Group 1: Residential Market Outlook - The chairman of JLL Hong Kong, Zeng Huanping, predicts a 5% decline in small to medium-sized residential prices this year, driven by an increase in non-local professionals and students [1] - Residential rents are expected to reach historical highs due to the influx of non-local talent and students [1] - The forecast for luxury property prices has been adjusted from a 5% decline to a range of 5% to 10% due to an increase in distressed sales of commercial properties affecting luxury homeowners [1] Group 2: Commercial Property Market Outlook - The office market is showing signs of improvement, with increased leasing activity in prime locations, particularly in Central, despite an overall vacancy rate rising to 13.6% [1] - The net absorption recorded in the first half of the year was 130,700 square feet, driven by transactions in key areas like Central, Wan Chai/Causeway Bay, and Tsim Sha Tsui [1] - JLL anticipates that rental rates for prime office buildings in Central will stabilize by the end of the year, although overall office rents are expected to decline by about 5% for the year [2] Group 3: Retail Market Outlook - The vacancy rate for core area street shops remains at 10.5%, while the vacancy rate for premium shopping malls has reached a new high of 10.5% due to increased new supply and additional vacant space in existing malls [2] - The upcoming completion of approximately 600,000 square feet of new retail space is expected to exert upward pressure on vacancy rates for premium shopping malls [2] - Rental rates for core area street shops and premium malls are projected to decline by 5% to 10% this year [2]

普缙指，受2024年上半年政府"撤辣"措施造成的高基数效应影响，2025年首五个月的新盘成交宗数较去 年同期为低，但个别新盘仍录得不俗销售成绩。据香港差估署数据，今年及2026年分别预计约有20,900 个及20,100个住宅单位落成，而2024年全年一手成交量只有约16,900伙。该行认为，按照现时的趋势来 看，2025年的新盘成交量预计较2024年为低，因此新盘货尾高库存问题仍会持续。 二手市场方面，由于现时楼价较以往高峰下跌约三成，加上息率趋势向下及政府放宽印花税，部份用家 开始进入市场，令到整体二手住宅成交量企稳，但市场价格仍受制于一手市场主导。现时部份新盘需提 供较为进取的优惠才可吸引买家入市，加上现时新盘货尾数量高企，买家的选择较多，预计整体楼价或 需等待实际按息较长时期维持较低水平才有望回稳。另住宅租赁市场则受惠于留学生及高才通人士来港 带动住屋需求，整体租金将持续向好。 智通财经APP获悉，普缙集团发表《2025年上半年香港地产市场分析及展望》报告，指港府最新公布的 财政预算案未有推出重大楼市措施，上半年整体物业市场气氛仍较审慎，各类型的物业市场价格仍于维 持低位。该行指，近期实际按揭息率出现 ...

Core Insights - The report by JLL indicates a continued improvement in Hong Kong's Grade A office market as of May, with the overall vacancy rate decreasing to 13.6% despite new project completions [1] Vacancy Rates - Among the five major commercial districts, four experienced a decline in vacancy rates: - Central: decreased by 0.1 percentage points to 11.6% - Tsim Sha Tsui: decreased by 0.1 percentage points to 7.8% - Kowloon East: decreased by 0.1 percentage points to 20.9% - Wan Chai/Causeway Bay: decreased by 0.2 percentage points to 9% - However, the vacancy rate in Hong Kong East slightly increased by 0.2 percentage points to 14.2% [1] Leasing Market - The leasing market recorded a positive net absorption of 192,000 square feet in May [1] Rental Trends - Office rents continued to decline in May, with an overall monthly decrease of 0.3% - Hong Kong East saw a significant drop of 1% - Kowloon East followed with a decrease of 0.7% - Central and Wan Chai/Causeway Bay experienced declines of 0.4% and 0.2%, respectively [1]