News

"Grade A office rents recorded their worst quarterly performance since Q2/2009, with overall rents falling by 5.2% QoQ in the first quarter of 2020. Both Wanchai / Causeway Bay and Central (-6.2%) recorded the largest rental falls among all sub-markets, followed by Kowloon West (-5.1%) and Tsim Sha Tsui (-4.7%). "

"Prominent real estate advisor Savills pointed out that luxury apartment rents in Hong Kong Island, Kowloon and the New Territories slumped by 6.1%, 7.4% and 4.5% respectively over the first quarter of 2020."

"Prominent real estate advisor Savills pointed out that many retailers have reported a plunge in sales of between 50% and 80% over Q1 with tourist-focused trades worst affected. Since 2019, the retail sector has faced multiple challenges including a luxury tax cut in Mainland China, US-China trade tension sand social unrest among other things and finally the COVID-19 outbreak. It is as yet unclear when demand (mainland shoppers) will return, which sector will rebound fastest, and how retail will be reshaped longer term."

"Savills plc, the international real estate advisor, today announces another resilient performance with increased revenues and stable profits. "

"Savills plc publishes the following trading update in respect of the year ended 31 December 2019. The Group has delivered a full year performance reflecting both the robustness and geographic diversity of our market positions generally, and the strength of our less transactional businesses."

"Hong Kong – 17 Oct 2019 Prominent real estate advisor Savills pointed out in its Q3 Investment Briefing that a volatile economic and social backdrop saw non-residential transaction volumes collapsing by 57% in July and August following a 48% YoY decline in the first half of the year. Local disruption is compounding the negative consequences of the trade war and hitting commercial volumes hard, but retail prices only adjusted mildly compared to the dramatic decline in retail rents; while the office sector saw a rapid decline in buyer appetite."

"Prominent real estate advisor Savills pointed out that luxury apartment rents in Hong Kong Island, Kowloon and New Territories experienced falls which were larger than those of previous quarters, down by 1.6%, 3.6% and 3.1% respectively, compared to 1.0%, 0.8% and 2.5% in Q2/2019. There is a sense that continuing unrest will eventually impact Hong Kong’s appeal as an overseas posting, however, the finance and professional services sectors have so far experienced less disruption and tenant demand from this quarter remains firm for now."

"Prominent real estate advisor Savills pointed out that while recent social unrest and worsening economic conditions have cast a cloud over the housing market in general, mass residential volumes have held up well thanks to buoyant primary sales over the first eight months of the year. The implementation of a vacancy tax by year-end should accelerate launches of backlog units as well as new projects, maintaining market momentum."

"Prominent real estate advisor Savills pointed out in its Q3 Investment Briefing that a volatile economic and social backdrop saw non-residential transaction volumes collapsing by 57% in July and August following a 48% YoY decline in the first half of the year. Local disruption is compounding the negative consequences of the trade war and hitting commercial volumes hard, but retail prices only adjusted mildly compared to the dramatic decline in retail rents; while the office sector saw a rapid decline in buyer appetite."

"Prominent real estate advisor Savills pointed out in its Q3/2019 Industrial Briefing that in contrast with the weak general market, the industrial investment segment is proving to be relatively resilient thanks to redevelopment interest. The leasing market, however, recorded a rebound in vacancy rates and a mild fall in rents. The firm believes the new air freight safety regulations have boosted the space needs of air freight forwarders, though this new demand is expected to be short-lived."