综合市场人士表示，多年来工商铺市场受到重创，现时市底疲弱尤其是商厦及铺位，减息有助市场回復元气，工商铺价格将会逐渐见底回稳。

钟楚义：信心将慢慢恢復

资本策略主席钟楚义指，减息是一个方向性改变，一个转捩点，慢慢令投资者重拾信心，不过，现时市场信心仍然很薄弱、相信仍要视乎香港经济如何发展，香港要找寻一个新方向发展、需要新政策推动香港经济，尤其受美国政府打压之后香港。

蔡志忠：最快年底有转机

亚洲地产创办人蔡志忠表示，近年工商铺投资者所面对挫折，属非战之罪，他们普遍採用H按，近年来美国加息11次之后，H按借贷人供款骤增10倍，若借款额10亿，由以往月供利息100餘万，加至近年逾1000万，艰难情况可想而知。减息后扭转情况，近期H按已由今年高位7厘，减至最新3.7厘，供楼负担大减。

事实上，疫情以来逾4年冲击下，工商铺市场重创，价格普遍跌40%至60%，随着今次减息，势将带动交投，有助工商铺价格较快见底，他预期，见底时间还是需要时间，最快为今年底或明年初，「要待低价银主盘、平价盘陆续被吸纳，当盘源陆续由实力买家持有，持货力强，不再轻易放售，届时就是价格回稳上升之时。」

马侨生：最差时刻成过去

他认为，市况U形发展，现时已接近或已处于底部，惟底部或要再横行一段时间。

资深投资者马侨生表示，大幅减息属意料之外，随着减息周期正式啟动，对整体经济释出正面讯息，相信最差时刻成为过去。事实上，工商铺市场沉寂多年，尤其部分商厦租售价过分下跌，吸引用家吸纳，部分企业趁低成本扩张。他一直对后市保持信心，「若看得太差，就失去机会」！

(星岛日报)

减息除障碍 工商铺大手买卖看升

代理：学生宿舍投资新焦点

香港终落实减息，有外资代理行代理认为，减息后对投资者入市兴趣会提高，相信有助交投量回升，价格上则仍要视乎租金表现。

据该行统计5,000万元以上工商铺成交，今年第三季工商铺暂仅录42亿元成交，较第二季跌25%，持续淡静。不过，市场近日终有利好消息，美国联储局正式宣布减息半厘，为超过4年来首次减息，而本港银行亦随即减息0.25厘。

息口回落 投资者有方向

息口高企持续两年，该代理指，本港大额买卖少源于两大因素，「高息及内地经济放缓，令市场气氛欠佳。内地若非有重要措施推出，短期復甦仍较慢，故此息口回落，至少为市场带来好消息。」该代理分析，是次美国减息0.5厘，心理及气氛上会好，「美国目标2026年至有望回落至2.8厘，就算现阶段不会令交投炽热，利息转向讯号非常重要，投资者开始有方向。」

该代理指，息口回落将令买家心态转正面，因过往两年，高息下投资者追求物业净回报率达6厘，同时租金向下，令业主要大幅降价才能满足，「银行定期存款数字高，反映资金仍充裕，当利息回落便渐有入市动力。」

高息下业主持货压力大，该代理预期若再减息1厘，情况将大不同，「近一年银主盘涌现，正因持有物业收入未能抵销利息开支，若息口再跌1厘，断供情况将明显降低，价格便开始稳定。」现阶段下，该代理预计投资者会开始入市，同时市场仍要消化平价盘，料第四季大手买卖回升，至约70亿水平。

核心区商厦 值得投资

在各范畴上，该代理称若按统计，今年分层商厦成交不算很差，反映了用家入市转积极，并相信价格已跌至极低水平，「怎衡量价钱跌得多与少？如果商厦呎价跌至5,000元，基本上已属建筑价，可说是触底。」对于目前高空置及供应，地区还是关键，「供应量要睇地区，似乎集中于东九龙，核心区中环不算很多供应，故睇好核心区仍是最值得投资。」

商铺及酒店投资上，该代理指通关后内地旅客消费模式改变，「本港5星酒店尚有商务客入住，3至4星酒店却因过夜客减少，甚至因交通方便，选择住深圳酒店，经营酒店渐困难。」正因如此，该代理透露不少业主放售3至4星酒店，造就财团入市改装成学生宿舍，「在眾多投资项目上，只有学生宿舍租金稳步向上。」

学生宿舍成投资新焦点，故该代理指该行亦多加部署，要吸引财团投资同时，亦会安排本地租赁项目营运商合作，令财团安心投放资金。

(经济日报)

证券商每月78万租罗素街铺

铜锣湾罗素街曾以贵租闻名世界，逆市下租金急跌，租客亦趋向大眾化，该街道一个单边「铺王」以每月78万承租，新租客为证券商，租金较高峰期跌65%，平均呎租1114元。该证券商今年初以每月100万进驻旺角单边「铺王」，是次再下一城在「名店街」建据点。

由资深投资者黎永滔持有的罗素街59至61号丽园大厦地下G铺，药房提早一年撤出，铺位早前再度放租，以每月78万成功租出，平均呎租1114元。现场所见，新租客为富途证券，铺位围上木板，装修工程正在展开，新租客对后市具信心，签署5年长约，包括3年梗约及2年生约，是次亦是该公司今年第二度承租黄金地段「铺王」。

今年第二度承租铺王

该铺位旧租客药房去年9月签署2年租约，月租65万，惟生意未如理想，早前决定提早一年离场，黎永滔以每月80万将铺位放租，期间，获3间準租客包括鐘錶店洽商，最终由出价最高的富途证券拍板承租，较一年前旧租金加幅20%。

该铺位动向一直备受注目，2009年由珠宝金行粤港澳湛周生生以每月73万进驻，2012年高峰时期月租加至高达220万，平均呎租约3142元，为当时全港「呎租铺王」，最新租金较高位回落65%。

随着铺市回落，自2021年起两年内，该铺多次短租予口罩店及时装店，料月租约10万至20万。租金较高位回落65%

富途证券于今年5月，亦向黎永滔承租旺角亚皆老街67至69号地铺连阁楼，建筑面积2300方呎，较上一手长租客老凤祥于高峰期月租220万，大跌45%，但较1年前时装店月租38万，则大升逾2倍。现时，该铺日夜在赶工装修，工程接近尾声。

(星岛日报)

TOYOMALL湾仔巨铺1.5亿易手 投资者承接料回报近7厘

减息后大手买卖持续，资深投资者罗守辉旗下TOYOMALL沽售湾仔骆克道巨铺，作价1.5亿，平均呎价6818元，新买家为收租客，料回报近7厘。

继上周五北角一篮子铺位易手，市场再录一宗大手买卖，湾仔骆克道233至243号星港大厦地下D铺、1至3楼全层，建筑面积共22000方呎，以及大厦外墙权益，以1.5亿连约易手，平均呎价6818元。

持货6年贬值11%

据了解，该物业地铺实用面积约350方呎，1至3楼每层建筑面积逾7000方呎，现时由一间护老院承租，月租86.2万至明年11月梗约期满，生约月租可调升至最高99万，以易手价计算，料现时回报6.9厘，生约时回报更高达7.9厘。

TOYOMALL于2018年2月以1.684亿购入，持货6年，帐面亏损1840万，物业贬值约11%。

厂家购北角巨铺收租

上周四落实减息后，市场至少录2宗逾亿元买卖，除了上述巨铺外，资深投资者杨奋斌于沽售北角城中心巨铺，市场消息透露，买家为厂家，购入物业作收租用途，物业现时出租率达100%，月租逾140万，回报约5.5厘。

北角城中心部分地下及部分1楼，地下面积约20722方呎，1楼面积20124方呎，总面积逾40800方呎，作价3.1亿易手。

减息后录2宗大买卖

有代理表示，近年投资物业由高位急跌至少40%，对实力客来说开始有吸引力，近月连录用家购写字楼自用，投资者钟情铺位，始终铺位回报高，预期减息带动大手买卖，令用家及投资者取态积极。

上周四落实减息后，市场至少2宗逾亿元买卖，包括北角城中心巨铺以3.1亿售。

(星岛日报)

更多北角城中心写字楼出售楼盘资讯请参阅：北角城中心写字楼出售

更多北角区甲级写字楼出售楼盘资讯请参阅：北角区甲级写字楼出售

Who’s to blame? Hong Kong office glut to worsen as developers add fresh supply in 2025

Some 3 million square feet of supply will hit the market next year, likely delaying any recovery in office rentals, analysts say

Hong Kong’s office leasing market is in a troubling slump. Nearly a fifth of floor spaces across the city are vacant, unprecedented in the financial hub, and rents have fallen to levels last seen in 2015. Not even lower interest rates can turn this around over the next 12 months, experts say.

While businesses are not recovering fast enough to fill up the floors, the city’s landlords including Sun Hung Kai Properties, Mandarin Oriental Hotel/Hongkong Land, and SEA Holdings are partly to blame for the glut.

The trio and their peers are adding some 3 million square feet (278,709 square metres) of new office space to the market next year, a property consultancy estimated. That is expected to worsen the oversupply situation, currently at an all-time high of 17 per cent across the city.

“In light of the supply overhang, it will remain a tenants’ market in 2025,” an agent said. “The new supply will lead to higher vacancy by end-2025. Rents are expected to come down by roughly another 5 per cent in 2025.”

Sun Hung Kai will put 2.1 million sq ft of space into the market next year, when its International Gateway Centre in Tsim Sha Tsui is completed, according to another property consultancy. One Causeway Bay, a Mandarin Oriental and Hongkong Land project, will add 410,400 sq ft, while SEA Holdings will inject 310,700 sq ft from its Kowloon East development.

The first rate cut by the Federal Reserve and the Hong Kong Monetary Authority could give the market a little spark, according to a local property agency. Leasing and renewal deals have breathed a new lease of life into the downbeat market over the past four months, it noted.

“The interest-rate cut would be a supportive factor to the investing market, economic activities and the demand for offices,” an agent said. “Rental prices of the office segment would turn positive.”

Meanwhile, an index measuring overall office rents in Hong Kong fell last quarter to the lowest since early 2015, according to the Rating and Valuation Department.

In Tsim Sha Tsui, for example, prime office spaces fetched HK$474 (US$61) per square metre, the cheapest since the third quarter of 2012. In Central, average monthly rents fell to HK$946 per square metre, revisiting the levels in the first quarter of last year.

Rents for grade A and grade B offices have declined by 33 per cent and 17 per cent, respectively, from their peaks in 2018-19, according to the agency. The outlook is still mixed, as rents for prime office space have weakened by 7.3 per cent, while those for grade B offices gained 1.3 per cent, the agency said.

Deloitte renewed its 125,200-sq ft lease at One Pacific Place in Admiralty for up to HK$12.52 million a month, according to the agency. Chinese lender ICBC took up 200,000 sq ft at One Harbourfront in Hung Hom for HK$5 million a month.

In other notable movements, insurer AIA Group absorbed 150,000 sq ft at the AIRSIDE in Kai Tak for HK$4.5 million a month. A foreign law firm took up 22,800 sq ft at the Alexandra House in Central for HK$2.3 million, and US brokerage Wells Fargo extended its 24,000 sq ft lease at Three Pacific Place in Wan Chai for HK$2 million.

Do these deals foretell a sustained recovery? Much will depend on how the businesses will respond, and how fast lower financing costs work their way into the system. Hong Kong’s economy has thus far struggled to get out of second gear since the end of Covid-19 pandemic.

The number of regional headquarters and offices in the city has stagnated at 9,040 between 2019 and 2023, according to government data. The city has also lost its crown as the world’s busiest venue for new stock sales, with small offerings peppering the market until Midea Group’s jumbo deal arrived last week.

A moribund IPO market means a reluctance among companies to expand, impacting the demand for office spaces, according to Savills.

“An improved IPO pipeline will generally lead to better business prospects for financial and professional services firms,” the agent said. “Business sentiment would improve but cautious budgeting and innovative workplace strategies will prevent office demand from experiencing a sharp jump.”

Overall office rents in Hong Kong could retreat by 7 per cent to 9 per cent this year, the property consultancy forecasts. A deeper cut in interest rates, and a stronger rebound in mega IPOs, are needed to inject optimism into the office leasing and rental market.

The initial interest-rate reduction last week is still “not significant” to have a meaningful impact on office demand, another agent said. “Over the long run, and after a few more rate cuts, the impact would be more obvious.”

(South China Morning Post)

For more information of Office for Lease at International Gateway Centre please visit: Office for Lease at International Gateway Centre

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Homebuyers out and about after rate cuts

Home hunters are flocking to the primary property market in Hong Kong following interest rate cuts last week.

Emperor International's (0163) One Jardine's Lookout in Happy Valley had attracted 3,000 visitors as of yesterday after it was launched on Thursday with the developer expecting the first batch to be oversubscribed by 15 times over the weekend.

Emperor also said it had signed an agreement with five property agencies that prohibits them from offering rebates in any form for the project.

One Jardine's Lookout has the right to cancel transactions if it finds any agencies violating the agreement on the rebate.

Emperor said the agreement aims to provide transparency and help establish a standardized and healthy real estate market.

Last month, Hong Kong's Estate Agents Authority issued a circular to facilitate good and effective practices related to commissions, including a warning against collectively setting commission rates.

It warned that any incentives, including cash rebates offered by an estate agency company with a substantial degree of market power, must not be abusive.

Meanwhile, The Yoho Hub II in Yuen Long, developed by Sun Hung Kai Properties (0016), launched its fifth price list, offering 94 flats at prices of HK$14,549 per square foot after discounts.

The flats include two-bedroom and three-bedroom units and their prices range from HK$6.86 million to HK$13.12 million.

However, the rate cuts failed to have a positive effect on the secondary market.

Deals at Hong Kong's 10 major housing estates fell to just seven over the weekend from 15 the previous week, to an eight week low. Half of the estates recorded no deals at all.

A property agent said homebuyers from the mainland and investors were still adopting a wait-and-see attitude and that sales were being shored up by local buyers for now.

Last week, the Hong Kong Monetary Authority cut the base rate to 5.25 percent, on the heels of a rate cut of the same magnitude by the US Federal Reserve.

The Hong Kong and Shanghai Baking Corporation said it will cut its best lending by 25 basis points to 5.625 percent from 5.875 percent effective September 20.

Bank of China (Hong Kong) and Standard Chartered have also lowered their lending and Hong Kong dollar deposit rates by a quarter of a percentage point, effective today.

(The Standard)