5% higher than their online valuations. These changes were most concentrated in properties priced at around the HK$10 million mark, and particularly in the HK$3– 4 million range, indicating a recovery in demand for small- to mid-sized units.”
Please click here to download photos.
Photo 1: (From left to right) Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield; John Siu, Managing Director, Head of Project and Occupier Services, Hong Kong, Cushman & Wakefield and Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield.
Hashtag: #Cushman&Wakefield
The issuer is solely responsible for the content of this announcement.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2024, the firm reported revenue of $9.4 billion across its core services of Valuation, Consulting, Project & Development Services, Capital Markets, Project & Occupier Services, Industrial & Logistics, Retail, and others. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
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Siam Piwat appoints The Bureau of Wonders as international public relations consultant for Siam Paragon Bangkok Watch Week 2026
The Bureau of Wonders (BOW), a leading strategic communications and luxury brand consultancy, will collaborate with Siam Piwat to lead international market communications, elevate global awareness, and strengthen Siam Piwat’s position as a leading luxury destination developer.
Returning for its second edition, Siam Paragon Bangkok Watch Week 2026 will take place from 22–27 September 2026, reinforcing Bangkok’s position as Southeast Asia’s emerging capital of watch culture and haute horology. The event will bring together renowned watchmaking maisons, collectors, and connoisseurs from around the world to celebrate craftsmanship, innovation, and the heritage of fine timepieces.
Through this partnership, Siam Piwat aims to enhance international media engagement and further establish Thailand as a global destination for luxury, tourism, and retail experiences.
Hashtag: #SiamPiwat #BangkokWatchWeek2026 #TheBureauOfWonders #SiamParagon #SiamParagonBangkokWatchWeek2026 #LuxuryWatchDestination
https://www.siampiwat.com/en/home
https://www.linkedin.com/company/siam-piwat/
https://www.facebook.com/siampiwat.official/
https://www.instagram.com/siampiwat_official/
The issuer is solely responsible for the content of this announcement.
Siam Piwat
Siam Piwat is a leading retail and real estate developer behind Bangkok’s most iconic destinations, including Siam Paragon, Siam Center, Siam Discovery, ICONSIAM, and Siam Premium Outlets Bangkok, globally recognized for pioneering experiential destinations.
For over six decades, Siam Piwat has been renowned for creating iconic destinations and world-class experiences, continuously redefining Bangkok’s retail landscape through award-winning developments that set new global benchmarks. Guided by creativity, innovation, and sustainability, the company continues to lead with a bold vision that inspire, engage, and delight customers from around the world, while creating long-term value for society, businesses, and future generations.
The Bureau of Wonders
The Bureau of Wonders is an innovative communications agency renowned for its expertise in public relations, events, content creation, and brand strategy. With a focus on luxury, fashion, retail, beauty, lifestyle, hospitality, F&B, and the arts, we craft compelling narratives that resonate with an exclusive clientele across Southeast Asia’s vibrant markets.
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Construction Management Awards 2026 – Now open for nomination Introduction of the Inaugural “Excellent Construction Safety Culture Award” Guides the Construction Industry Toward a New Milestone in Safety
Deepening “Corporate Leadership, On-Site Implementation” to Reflect Excellent Governance Standards
Entering its sixth edition, the Awards continue to uphold their mission of creating a credible exchange platform for industry elites. In recent years, with society’s high emphasis on occupational safety and health, along with the widespread application of smart construction technologies, site safety has gone far beyond the traditional, rigid mindset of “checking in and re-inspecting”. The Institute thoroughly understands that excellent site safety performance does not rely solely on the routine compliance execution of frontline sites; it must stem from the forward-looking vision and comprehensive policy drive of corporate management.
To this end, this year’s Awards have comprehensively enhanced the judging criteria. Building upon the existing award categories, the judging perspective has been extended from frontline construction management to the macro corporate level, significantly increasing the weight of the “Safety” element in scoring to elevate industry standards. This edition will more comprehensively and deeply review the effectiveness of corporations in formulating and implementing safety management policies. In addition to frontline execution capabilities, the judging panel will place greater emphasis on how corporations promote an excellent construction safety culture from a policy level, including integrating tech solutions like Smart Site Safety Systems (SSSS) into long-term development strategies to safeguard site safety. Furthermore, special emphasis is placed this year on how corporations establish long-term accident prevention and continuous improvement mechanisms through institutional frameworks, embedding safety concepts into the core of corporate governance to lead a comprehensive transformation of the safety culture in Hong Kong’s construction industry.
Inaugural “Excellent Construction Safety Culture Award” with a Dedicated Judging Panel Establishes Industry Authority
Cr Alfred TANG, President of the Hong Kong Institute of Construction Managers, stated: “Site safety has always been the core focus most valued by the Government and the Institute. The Institute firmly believes that ‘Corporate Leadership, Safety Implementation, Everyone’s Responsibility’ is the key to driving industry transformation. To encourage more developers, main contractors, and stakeholders to actively play a top-down driving role, this year’s Awards have introduced the ‘Excellent Construction Safety Culture Award’, supported by an independent ‘Dedicated Safety Judging Panel’ composed of top senior safety experts and consultants in the industry to review the long-term effectiveness of corporate safety policies from the most rigorous and professional perspective. We firmly believe that this brand-new award and dedicated judging mechanism will effectively drive continuous progress in Hong Kong’s construction industry, laying a solid foundation for building a sustainable, safe, and highly efficient future.”
The “Construction Management Awards 2026” is opening for nominations from today until 31 August 2026. For details about the Awards, nomination forms, and judging criteria, please visit the Awards website (www.hkicm-cma.com).
Award Categories Overview
| Award Categories | Team / Corporate Awards | Corresponding Individual Award Categories |
| Building Project | Excellent Construction Team Award (Building Project) | A) Construction Manager Award B) Site Manager Award C) Engineer Award D) EHS Officer Award E) Construction Supervisor Award |
| Civil Project | Excellent Construction Team Award (Civil Project) | A) Construction Manager Award B) Site Manager Award C) Technical Manager Award D) Engineer Award E) EHS Officer Award F) Construction Supervisor Award |
| Corporate Project | A) Excellent Construction Safety Culture Award B) Excellent Construction Innovation Enterprise |
/ |
| Individual Project | / | Young Construction Manager Award |
Jury Panel
Chairman of the Judging Panel (Building Project):
Mr HO Chun Hung, JP, Director of Buildings, Buildings Department, HKSARG
Members of the Judging Panel (In apathetical order of surnames):
- Ir CHAN Siu Chung, Cedric, Chairman of Building Division, The Hong Kong Institution of Engineers
- Prof CHAN, Isabelle Y. S., Associate Dean of the Faculty of Architecture; Associate Professor at the Department of Real Estate and Construction, The University of Hong Kong
- Mr LEE Hok-yin, Arthur, JP, Deputy Director/Regulatory Services, Electrical & Mechanical Services Department, HKSARG
- Cr TANG Yu-chi, Alfred, President, The Hong Kong Institute of Construction Managers
- Sr WAN Wai Ming, Tony, President, The Hong Kong Institute of Surveyors
- Ir Prof Michael C. H. YAM, Head of Department of Building and Real Estate, The Hong Kong Polytechnic University
- Mr Emil YU Chen-on, President, The Hong Kong Federation of Electrical & Mechanical Contractors Limited
Chairman of the Judging Panel (Civil Project):
Mr HO Ying Kit, Tony, JP, Deputy Secretary for Development (Works) 3, Development Bureau, HKSARG
Members of the Judging Panel (In apathetical order of surnames):
- Ir Benjamin CHAN, JP, Project Manager (West), Civil Engineering and Development Department, HKSARG
- Cr CHAN Chi-man, Vice President, The Hong Kong Institute of Construction Managers
- Ir CHAN Ho-yee, Vice chairperson of Civil Division, The Hong Kong Institution of Engineers
- Prof Jack Chin Pang CHENG, Associate Head of Civil and Environmental Engineering, The Hong Kong University of Science and Technology
- Mr HO Kwing-kwong, Alex, Director – Industry Development, Construction Industry Council
- Mr NG Wai-hong, Patrick, Project Manager/Major Works, Highways Department, HKSARG
- Prof Songye ZHU, Interim Head of Department of Civil and Environmental Engineering, The Hong Kong Polytechnic University
Members of the Excellent Construction Safety Culture Award Judging Panel (In alphabetical order of surnames):
- Prof Dr Daron Wai Kwong LEUNG, Safety Adviser, The Hong Kong Institute of Construction Managers
- Dr Winson YEUNG, Principal Consultant, Occupational Safety & Health Council
Hashtag: #HKICM
The issuer is solely responsible for the content of this announcement.
About HKICM
Established in 1997 with the sovereignty handover, Hong Kong Institute of Construction Managers (“Institute” or “HKICM”) is the only local professional institution representing the construction management profession in Hong Kong. The Institute has developed rapidly, with its members reached 3,439, of which 1,285 were Corporate Members (including Fellows and Members).
Our objectives are to secure the advancement and facilitate the acquisition of knowledge and expertise which constitutes and promotes the practice of and professionalism in construction management. The works of the Institute include setting standards for professional services and performance, establishing rules of conduct, promoting Registered Construction Managers and Construction Supervisors and promulgating the recognition of professional site supervisors. We believe that all construction sites need to be managed by registered professional construction managers to ensure compliance of operation with government laws, safety and environmental protection requirements. In order to improve the professional standard of technical personnel in an orderly manner, the government needs to register and recognize the professional qualifications of site supervisors.
In a rapidly evolving employment landscape, higher education institutions are expected not only to provide academic knowledge but also to support students in developing the relationships and networks that can contribute to personal growth and professional readiness.
The Role of Peer Connections in Student Development
University friendships often form an important part of the student experience. Developed through classes, group projects, student organisations, volunteering initiatives and campus activities, these relationships can provide a sense of community and belonging throughout a student’s academic journey.
Research has consistently highlighted the role of peer support in student engagement, wellbeing and academic persistence. Strong social connections can help students adapt to new learning environments, navigate challenges and participate more actively in campus life. For international students in particular, peer networks often play an important role in easing cultural transitions and fostering inclusion.
Beyond graduation, these relationships frequently evolve into long-term personal and professional networks that continue to provide support throughout different stages of life and career development.
Professional Networks and Career Readiness
Alongside peer relationships, professional networks have become an increasingly important component of higher education. Connections with alumni, faculty members, career advisors, employers and industry practitioners can provide students with valuable insights into workplace expectations, emerging industry trends and potential career pathways.
Such interactions help bridge the gap between academic learning and employment by exposing students to real-world perspectives and opportunities. Early engagement with industry networks can also support career planning, mentorship and professional development, equipping students with a deeper understanding of the skills and competencies required in the workforce.
As employers place greater emphasis on workplace readiness and transferable skills, access to professional networks can complement academic qualifications and enhance graduates’ ability to navigate competitive labour markets.
Integrating Student Life and Career Development
Many higher education institutions are responding to evolving student expectations by adopting a more holistic approach to education. This includes creating opportunities for students to engage in co-curricular activities, leadership development programmes, community initiatives and career-related experiences alongside their academic studies.
At SIM Global Education (SIM GE), student engagement initiatives and career development resources form part of a broader ecosystem designed to support both personal and professional growth. Through student clubs, leadership opportunities and career advisory services, students can build interpersonal skills, expand their networks and explore future career possibilities throughout their studies.
For prospective students comparing higher education options, the question is not whether university friendships or professional networks matter more. Both are important. University friends provide belonging, encouragement and shared experiences, while professional networks provide exposure, guidance and access to future opportunities. In an education environment where students are increasingly conscious of wellbeing, employability and return on education, institutions that integrate student life, career development and holistic support are better positioned to meet evolving expectations. A meaningful higher education experience is shaped not only by qualifications, but also by the relationships, confidence and networks that students carry forward.
Looking Ahead
As higher education continues to evolve, students are increasingly seeking learning environments that support both academic achievement and broader developmental outcomes. While qualifications remain important, the relationships, experiences and networks developed during university can also play a significant role in shaping future opportunities.
For prospective students, evaluating higher education options may therefore involve looking beyond curriculum and rankings to consider how institutions foster community, professional engagement and personal development. Together, these elements contribute to a more holistic educational experience and can support students as they prepare for the next stage of their academic, professional and personal journeys.
Reference:
- SIM Global Education Overview – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/university-partners-sim-ge/sim-ge
- SIM CCA – https://www.sim.edu.sg/degrees-diplomas/life-at-sim/co-curricular-activities
- SIM Project 1095 – https://project1095.simge.edu.sg
- SIM Student Life – https://project1095.simge.edu.sg/student-life
- SIM Student Care – https://project1095.simge.edu.sg/student-care
- SIM Career Services – https://www.sim.edu.sg/degrees-diplomas/life-at-sim/career-services
- SIM Advantage – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/sim-advantage
- NDPI Peer Support – https://www.mdpi.com/2227-7102/15/5/602
Hashtag: #SIMGlobalEducation #SIMGE #GlobalEducation #InternationalDegree #CareerReady #FutureSkills
The issuer is solely responsible for the content of this announcement.
About SIM Global Education
SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 17,000 full- and part-time students and adult learners, of which approximately 41% are international students hailing from over 50 countries.
SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.
For more information on SIM Global Education, visit www.sim.edu.sg
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