It fell by 28%.
Sentiment on Hong Kong’s commercial property market dropped in 1Q24, according to the Global Commercial Property Monitor by RICS.
The 12-month value and rental expectations for Hong Kong commercial properties fell by 40% in 1Q24, whilst the commercial property sentiment index dropped 28%.
Sentiment on occupier demand also declined across various sectors, with the outlook for office demand falling by 41%, whilst industrial and retail dropped by 20% and 21%, respectively.
The slow economic recovery and high interest rates in Hong Kong impacted the sentiment of prospective purchasers and investors. In 2022/23, foreign investors have temporarily lost interest in investing in Hong Kong.
The report also noted that the Hong Kong commercial market’s performance in 2024 ties with the Mainland’s economic recovery, which has shown no significant improvement yet.
Meanwhile, Hong Kong’s real estate market expects no serious macroscopic changes globally that could negatively impact the global economy.
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