香港2025年第4季度工业总结

Investment Rating - The report indicates a stable rental performance in modern logistics, while general industrial properties experienced a slight decline in rental rates [1][6]. Core Insights - The leasing activities in Hong Kong's industrial property market were more active in Q4 2025, with an increase in expansions and relocations, particularly in the logistics sector [1]. - The vacancy rate in modern logistics improved, decreasing by 0.5 percentage points to 12.8%, while Kowloon East saw a decline in vacancy from 9.9% in Q3 2025 to 7.8% in Q4 2025 [1]. - A significant transaction involved Brookfield and Uni-China Group establishing a joint venture for cold storage, purchasing a property for HK$663 million, which will enhance cold storage facilities for food and medical products [3]. - The demand for logistics related to e-commerce in the PRC is increasing, influencing warehouse and flatted factory tenants to seek expansion [4]. - The industrial market outlook for 2026 suggests continued favorable conditions for tenants, with rental forecasts expected to decline by 0% to 3% [6]. Summary by Sections General Vacancy and Rent Changes - Modern logistics rental rates remained stable, while general industrial properties recorded a 0.4% decline quarter-on-quarter, with Kowloon East experiencing a larger decline of 1.2% [1]. - The vacancy rate in Kowloon East decreased significantly due to rent declines and incentives offered [1]. Significant Transactions - A notable new lease in the logistics sector was signed at G2000 Warehouse Building, covering approximately 123,600 sq ft [2]. - Brookfield's joint venture with Uni-China Group involved the purchase of a cold storage facility for HK$663 million, expected to begin operations in Q3 2026 [3]. Industry Movement/Trend - The logistics demand driven by e-commerce in the PRC is reshaping the market, with a focus on expansion in traditional warehouses and flatted factories [4]. - The presence of Mainland electric vehicle brands in Hong Kong has increased demand for car repair services, leading to new leases in Kwai Chung [5]. Market Outlook - The industrial market in 2026 is projected to remain tenant-friendly, with landlords becoming more flexible in negotiations [6]. - The demand for data center leasing remains low due to selectivity among international operators [6].