Figures
Hong Kong Figures - Industrial Q4 2024
January 15, 2025 10 Minute Read
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- Leasing momentum rebounded thanks to a surge in deals from e-commerce-related firms.
- Although warehouse vacancy fell by 0.9-ppt q-o-q to 7.5%, repositioning of some space during the year ensured overall vacancy rose by 2.2-ppt y-o-y from 5.3% in Q4 2023. Vacancy for ramp-access space decreased by 1.1-ppt to 10.7%, while that for lift-access space fell by 0.6-ppt to 2.7%.
- With landlords placing a stronger emphasis on keeping occupancy rates high rather than maximising rental income, warehouse rents fell by a further 1.1% q-o-q, bringing the full-year rental decline to -4.6% y-o-y, the sharpest annual fall since 2020.