目錄 Content 2009年工商舖十大新聞 ...... 3-4頁 Top 10 non-residential property news of 2009 ...... Page 3-4
專訪美聯工商舖行政總裁黃子華 • 樓市升軌確認 美聯工商舖拓專業服務迎嶄新商機 ...... 5-6頁
An up cycle in property market resumed. Midland IC&I will expand professional services to meet new business oppurtunities . . . . . Page 5-6
工廈物業 Industrial Property Market 專訪美聯工商董事陳偉志 • 「活化政策」帶挈 工廈市場展新景象 ...... 7-8頁 Interview with Alvan Chan, Director, Midland Industrial • Revitalisation scheme brings new hope to industrial sector ...... Page7-8
2009年回顧 — 買賣及租賃市場 ...... 9-10頁 Review of Industrial property market in 2009 — Sales & Leasing market...... Page9-10
各區分析 Districts Analysis 觀塘、九龍灣及港島區 • 葵荃、長沙灣、新界東及北區 ...... 11-14頁 Kwun Tong, Kowloon Bay and Hong Kong Island Kwai Chung, Tsuen Wan, Cheung Sha Wan, New Territories East and North districts ...... Page11-14
展望 ...... 15-16頁 Prospect for Industrial property market...... Page15-16
商廈物業 專訪美聯商業董事黃漢成 • 售價落後 甲級商廈成資金追捧目標 ...... 17-18頁 Interview with Daniel Wong, Director, Midland Commercial • ...... Page17-18
2009年回顧 — 買賣及租賃市場 ...... 19-20頁 ...... Page 19-20
各區分析 Districts Analysis 上環、中環及金鐘 • 尖沙咀及九龍灣 ...... 21-24頁 Sheung Wan, Central and Admiralty • Tsim Sha Tsui and Kowloon Bay...... Page 21-24
展望 ...... 25-26頁 ...... Page25-26
商舖物業 Retail Property Market 專訪美聯旺舖董事盧展豪 • 零售前景秀麗 商舖租售價可看高一線 ...... 27-28頁 Interview with Tony Lo, Director, Midland Shops • A bumper year of sales, a stronger growth in retail property market...... Page27-28
2009年回顧 — 買賣及租賃市場 ...... 29-30頁 Review of Retail property market in 2009 – Sales & Leasing market ...... Page 29-30
各區分析 Districts Analysis 銅鑼灣、尖沙咀及旺角 • 北角、西環、荃灣及元朗 ...... 31-34頁 Causeway Bay, Tsim Sha Tsui and Mong Kok • North Point, Sai Wan, Tsuen Wan and Yuen Long ...... Page 31-34
展望 ...... 35-36頁 Prospect for Retail property market ...... Page35-36
H0751-00 MIDLAND 8.indd 1 1/20/10 9:05:04 PM 2 0 0 9 年 工 商 舖 十 大 新 聞 Top 10 Non-residential Property News of 2009
外資基金趁旺市動作多 九龍指標商廈呎價刷新高 美林旗下的房地產基金在今年內出售中環荊威廣 向來落後大市的九龍區指標商廈，今年下半年創新突 場、太子金都商場及旺角百寶利商業中心3項商舖及 破，繼永安廣場中層全海景全層以呎價約1.5萬元成交 商廈物業，獲多個財團爭奪後，最終獲由「玩具大 後，康宏廣場高層全層新近錄得的成交呎價亦約1.62 王」蔡志明牽頭的本地財團以約15.9億元鯨吞。另一外資基金 萬元，呎價打破九龍區商廈紀錄外，更超越1997年水平，成為 摩根士丹利亦表現活躍，先後以約36億元及近15億元沽出中環 市場新指標。 盈置大廈及1 5幢Shama服務式住宅項目，澳洲麥格里旗下的地產 4 基金於第3季拆售上環新紀元廣場。 Foreign investment funds turned active under hot market sentiment market for years, but it recorded a breakthrough in the second half of 2009. Merrill Lynch’s real estate fund put Silver Fortune Plaza in Central, Golden Following the record-breaking transaction of HK$15,000 per sq ft of the Plaza in Prince Edward and Pakpolee Commercial Centre in Mong Kok for sale in 2009. It attracted aggressive bidders from certain investors. Eventually Plaza was sold for HK$16,200 per sq ft recently. It hit the record high of the consortium led by toy tycoon Francis Choi Chi-ming acquired the portfolio for about HK$1.59 billion. Morgan Stanley Real Estate Fund is another active a new indication to the property market. property fund in the investment property market. The fund sold its Nexxus
billion and about HK$1.5 billion respectively. Macquarie Global Property 多個尖沙嘴商場開幕 長實旗下的尖沙嘴1881 Heritage匯聚多個國際品牌， Millennium Plaza in Sheung Wan in the third quarter. 名店林立，已於今年開幕，迅即令廣東道一帶更添活 力，而期待已久的尖沙嘴河內道K11商場及iSQUARE亦 於今年底前開幕，將令尖沙嘴區更見熱鬧：同時，區內大型商 備受矚目的中環街市「地王」剔出勾地表 場The ONE等將陸續落成，於今年內相繼展開連串的招租工作， 政府在施政報告中宣布連串中環活化項目，當中中環 5令商場招租活動更見頻繁。 街市更為重點保育項目，預計最快在兩年後變身成 Openings of the new shopping malls in Tsim Sha Tsui 飲食、購物及消閒集中地；而隨著中環街市進行「活 1881 Heritage developed by Cheung Kong (Holdings) attracted international 化」，加上中環碼頭用地的發展密度大幅降低，將令中區可作 brands to open new shops. The shopping arcade was opened in 2009 2發展的商業地皮持續遞減，預料將會對中區商廈的租售價有正 and blew some vitality into the shopping area around Canton Road. K11 at 面幫助。 Hanoi Road and iSQUARE were also opened at the end of the year. They will Removal of the Central Market site from the land application list attract more shoppers in the district. In addition, another major shopping The Chief Executive Donald Tsang Yam-kuen unveiled the Central preservation centre, The ONE, is going to be completed. The leasing campaigns of these plans in his policy address. The former Central Market site has been removed shopping malls in the year made the leasing activities more active. from the land application list and will be one of the major preservation projects. The building is expected to become a dinning, shopping and leisure destination as soon as two years. The development density of the commercial site near Central ferry piers has also been reduced. The move will diminish the supply of
and rentals in the area.
政府公布工廈「活化」政策創先河 政府於10月公布的施政報告提出4項活化工廈措施 後，發展商及業主反應熱烈，紛紛把握時機為旗下 的物業增�；市場上，不少投資者及用家亦積極物 色可塑性高的工廈物業，令整體投資氣氛受帶動，買賣交投隨 3即升溫。 Government announced innovative revitalisation scheme for industrial buildings The release of the four policies for revitalising industrial buildings in October received positive responses from developers and vendors. It gave them a chance to enhance the commercial value of their properties. It also attracted investors and end-users to seek for industrial properties with development potential in the investment market. It induced the overall investment sentiment and activated the sales of industrial properties.
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H0751-00 MIDLAND 8.indd 3 1/20/10 9:05:09 PM 2009年工商舖十大新聞 Top 10 Non-residential Property News of 2009
核心區舖位「天價」重現 本港經濟持續轉好，令零售消費走勢強勁，核心區舖 位的買賣表現叫人驚喜，市場錄得多宗「天價」成交 個案，當中最為矚目的是英皇國際以約8.43億元購入 尖沙嘴廣東道一個實用面積約1,212平方呎的舖位，按呎價折 算，高達近70萬元，較現時銅鑼灣東角道舖位呎價約46萬元為 6高，成為本港最新舖王。 Record-breaking transactions of retail properties in core areas reappeared Coupled with the improvement in Hong Kong economy and strong retail sales, the sales of retail properties in core shopping destinations were better than the market expectation. The market recorded certain record-breaking transactions in the year. The most prominent deal is Emperor International spent HK$843 million to buy a retail shop at Canton Road in Tsim Sha Tsui with the net oor area of 1,212 sq ft. It is equivalent to a at price of almost HK$700,000 per sq ft, which is higher than the unit rate of HK$460,000 per sq ft of the shop at East 收購重建為大勢所趨 本地投資者覬覦東九龍工廈 Point Road in Causeway Bay. The shop became the most expensive 市區地皮發展有限，不少發展商及本地財團積極展 shop in Hong Kong. 開重建併購等工作，以增土地儲備，市建局旗下的 觀塘月華街重建項目推出招標，獲多間大型發展商 垂青參與；同時，個別投資者早著先機，近期積極購入東九龍 放�深圳自由行，帶動本港旅遊業 區內工廈物業，「舖王」鄧成波或有關人士在年內9 斥資共約6億 國內宣布深圳市將自12月15日起為常住深圳的非廣東 元購入多個工廈物業及地舖，如長江電子大廈全幢、駱駝漆大 戶籍居民辦理赴香港「個人遊」簽証試點工作。新措 廈及成業街七號地舖等。 施對國內旅客以個人遊身份來港旅遊消費更見便利， With the new trend of acquiring old buildings for redevelopment, industrial 更會刺激國內遊客來港的次數上升，推動旅遊業。同時，這亦 buildings in East Kowloon became the targets of local investors 7帶動本港零售市道，直接令商舖價�上揚。 As the supply of land in prime locations is running short, developers and local enterprises turned active in acquiring strata-titled old buildings to Shenzhen individual visit replenish the land banks. The tender for Urban Renewal Authority’s Yuet The mainland government announced the non-Guangdong residents in Wah Street redevelopment project in Kwun Tong attracted many major Shenzhen are allowed to visit Hong Kong under the individual visit scheme developers to submit their bids. A few of early-bird investors became starting from December 15. The new policy will facilitate them to come to aggressive in acquiring industrial properties in East Kowloon recently. For Hong Kong for sightseeing and consumption. It would also encourage them example, the veteran property investor Tang Shing-bor or related parties to visit the city more frequently and would be a strong stimulus for tourism. spent a total of about HK$600 million to buy industrial properties and
mainland arrivals and the capital value of retail shops would surge. workshops at Camelpaint Building and No 7 Shing Yip Street in the year.
全球銀行重新定位，匯豐銀行行政總裁主要辦公室將 交通網絡改善 為工商舖物業帶來裨益 遷本港 醞釀多年的港鐵沙田至中環線(沙中線)終落實發 植根香港的匯豐控股宣布旗下行政總裁主要辦公室落 展，2009年將會完成連串的詳細設計及規劃工作 實搬到本港，此舉將突顯香港在亞洲的國際金融中心 後，將於2010年施工。沙中線的發展將會連接多條 地位；更為市場帶來強烈的正面訊息。本港經濟地位將更為重 現有的鐵路線，令鐵路網絡更趨四通八達，有利城市規劃更完 要。此舉成為更多跨國企業的重要參考，將會對本港商廈買賣 1善外0，更會刺激東南九龍及新界各區的商業活動更趨頻繁，提 8及租務市場帶來強烈的需求，更會令空置率持續降低。 高區內物業的增�條件。
of transportation network
Michael Geoghegan from London to Hong Kong, a return to its roots. It The construction work will begin in 2010 after the detailed design and planning works were completed in 2009. The new railway will connect to brought a positive signal to the market. It gave an important reference to several existing railways so as to develop a better transportation network. the multi-national companies and brought new demand for Hong Kong It could improve the town planning further and stimulate the business activities between South East Kowloon and the New Territories. This will expected to drop further. support the capital value gain of the properties in the areas. 4
H0751-00 MIDLAND 8.indd 4 1/20/10 9:05:13 PM 專 訪 美 聯 工 商 舖 行 政 總 裁 黃 子 華 Interview with Pierre Wong
An up cycle in property market resumed Midland IC&I will expand professional services to meet new business opportunities Non-residential property market had taken six years to recover from the
who worked in the property agency industry for more than 20 years.
property prices also dropped to the record low.
the impact of this crisis on the property market and the economy would be more
even longer time to recover,” Pierre Wong said.
黃子華 Pierre Wong “However, the Hong Kong property and stock market recorded an encouraging 美聯工商舖行政總裁 pick-up in 2009. It is better than our expectation,”
樓市升軌確認 residential property outperformed 美聯工商舖拓專業服務迎嶄新商機 工商舖市場經歷6年才能從97年亞洲金融風暴中 It has been a roller-coaster ride for the non-residential property prices in 2009. 復蘇，是次能在09年短短一年內大幅反彈為市 The prices once plunged to the trough at the beginning of the year. Then the 場意料之外，連擁有超過20多年物業代理經驗 strong rebound in stock and residential markets in March helped to improve the 的美聯工商舖行政總裁黃子華也指市況之波動 investment sentiment of commercial properties. In the second half of 2009, the 為前所未見。 economic prospect improved further, property investment sentiment became even
09年首季工商舖市場備受金融海嘯打擊，交投量劇 non-residential properties. In the forth quarter of 2009, the prices of certain types 減，成交價格也屢創新低。黃子華表示：「08年9月 of properties could even reached the peak level at 2008. 爆發的金融海嘯波及全球，原以為比97年亞洲金融 風暴對樓市及經濟造成的打擊更甚，樓市需要更長時 Mr Wong said: “The recovery in property market is led by several favorable factors. 間復蘇。不過，09年本港樓股走勢復蘇速度卻令人 The ultra low interest and mortgage rates environment is one of the main drivers 喜出望外。」 the wealth effect brought by the booming stock market, property sales were 多路資金追捧 09年工商舖大額市場表現出� 工商舖物業價格走勢於09年儼如「坐過山車」，於 favorable factor for the up cycle.” 年初曾一度跌至谷底，至3月股市及住宅市場雙雙反 彈，工商舖物業投資氣氛跟隨轉佳。踏入下半年，經 In the second half of 2009, the non-residential property sectors, including 濟前景進一步明朗，物業投資氣氛熾熱，工商舖成交 量價升勢更為明顯，個別物業類型的售價更在第4季 particularly outstanding. 陸續重返08年高位。
黃氏稱：「多項因素支持樓市迅速復蘇及進入升軌， property”, especially those valuable properties which are limited in the market. 『雙低息』是其中一項重要因素，誘使資金大舉流入 樓市；股市回復暢旺，財富效應帶動樓宇買賣更為活 bloc buildings at prime locations became the targets of the investors. Thus, the 躍；此外，大量國內及外國資金湧入亦成為是次升市 market recorded many major transactions which were over HK$100 million,” Mr 的主要因素。」 Wong explained.
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H0751-00 MIDLAND 8.indd 5 1/20/10 9:05:14 PM 專訪美聯工商舖行政總裁黃子華 Interview with Pierre Wong
09下半年工商舖市場全線止跌回升，其中，以大手 The buyers of valuable properties were no longer limited to the veteran 買賣的表現最為突出。「金融海嘯後，投資者對『磚 local investors, he said, adding that luxury residential investors, mainland 頭』信心增加，尤其是市場罕有的貴重物業，如核心 buyers and old-brand investment groups were also hunting for the properties. 區一線街商舖、甲級商廈物業以至位置優越的全幢物 業均成為資金極力追捧對象，市場因此屢現逾億元的 Further improvement in economy makes the outlook for leasing and investment 矚目成交個案。」黃氏補充，貴重物業不但吸引一向 markets of non-residential properties better 活躍於市場的資深投資者，更引來一批豪宅投資客、 國內買家，以至老牌投資財團亦蟄伏出擊搶貨。 Mr Wong expects the positive factors for property market in 2009 would also
經濟環境進一步改善 工商舖租售前景理想 黃子華認為，帶動09年樓市高走的利好因素得以在 to the property market. Economic data such as unemployment rate, number of 2010年繼續奏效。「市場普遍預期大幅加息的機會 visitors, consumption index and GDP recorded the improvement,” he said. 不大，仍然有利資金進入樓市；而且，各項經濟數據 如失業率、旅客人數、消費指數及GDP均錄得正面改 “The recovery in economy and improvement in unemployment rate would help 善。」
「本港經濟轉佳，失業率改善，市民消費信心恢復， 零售業將率先受惠，商舖租售前景秀麗；寫字樓將受 惠於經濟回穩，企業恢復擴張計劃，租售價格及成交 properties would be the new target of developers and investors because of the 量可望上升；工商物業受惠於施政報告提出的活化措 revitalisation scheme as mentioned in the policy address,” 施，成為投資者及發展商的新焦點。」 Strengthen the professional team and provide new services 強化專業團隊 提供嶄新服務 美聯工商舖亦將按市況而作出理性擴充。黃氏稱： Midland IC&I will expand rationally depending on market conditions. Mr Wong 「未來，工商舖市場將會出現新商機，集團已針對 said: “We expect there will be new business opportunities in non-residential 市場新需求，開拓相關的專業服務。」 property sector. Our Group will provide relevant professional services to meet the new market demand,” 因應政府推出的活化工廈政策，集團已成立「活化工 廈專組」為業主提供一條龍服務，專組由資深物業代 The company has set up a Revitalise Industrial Building Team to provide one-stop 理、註冊測量師及建築師等專業人士組成，為業主提 services to the owners of industrial buildings. The team consists of experienced 供活化工廈可行性研究，探討物業的活化潛力、成本 property agents, registered surveyors, architects and other professionals. They 分析及市場研究。專組更舉行公開講座，向工廈業主 would carry out feasibility study to analysis the development potential of the 講解「活化政策」詳情及提供改裝、重建工廈的專業 industrial buildings, estimate the investment cost and conduct market research. 知識；並且成立熱線電話，方便有需要的工廈業主� The team would hold seminars for the owners to explain the details of the policy 詢。 and provide professional opinions in construction or conversion plan. A hotline was set up to answer owners’ enquiries. 此外，集團更推出「免費估價服務」，由註冊測量師 向放盤客戶提供免費口頭估價，為業主提供更貼身的 The Group has also provided a free valuation service. Registered surveyors would 服務。黃氏指出，集團亦會積極提升現有服務的質 give verbal property valuation free of charge and provide tailor-made services 素，尤其是網上平台的發展。 to the owners. Mr Wong said the Group will continue to enhance the quality of existing services, particularly the development of the on-line platform.
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H0751-00 MIDLAND 8.indd 6 1/20/10 9:05:15 PM 工 廈 物 業 Industrial Property Market
Interview with Alvan Chan, Director, Midland Industrial Revitalisation scheme brings new hope to industrial sector High rental yield is no longer the only attraction of industrial properties after the government released the revitalisation scheme for industrial buildings in October 2009. It is expected the plan would provide a new development direction for industrial properties.
crisis led to a weak market sentiment in industrial sector in early 2009. Sales
market turned active dramatically at the end of the second quarter, while many experienced investors turned their focuses in the industrial market from retail market. Investors became optimistic about the market outlook for industrial properties after the government announced the revitalization policy of industrial buildings in the forth quarter of the year.
asking prices of retail shops in Causeway Bay or Mong Kok, the hottest shopping 陳偉志 Alvan Chan destinations, are at least HK$200 million to HK$300 million. The upside potential 美聯工商董事 Director, Midland Industrial in capital value is limited in a short term. However, the prices of en bloc industrial buildings in urban area ranged between HK$100 million and HK$200 million only. The unit prices remained at relatively low level. And the rental yield may reach 專訪美聯工商董事陳偉志 as high as 5 per cent. It attracted veteran investors, like Tang Shing-bor and 「活化政策」帶挈 工廈市場展新景象 工商物業向來以租金回報率高吸引投資者，隨著政府 aggressively in 2009. 於10月公布的活化工廈政策，為工商物業的發展前 景帶來契機，高回報率已不再是唯一賣點。 “Those investors are familiar with the retail market. Compared with the limited supply of retail properties in shopping districts, there is a supply surplus in industrial 美聯工商董事陳偉志表示，09年初工商物業市場仍 property market. The supply of industrial properties limited the growth in capital 受金融海嘯�累，第1季交投淡靜，第2季底才開始 value. A sharp increase in capital value driven by the limited supply as happened in 活躍，更吸引多名資深商舖投資者「轉戰」工商市 retail properties market is unlikely to be repeated in industrial sector,” he said 場，加上政府推出活化工廈政策，工商物業前景更備 受投資者看好。 But he said the prices of the industrial buildings in urban area such as Kwun Tong and Cheung Sha Wan ranged between HK$1,000 and HK$2,000 per sq ft only, 商舖物業於金融海嘯後價格未見大幅下調，銅鑼灣、 close to the unit rate of construction cost. “It showed industrial properties had 旺角等消費旺區的一線地段街舖動輒2至3億元，相 strong appreciation potential. In addition, high rental yield also helped to shore up 反，市區全幢工廈售價亦僅涉及1至2億元，呎價仍 處於低位，回報率卻可以高達5厘，自然吸引「舖 王」鄧成波、盧華等知名投資者，大手吸納價格「大 Well-known property traders were not active in industrial market a year ago. Alvan 落後」的全幢工廈或地廠物業。 encourage other property investors to buy industrial buildings. 他說：「雖然這批投資者較熟悉商舖市場， 工 廈物業供應也較多，難以如消費區商舖般 靠 Demand for en-bloc industrial buildings from investors became strong in the 『物以罕為貴』而升�。不過，觀塘及長沙灣區內不 mid of 2009 as the investors believed the industrial properties would outperform 少工廈呎價僅一千至二千餘元，與建築成本相若，顯 other properties. With limited supply of en bloc industrial buildings and increasing 示工廈物業極具升�空間。加上，租金回報率高，更 demand, investors believed en-bloc industrial buildings would have a higher 加強投資者投資信心。」 upside potential in prices than the other properties.
以往工商投資市場以低調的投資者較為活躍，陳偉志 Rental yield of industrial properties ranged between 4 and 7 per cent, Mr Chan said. 認為著名投資者入市後，令工商物業備受市場注目， Compared with the return of almost-zero per cent interest rate from the banks, the 起催化作用，鼓勵其他投資者入市。 rental return of industrial property investment became more attractive.
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H0751-00 MIDLAND 8.indd 7 1/20/10 9:05:17 PM 工廈物業 Industrial Property Market
市場於年中起對全幢工廈需求增加，不少投資者認為全幢工廈 In October last year, chief executive Donald Tsang Yam-kuen unveiled 供應不多，需求又穩步上升，價格升幅遠低於其他類型物業， plans to revitalise the industrial buildings. The policy will take effect on 可望「追落後」，遂積極吸納投資。 April 1 in 2010. The government will lower the sales threshold for triggering compulsory sale for redevelopment of all units in an industrial building to 本港於09年利息維持低息水平，存放資金於銀行僅能獲得微薄 80 per cent from 90 per cent. Under the new rule, the owners of industrial 利息收入，更突顯投資工商物業回報率可觀。陳偉志表示，一 buildings would be exempted from paying the waiver fee for changing the 般工商物業租金回報率可達到4至7厘，對投資者極為吸引。 use to non-industrial. The scheme would give a new direction to industrial sector and also the development of industrial districts. 行政長官曾蔭權於10月公布的施政報告，宣布推出活化工廈四 項措施，建議包括於2010年4月1日起降低強制拍賣工廈的門 Mr Chan said the owners and investors are bullish on the market outlook of 檻，只要持有30年樓齡或以上工廈80%的業權便可向土地審裁 industrial properties. “Many landlords are reluctant to sell their properties. 處申請強制拍賣；全幢工廈改裝作非工業用途，可免交「豁免 They would like to wait until they saw the impact in the market after the 費」，令工廈物業獲新發展方向，工業區發展亦同步受帶挈。 policy took effect. Those landlords and the buyers also felt puzzled for the true value of the properties,” he said. “As such, we didn’t see a sharp rise 陳偉志表示，工廈業主及投資者普遍看好工廈物業市場前景， in industrial property sales,” 部分業主惜售物業，待政府實施有關措施後再決定物業價格及 放售計劃，加上買賣雙方仍在摸索工業物業的最新定價，令工 For the market outlook in 2010, Alvan Chan believed the impact in 廈買賣量未見大幅飆升。 industrial market would be obvious after the policy would take effect
展望未來工商物業市道，陳偉志認為活化政策一旦通過，該政 conversion of the industrial buildings, while investors and individual 策對市況產生的「威力」可望顯現，預料將率先吸引發展商申 請把現有工廈更改用途，投資者及獨立業主也憧憬把工廈轉作 to maximize the return. 零售或寫字樓用途。 With the environment of low interest rates, he expected industrial properties 他也認為，在利息低企的環境下，租金回報率高、呎價落後以 with high rental yield, strong upside potential in price and redevelopment 及發展潛力獲提升的工廈物業仍會是投資者積極吸納的目標。 potential would continue to be the acquisition target of the investors.
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H0751-00 MIDLAND 8.indd 8 1/20/10 9:05:18 PM 工 廈 物 業 Industrial Property Market
2009年回顧 買賣市場 工廈物業雖然較其他物業較遲步出金融海嘯陰霾，於下半年才 正式止跌回升，但由於復蘇步伐理想，下半年按月買賣量得以 回復400多至500多宗的水平，11月份註冊量更攀升至663宗， 創自08年1月後的單月新高。工廈下半年的買賣註冊量就較上 半年上升119%；註冊金額亦反彈了164%；在上半年的淡靜市 況�累下，2009年全年工廈註冊量錄得4,785宗，註冊金額錄 得141.9億元，數字與08年相若。
工廈售價受金融海嘯打擊，年初錄得較高峰期跌逾三成的水 平。隨著下半年買賣氣氛轉活，工廈售價亦由低位回升，迄至 年底，各區工廈的平均售價與高峰期差距收窄至一成至兩成， 部份反彈力較強的工業區，如觀塘及長沙灣等，區內更出現售 價高於金融海嘯前的個案。
09年工廈買賣市場具有兩項特色 第一，工廈買家已不限於廠 家及傳統工廈投資者，其他市場的資深投資者亦垂青工業區的 發展潛力，以及售價低水，回報高等吸引力而入市，如有「舖 王」之稱的鄧成波，就先後斥資約1.78億元購入觀塘長江電子 大廈全幢；以及斥約1.1億元購入觀塘駱駝漆大廈地廠物業等； 此外，宏安集團亦以約2.48億元購入油塘四山街15號(港新布 廠)全幢工廈。
第二，全幢工廈買賣交投暢旺。全年合共錄得約23宗全幢工廈 成交個案，其中最大宗包括荃灣沙咀道52A號以約4 .68億元成 交；葵涌光輝凍倉以約3.9億元及油塘新興浙江貨倉以約3.9億 元成交。全幢工廈獲市場追捧不無原因，如油塘工業區受惠於 住宅市場交投暢旺，又面臨鯉魚門，工業地皮具條件轉作住宅 發展，因此吸引不少發展商在區內「尋寶」；另觀塘及九龍灣 Review of Industrial property market in 2009 商業元素日益加強，全幢工廈可塑性高，自然成為投資者及發 Sales Market 展商爭奪目標，區內年內合共錄得6宗全幢工廈成交個案，其中 The recovery in industrial market lagged behind other property sectors, 成交價最高為觀塘成業街10號萬邦工業大廈以約3.4億元售出。 but the market experienced a strong pick up in the second half of 2009. The monthly transactions of industrial property investment returned to 工廈註冊量及註冊金額 the level of 400 to 500 cases in the second half of 2009. The market No. of transactions and transaction volume of industrial properties recorded 663 transactions in November, the highest monthly level since 註冊金額(約/十億元) 註冊量 Transaction volume (approx. /HK$ billon) No. of transactions January 2008. The transactions of industrial market in the second half
24 8000
7000 transaction value also jumped 164 per cent. Due to the weak market 20 6000 16 5000 reached 4,785 cases with a total transaction value of HK$ 14.19 billion, 12 4000 both similar to that in 2008. 3000 8 2000 4 1000 property prices slumped more than 30 per cent from the peak. But the 0 0 prices began to pick up after the market sentiment improved in the second
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 half. Prices of industrial properties were only ten to twenty per cent less
註冊量 No. of transactions 資料來源：土地註冊處及美聯工商舖 Source: Land Registry & Midland IC&I than the market peak. Industrial prices in prime locations such as Kwun 註冊金額(約/十億元) Transaction volume (approx. /HK$ billon) Tong and Cheung Sha Wan had even exceeded the levels before the
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H0751-00 MIDLAND 8.indd 9 1/20/10 9:05:19 PM 工廈物業 Industrial Property Market
2009年涉及最高金額的10宗全幢工廈成交個案 There were two characteristics for the industrial sale market in 2009. Ten most expensive en-bloc industrial building transactions in 2009 First, the industrial investment market saw a growing interest from veteran 地區 地址 大廈 成交價(約/百萬元) property investors. The buyers were no longer limited to manufacturers or District Address Building Considerations (approx./ HK$ million) industrial investors. The development potential, low-priced and high rental 荃灣 沙咀道52A號 沙咀道52A號 yield lured the veteran investors such as Tang Shing-bor to spend approx. Tsuen Wan No.52A Sha Tsui Road No.52A Sha Tsui Road 468 葵涌 永業街11至19號 光輝凍倉(二倉) HK$178 million to acquire Cheung Kong Electronic Building and about Kwai Chung No. 11-9 Wing Yip Street Brilliant Cold Management 390 (Warehouse 2) 油塘 四山街8號 新興浙江貨倉 Kwun Tong. Wang On Group bought the en-bloc industrial building at 15 Yau Tong No. 8 Sze Shan Street Sunhing Chekiang Godown 390 觀塘 成業街10號 萬邦工業大廈 Sze Shan Street (Kong San Factory Building) in Yau Tong for approximately Kwun Tong No. 10 Shing Yip Street Trinity Textiles Limited Building 340 HK$248 million as well. 九龍灣 宏光道6號 廣新行貨倉第三倉 Kowloon Bay No.6 Wang Kwong Road Kwong Sun Hong Godown Limited 280 Godown No.3 Secondly, the investment market of en-bloc industrial buildings was 油塘 四山街15號 港新布廠大廈 Yau Tong No.15 Sze Shan Street Kong San Factory Building 248 particularly active during the period. In 2009, about 23 en-bloc 九龍灣 宏泰道14號 理智中心(泉興工業大廈) Kowloon Bay No.14 Wang Tai Road Niche Centre 234 industrial buildings were sold, while the largest transaction was (Chuan Hing Industrial Building) No.52A Sha Tsui Road in Tsuen Wan sold for approx. HK468 million, 荃灣 橫龍街72至76號 龍華國際貨運中心 Tsuen Wan No. 72-76 Wang Lung Street Lung Wah International Godown 220 and Brilliant Cold Storage Management (Warehouse 2) in Kwai Chung 葵涌 打磚坪街26至38號 菱電工業中心 Kwai Chung No.26-28 Ta Chuen Ping Street Ryoden Industrial Centre 202 and Sunhing Chekiang Godown in Yau Tong both were sold for approx. 觀塘 興業街4號 長江電子大廈 Kwun Tong No.4 Hing Yip Street Cheung Kong Electronic Building 178 HK$390 million respectively.
資料來源：美聯工商 Source: Midland Industrial En-bloc industrial tower is one of the major targets of the investors. For example, Yau Tong industrial district was bene ted from the 租賃市場 robust residential sales market and prominent waterfront location. 上半年工廈租賃市場表現疲弱，租金受壓下跌。與買賣市場一 The industrial sites in the area have the potential of being converted 樣，租賃市場於下半年才見逆轉。廠家在外圍經濟轉佳後才展 into residential use, which are attractive to the developers. As Kwun 開擴充業務步伐，租賃個案始見增加，租金亦見回穩，下半年 Tong and Kowloon Bay industrial districts were converting into a 錄得約5至8%的升幅。個別空置率一向低企的工業區，如長沙 commercial area, the en-bloc industrial buildings in the areas have 灣及觀塘等，租金回升幅度較為明顯。�得一提的是，本港物 strong redevelopment potential. It attracted developers and investors 流業發展理想，貨倉租金表現突出，錄得的升幅較工廈及工貿 to acquire the buildings aggressively. The areas recorded 6 en bloc 物業更可觀，年內約有一成至兩成升幅。 industrial buildings transactions in the year. The largest transaction is Trinity Textiles Limited Building at 10 Shing Yip Street in Kwun Tong sold for approx. HK$340 million.
Leasing market Industrial leasing market was weak in the rst half, and the rentals were in downward pressure. Same as the industrial investment market, the leasing market had the signs of recovery since the second half. Many companies began to expand as the economy had been improving. The number of leasing transactions had increased, while the rentals started to stabilise. It recorded a growth of 5 to 8 per cent in the second half of the year. The industrial districts with lower vacancy rate su ch as Cheung Sha Wan and Kwun Tong recorded a stronger growth in rentals. As the performance of Hong Kong’s logistics industry was strong, the rentals of warehouse surged 10 to 20 per cent in the year, higher than the rental growth in industrial buildings and industrial-of ce buildings.
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H0751-00 MIDLAND 8.indd 10 1/20/10 9:05:21 PM 工 廈 物 業 Industrial Property Market
各區分析 Districts Analysis 觀塘 Kwun Tong 觀塘工廈市場表現為各區中表現最突出，主要原因是投資者憧 The industrial market of Kwun Tong has outperformed the other districts, 憬區內裕民坊及郵輪碼頭兩大發展項目將帶動觀塘工業區加速 owing to the investors were active in seeking investment opportunities in 轉型，大手吸納區內物業，投資氣氛濃厚。 the district. The district is emerging as a new commercial hub due to the redevelopment of Yue Man Square and cruise terminal development at Kai 區內工廈呎價於年內顯著上升，平均呎價於年底為2,093元， Tak in the vicinity. The investment market in the district is active. 較年初錄得的1,555元，上升約35%，已回升至08年8月爆發 金融海嘯前的水平，距離08年7月每方呎2,258元的高峰僅相 Capital values of industrial properties experienced a strong run up in 差約7%。 the year. Average price of industrial properties soared 35 per cent to HK$2,093 per square foot at the year end from HK$1,555 per sq ft in 觀塘工業區�鄰地鐵站，交通配套完善，市場一向對區內工商 early 2009. It has resumed to the level as before the onset of the global 物業需求穩定，物業投資前景備受投資者及發展商看好，其中 億京發展便斥資約3.4億元購入成業街10號全幢工廈成交。 sq ft by 7 per cent.
觀塘及九龍灣區工廈平均呎價走勢 As Kwun Tong industrial district is well connected by the MTR and other Price movement of industrial property in Kwun Tong & Kowloon Bay public transport networks, the demand for industrial properties in the 平均呎價(約/元) district is steady. Developers and investors are optimistic about the outlook Average price (HK$ per sq ft)
2400 of industrial investment. For example, Billion Development acquired an industrial building at 10 Shing Yip Street industrial building for approx. 2000 HK$340 million for redevelopment. 1600
1200 workshops along Hoi Yuen Road became the acquisition targets of 800
400 sold throughout the year. For example, veteran investor Tang Shing-
0
01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09 workshops at Camelpaint Building at Hoi Yuen Road in the second half
of 2009. 觀塘平均呎價(約/元) Kwun Tong Average price (HK$ per sq ft) 資料來源：美聯工商 Source: Midland Industrial 九龍灣平均呎價(約/元) Kowloon Bay Average price (HK$ per sq ft) Kowloon Bay 除工廈物業外，地廠交投也見活躍，開源道一帶的地廠更是投 The pace of transformation in Kowloon Bay industrial district is the 資者的爭奪目標。開源道約有六成的地廠於年內錄得轉手，如 fastest among the industrial districts since the Planning Department 「舖王」鄧成波便於下半年先後斥資共約2.48億元，購入開源 rezoned the industrial sites into business use across the city. A number 道駱駝漆大廈4項地廠物業。 of grade A of ce buildings and a shopping mall in the district were completed in recent years, which helped to drive Kowloon Bay’s 九龍灣 dramatic changes. 規劃署於各區改劃工業用地為商貿地帶後，以九龍灣工業區轉 型速度最快，區內近兩年先後有多幢甲級寫字樓及大型商場落 In 2009, the investment market of industrial properties in Kowloon Bay 成，面貌已煥然一新。 was stable. The prices of industrial properties stayed at the range between HK$1,600 and HK$1,700 per sq ft. The number of transactions remained 09年九龍灣工商物業市況較穩定，年內工業大廈呎價維持於 1,600至1,700元水平。買賣交投量每月維持於30多宗水平，較 compared with about 10 cases a month in the second half of 2008. 08下半年平均下挫至10多宗的水平明顯增加。 Average price of industrial buildings in Kowloon Bay reached as high as 九龍灣工業大廈平均呎價於08年3月曾高達2,154元，09年底與 HK$2,154 per sq ft in March 2008. The current prices still lagged 2008’s 當時高峰期比賽，仍相差約兩成，顯示該區工業大廈存在極大 market peak levels by about 20 per cent. It showed the industrial buildings 的升�空間。 in the district has high upside potential in capital value.
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H0751-00 MIDLAND 8.indd 11 1/20/10 9:05:21 PM 工廈物業 Industrial Property Market
億京發展的九龍灣宏光道1號(億京中心)於年內分拆出售，成為 No. 1 Wang Kwong Road, Billion Centre, developed by Billion Development 買賣市場焦點。地廠物業則受惠政府落實發展郵輪碼頭，市場 has been launched for pre-sale in 2009, which became the focus of the 普遍預期區內商旅活動可望增加，地廠投資前景備受投資者看 investment market. 好，成交量顯著增加。如宏開道景發大廈及宏通街�福工業中 心地下廠舖，也分別以約1,400萬及約2,100萬元售出。 development at Kai Tak in the vicinity. The travel related businesses in 全幢工廈則以區內理智中心買賣最為矚目。外資ING房地產基金 the district are expected to be increased. As the investment outlook for 於5月出售理智中心予第一集團，成交價約2.34億元。政府於10 月公布活化工廈4項措施後，該廈業主第一集團也部署申請把理 智中心改裝為零售用途，預期租金將較工廈租金上升近兩倍。 Hoi Road and Kai Fuk Industrial Centre at Wang Tung Street have been sold for approx. HK$14 million and approx. HK$21 million respectively. 由於九龍灣正逐漸發展為商業區，配合郵輪碼頭項目及鄰近地 鐵站的優勢，投資前景被看高一線，除區內活躍的投資者蠢蠢 欲動外，市場普遍預期將吸引不少發展商及外區投資者在區內 in the district. ING Real Estate Fund sold Niche Centre to First Group 物色發展項目及投資機會。 Holdings for approx. HK$234 million in May. The government announced the revitalization scheme for industrial buildings in October, as such, First 觀塘區地廠物業成交個案 Group Holdings planned to submit an application for converting the building into retail use. The company expects the rental income would be doubled
物業 面積(約/平方呎) 成交價(約/百萬元) 平均呎價(約/元) after the conversion. Property Area (approx sq ft) Considerations Average price (approx. HK$ million) (approx. HK$ per sq ft)
開源道50號利寶時中心 Kowloon Bay is transforming into a commercial district. Coupled with the 地下01至02室 3,630 46.38 12,777 Unit 01-02, G/F, Lemmi Centre, cruise terminal development at Kai Tak and the well connection by MTR, No.50 Hoi Yuen Road the prospect for investment is positive. Other than the existing investors, 鴻圖道63至65號鴻運工業大廈 地下A室 market expects the district will also attract more developers and new Unit A, G/F, Lucky Factory Building, 2,965 38.80 13,086 No.63-65 Hung To Road investors to look for properties for development and investment. 開源道60號駱駝漆大廈3座 地下02A至03B室 Unit 02A-03B, G/F, 12,754 110 8,625 Hong Kong Island Camelpaint Building Block III, No. 60 Hoi Yuen Road
資料來源：美聯工商 Source: Midland Industrial Island are relatively competitive. As North Point, Quarry Bay and Chai Wan 港島 are well connected by railway, there is a new trend of large enterprises 核心區甲級商廈物業租金高企，位於港島區的工貿物業租、售 from core business districts relocated in decentralized areas. One of the 價均相對低水，北角、�魚涌以至柴灣區更享有港鐵沿線的優 examples is The Rolex Company, the luxury wristwatch company, spent 勢，因而吸引大型企業由核心區遷入，並逐漸形成趨勢，如「 勞力士」鐘�以約3億元購入北角柯達大廈兩層樓面自用。估計 在核心區商廈物業持續供不應求，租、售價攀升具支持點的情 況下，市場將繼續有企業將後勤辦公室搬往非核心區，北角、 �魚涌等不乏質素優質及樓面較大的工貿盤源，而且已有不少 大型企業凝聚於此，其他公司亦視該區為搬遷首選。
此外，香港仔及西環區持續受惠於地區轉型，工業地皮具潛力 companies. 發展為住宅、商業等用途，尤以全幢工廈最為吃香，不乏發展 商吸納或收購的個案。 In addition, the industrial buildings in Aberdeen and Sai Wan will continue to
the potential to be converted into residential or commercial uses. The en-bloc industrial buildings are particularly favored by the developers, while the market recorded certain transactions.
12
H0751-00 MIDLAND 8.indd 12 1/20/10 9:05:22 PM 工 廈 物 業 Industrial Property Market
葵涌及荃灣 Kwai Chung and Tsuen Wan 葵涌及荃灣區的工廈及貨倉物業，受惠於本港物流業發展蓬 Warehouse and industrial properties in Kwai Chung and Tsuen Wan are 勃，平均呎價由年初的700餘元，上升至年底的1,000餘元，升 幅高逾四成，回復至金融海嘯前的水平。 Average price of the properties surged over 40 per cent to some HK$ 1,000 per sq ft at the end of 2009 from slightly more than HK$700 per sq ft in January, 區內買賣市場於年初表現淡靜，葵青及荃灣區1、2月每月成 交量僅40及42宗，3月起隨樓市回升而現起色，成交量增至73 宗，其後每月成交量持續增加，12月份增至196宗，屬23個月 With the poor market sentiment in early last year, Kwai Tsing district and Tsuen 新高紀錄。 Wan recorded 40 and 42 deals only in January and February respectively. The investment market improved in March and recorded 73 transactions. Sales of 市場憧憬新鴻基地產發展的葵涌葵昌路51號九龍貿易中心(KCC) the properties continued to increase and reached 196 deals in December, the ，帶動附近一帶工業區變身商業區，加上該廈招租理想，引入 highest in 23 months. 大型租戶，令投資者憧憬物業具升�空間，積極於大連排道及 葵昌路吸納地廠及工廈物業。 Market expects Sun Hung Kai Properties’ latest project, Kowloon Commerce Centre at Kwai Cheong Road in Kwai Chung, will help driving the area’s dramatic 投資者也看中區內細價工廈投資價�，投資金額僅涉及百餘萬 changes from an industrial district into a new commercial hub. The leasing of 元，租金回報卻可高達7厘或以上，如葵涌飛亞工業中心、高威 the project is positive and attracted major tenants. As the investors expect the 工業中心，以及荃灣華俊工業大廈便錄得多宗成交，備受投資 prices of the industrial properties in the area would have upside potential, they 者歡迎。 Lin Pai Road and Kwai Cheong Road. 該類物業買家一向多為同廈業主及租客，不過，09年起來自東 九龍的廠家也明顯增加，相信是因該區樓價已顯著上升，投資 Small industrial units in the area also became the target of the investors. The 者唯有轉往葵荃區物色投資機會。 lump sum of the units is about HK$1 million only, but offers a rental yield of at least 7 per cent. The sales of the units at Favor Industrial Centre, Gold Way 長沙灣 Industrial Centre and Wah Chun Industrial Centre were active throughout 長沙灣工廈一向受製衣及相關行業歡迎，由於該工業區面積較 the year. 細，空置率甚低，復蘇步伐因而較其他工業區更快。年內更受 惠於永康街福源廣場開售，帶動區內物業售價錄得理想升幅。 由年初每方呎1,794元，上升30%至年底約2,335元，造價已回復 owners at the same building. However, the buyers coming from East Kowloon 至金融海嘯前的水平。租金升幅亦不俗，也達到20%至25%。 properties recorded strong rebound in East Kowloon and forced the investors to 區內工廈多為集團總部或由發展商持有作收租用途，新供應量 look for other investment opportunities in Kwai Chung and Tsuen Wan. 不多，以交吉形式放售的物業也少有，億京發展的福源廣場為 少有可供出售的優質單位。由於該廈以玻璃幕牆設計，設有冷 Cheung Sha Wan 氣大堂及多部高速客貨電梯，除吸引投資入市後，也獲不少用 Cheung Sha Wan industrial buildings are welcome by garment and related 家追捧。 industries. The vacancy rate stayed at low level as the area of the industrial district is small. It helped Cheung Sha Wan to move faster in the recovery 與其他工業區相比，長沙灣工業區轉型佔有優勢。該區坐落於 cycle among the industrial districts. 港鐵沿線，更鄰近西九龍住宅區，香港工業中心不但是成衣批 發中心，更成為市民購物熱點，該區不少工廈已擁有轉作零售 The strong sale of Billion Development’s Ford Glory Plaza at Wing Hong 用途的條件，活化工廈政策落實後，該區轉型速度將較其他區 Street has driven the industrial price in the district to rise sharply. Average 域更快。 industrial price jumped 30 per cent to HK$2,335per sq ft at the year end from HK$1,794 per sq ft in early 2009, back to the pre-crisis level. 新界東及北區 Industrial rentals also recorded a strong growth of 20 to 25 per cent 新界東及北區以沙田火炭工廈市場表現最佳，平均呎價於09年 throughout the year. 底已升至1,338元，從3月每方呎844元的谷底水平回升64%。買 賣交投也見活躍，11月份註冊量達到74宗，為過去兩年新高。 Most of the industrial buildings in the district are occupied as headquarters
火炭工業區屬鐵路沿線，交通方便，工業大廈樓齡也較新，區 內不乏面積千餘平方呎的細單位，為其他工業區少有供應，除 Glory Plaza is the rare new project offered for sale. The building with 吸引不少租戶外，也備受小額投資者歡迎，交投暢旺，平均呎 glass curtain wall design, equipped with air-conditioned lobby and high- 價已由年初的700餘元上升至1000餘元。 speed elevators attracted both the end-users as well as investors.
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H0751-00 MIDLAND 8.indd 13 1/20/10 9:05:22 PM 工廈物業 Industrial Property Market
由於火炭工廈呎價與九龍灣及觀塘等地相差約50%，往返內地 Cheung Sha Wan has an edge for transformation, compared with other 又方便，具升�空間，內地投資者於區內更趨活躍，如華生工 industrial districts. The district is well connect by MTR and is adjacent to 業大廈及華衛工業大廈，均錄得內地投資者購入單位的個案。 the new residential area of West Kowloon. Hong Kong Industrial Centre not only is the clothing wholesale centre in Hong Kong, but also is a hot 上水及粉嶺工業區較多樓齡較新的工業大廈，並多出租作貨 shopping destination. Many industrial buildings in the district have potential 倉，業主及租客主要為從事中港貿易的商人或廠商，方便往來 to be converted into retail use. The pace of transformation in the area 中港，需求穩定，租售價量得以維持平穩。 would be faster than the other industrial districts when the revitalisation policy is implemented. 葵涌及荃灣區工廈平均呎價走勢 Price movement of industrial properties in Kwai Chung and Tsuen Wan New Territories East and North districts 平均呎價(約/元) Average price (HK$ per sq ft) Industrial properties in Fo Tan industrial district have outperformed other 1200 industrial districts in New Territories East and North. Average price of the
1000 properties in Fo Tan soared 64 per cent to HK$1,338 per sq ft at the year end from the bottom level of HK$844 per sq ft in March. The sales market was also 800 active in the year. The market recorded 74 transactions in November and hit 600 the record high in two years.
400
200 Fo Tan industrial district is well connected by railway and comprises many younger industrial buildings. The district provides many small industrial units 0 with about one thousand sq ft, which is seldom to be seen in other industrial
01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09 districts. The units are welcomed by both tenants and investors. The sale 葵涌平均呎價(約/元) Kwai Chung Average price (HK$ per sq ft) 資料來源：美聯工商 Source: Midland Industrial market of the properties was active in 2009. Average price of the units rose 43 荃灣平均呎價(約/元) Tsuen Wan Average price (HK$ per sq ft) per cent to about HK$1,000 per sq ft in December from about HK$700 per sq
長沙灣區工廈平均呎價走勢 ft in early last year. Price movement of industrial property in Cheung Sha Wan 平均呎價(約/元) As the average price of industrial properties in Fo Tan was 50 per cent Average price (HK$ per sq ft)
3000 cheaper than that in Kowloon Bay and Kwun Tong, and the district is well connected to mainland, there is strong upside potential for the industrial 2500 properties in Fo Tan. It attracted mainland investors to acquire industrial 2000 properties in the area. Wah Sang Industrial Building and Wah Wai Industrial
1500 Centre in the district recorded several transactions which were acquired by the mainland investors. 1000
500 Sheung Shui and Fanling industrial districts comprise many new 0 industrial buildings which are leased for warehouse use. Most of the
01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09 owners and tenants are the businessmen and manufacturers engaged in
長沙灣平均呎價(約/元) Cheung Sha Wan Average price (HK$ per sq ft) 資料來源：美聯工商 China trading, as the districts are close to the mainland. The demand for Source: Midland Industrial the industrial space in the districts is stable, which helps the prices and rentals stayed rm. 火炭區工廈平均呎價走勢 Price movement of industrial properties in the areas
平均呎價(約/元) Average price (HK$ per sq ft)
1500
1250
1000
750
500
250
0
01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09
火炭平均呎價(約/元) Fo Tan Average price (HK$ per sq ft) 資料來源：美聯工商 Source: Midland Industrial
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H0751-00 MIDLAND 8.indd 14 1/20/10 9:05:22 PM 工 廈 物 業 Industrial Property Market
展望 Prospect for industrial property market 2010年工廈市場的走勢主要取決於政府推出的活化工廈政策， In 2010, the outlook for industrial market depends on the government’s 預期工廈成交呎價可望上升30%，買賣交投將受到併購潮及投 revitalisation scheme for industrial buildings. Industrial prices are forecasted 資者、發展商入市帶動，成交量料可增加10%至15%。 to rise 30 per cent in the coming year. With the trend of the ownership
該政策有望於明年第2季通過，掀起工廈重建及改裝潮。工廈 sales are projected to see a growth of 10 to15 per cent. 業主第一集團透露，將會把旗下九龍灣理智中心申請改裝為名 店潮流倉，反映市場普遍看好工廈前景。目前已有不少發展商 The scheme is expected to be approved in the second quarter of 2010, 及獨立業主構思把工業大廈轉作其他用途，待首個活化工廈獲 which will boost the landlords to redevelop or convert their industrial 批，將令工廈市場投資氣氛更熾熱。 buildings. First Group Holdings has announced they will apply to convert its
活化工廈措施的其中一項條件是，要取得全幢大廈業主同意才 are optimistic about the market outlook. Many developers and individual 可以改裝，申請強制拍賣的門檻也由90%降至80%，料將引發 owners also planned to convert their industrial buildings into other uses. 工廈的併購潮，位處市區港鐵沿線、交通便利的工業大廈將成 首批併購目標。 approval.
至於單一業權的工業大廈，因可以省卻與其他業主相議或併購 One of the requirements for the revitalisation scheme is the applicant has 業權的時間，能即時申請轉作其他用途，料將吸引更多投資者 to obtain the consent from all owners at the building. The government 追捧。 will also lower the threshold for compulsory sale for redevelopment of the industrial buildings from the existing 90 per cent to 80 per cent. It will 以往樓齡較高的工廈，呎價較平穩，難見突破。然而，在新政策 induce the acquisition trend in industrial market. The industrial buildings 下，樓齡15年或以上的工廈進行改裝，可獲免收「豁免費」，該 situated along the railway and located in well-connected area would be the 批樓齡較高的工廈可望重新獲得市場垂青。 major acquisition target.
儘管本港經濟已獲得改善，寫字樓需求增加，東九龍寫字樓新 The industrial buildings with single ownership could save the time and 供應仍然龐大，租金難免受壓，與工廈租金差距不多，租金只 cost in ownership assemblage or getting the consent from all owners for 能上調10%至20%，預料不少工廈業主傾向把大廈改裝為零售 redevelopment or conversion. Application for change of use can be started 用途，令租金收入獲得30%至40%的增長。 right away. These buildings would be attractive to the investors.
觀塘、九龍灣、新蒲崗及長沙灣工業區位處市區，毗鄰港鐵 站，又鄰近住宅區，較易引入人流，工業大廈具轉作零售用途 the industrial buildings that are over 15 years old could be exempted from 的條件，直接受惠於活化政策，投資前景最備受看好。 paying wavier fee for conversion. It brings a new hope to the sales market of old industrial buildings.
with the rental of industrial buildings. Rents could only rise 10 to 20 per
expects most of the owners of the industrial buildings prefer to convert their buildings into retail uses, which can generate a 30 to 40 per cent growth in rental income.
Industrial districts in Kwun Tong, Kowloon Bay, San Po Kong and Cheung Sha Wan are located in urban area and are well connected by MTR. These districts are close to residential districts, which are able to draw pedestrian
Investors are bullish on the outlook for the investment market.
15
H0751-00 MIDLAND 8.indd 15 1/20/10 9:05:25 PM 工廈物業 Industrial Property Market
火炭及荃葵區不乏擁有大樓面的廠廈，為市區工業區少有，具 Fo Tan, Kwai Chung and Tsuen Wan industrial districts comprise industrial 潛質轉作名牌特價倉(Outlet)。兩區雖然位於新界，地理位置不 及觀塘等市區，但鴨�洲海怡工業中心等多幢工廈位置「自成 outlet. Despite the districts are located in the New Territories, which are not 一國」，又並非鄰近港鐵站，仍能發展成�俱中心及名牌特賣 as accessible as the urban area like Kwun Tong, the success of Horizon 場的成功例子，顯示兩區發展前景樂觀。 Plaza and other industrial buildings in Ap Lei Chau as a major furniture shopping centre and fashion outlet have proved that the connection of MTR 租務市場方面，以工廈前景佳，租金可望上升20%；工貿大廈 is not a must-have item. The outlook for the districts is positive. 受寫字樓新供應龐大�累，尤以東九龍工業區為甚，料租金升 幅介乎10%至15%；貨倉租金升幅仍然可觀，料將上調20%。 In the leasing market, the industrial buildings are expected to have a better performance in 2010. Industrial rentals are projected to see a positive growth of 20 per cent. The plentiful new supply of industrial/commercial buildings, particularly in East Kowloon, would limit the growth in rentals. It is expected the rentals would rose 10 to 15 per cent only. Warehouses will continue to experience a strong growth of 20 per cent.
16
H0751-00 MIDLAND 8.indd 16 1/20/10 9:05:26 PM 商 廈 物 業
Interview with Daniel Wong, Director, Midland Commercial
poor market sentiment came to an end in the second quarter after the residential
prices under a strong rebound.
discouraged the investors. Price unit of Lippo Centre in Admiralty slumped from the market peak of HK$18,000 per sq ft to HK$11,000 per sq ft within a few months,” 黃漢成 Daniel Wong 美聯商業董事 Director, Midland Commercial But the better than expected economic recovery and the rebound in stock market
second quarter. 專訪美聯商業董事黃漢成 售價落後 甲級商廈成資金追捧目標 美聯商業董事黃漢成以「否極泰來」總結2009年商 廈市場的表現。09年首季，金融海嘯陰霾未褪，商 廈物業交投呆滯，售價於低位徘徊；踏入第2季開 始，住宅物業交投熾熱，樓市整體氣氛受帶動，商廈 買賣量亦見增加，價量走勢止跌回穩；第3及第4季 商廈市場更踏上升軌，甲級商廈買賣非常活躍，價量 亦由年初的低位大幅反彈。 Plaza in Sheung Wan. It attracted the investors to switch their focuses on grade
黃漢成說：「上半年投資者對商廈投資前景看淡，加 上港股表現疲弱，投資氣氛更見薄弱，金鐘力寶中心 呎價便在短短數月間由08年的18,000元高位急跌至 The news of Mainland achieved the GDP growth of 8 per cent has boosted the 11,000元。」
幸而隨著經濟表現回穩及港股大幅反彈，商廈市場瀰 漫著的悲觀投資情緒於第2季尾一掃而空。
他表示，投資者對商廈市場恢復信心，住宅樓價強勁 反彈，價格相對落後的商廈便吸引不少資深投資者吸 納，商廈買賣成交量及價格於第3季錄得強勁反彈。
�得一提的是，澳洲麥格里旗下的房地產投資基金於 prices have also picked up. Prices of Lippo Centre have rebounded to HK$15,500 09年8月拆售上環新紀元廣場低座多層商廈樓層，各 per sq ft from the bottom, closed to the market peak at 2008. Average price of 路資金因而聚焦於港島區甲級商廈物業，投資氣氛熾 Concordia Plaza in Tsim Sha Tsui East has also surged to HK$16,000 per sq ft, 熱，除上述新紀元廣場外，投資者亦積極吸納上環及 while Wing On Plaza has recovered to HK$15,000 per sq ft. 金鐘區甲級商廈的優質盤源。
內地經濟成功維持8%的強勁增長，帶動港股下半年 dramatic price movement within this year is unusual in the history,” he said, 重上二萬二千點水平，加上大批內地企業相繼來港上 adding that the high-low difference is about 50 per cent.
17
H0751-00 MIDLAND 8.indd 17 1/20/10 9:05:29 PM 商廈物業
市，律師行及會計師行等金融服務業對中區商廈需求 Investors are particularly active in 2009. Mr Wong said: “End-users and 回升，備受打擊的寫字樓租賃市場前景轉趨明朗。
黃漢成指出，09年第4季商廈租賃市場需求回升後， However, the market has been driven by investors in 2009,” With low interest 不但令租金止跌回升，在回報率有望提升的大前題 rates and the risk of Hong Kong dollars depreciation, many investors who looked 下，更刺激商廈買賣交投於10月起更趨暢旺，市場 錄得多宗全層寫字樓成交，價格也顯著上升。力寶 中心呎價已由谷底大幅反彈至15,500元，接近08年 高位；尖沙咀東部指標商廈康宏廣場呎價已經回升至 16,000元，同區永安廣場呎價也升至15,000元水平。 mainland companies. 「由跌至谷底，再由谷底強勁反彈，商廈價格於短短 一年內出現的大幅波動為歷年罕見。」他指出，年內 商廈物業的價格波幅約有五成。
年內商廈買賣市場的另一特色為投資者更見活躍。他 optimistic,” 表示，過去數年商廈市場不乏用家或半投資者，唯 09年則以投資者主導。在利息低企、港元存貶�隱 憂的情況下，不少尋求投資增�機會的投資者湧入商 廈買賣市場，令價格波幅更大。
除本地投資者外，中資民企也成為商廈買賣市場的「 新力軍」，新紀元廣場低座分拆出售的樓面，便吸引 cent respectively in the coming year. 不少中資公司大手購入。
展望2010年商廈市道，黃漢成表示，由於市場預期 股市走勢仍會較為波動，或會影響專業投資者入市 步伐，令市況不時出現輕微調整，但長線走勢仍會向 好的。由於利息低企的情況仍會持續，加上商廈價格 升幅仍落後於豪宅及商舖，他預期，商廈具備「炒落 後」的條件，將會繼續吸引投資者入市，價格仍會向 上，成交宗數將持續上升。租賃市場則受惠於經濟回 穩，中區等核心商業區缺乏新供應，中環及金鐘租金 可望分別上升10%及20%。
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H0751-00 MIDLAND 8.indd 18 1/20/10 9:05:30 PM 商 廈 物 業
2009年回顧 買賣市場 Sales market 本港商廈買賣市場於09年短短一年內經歷了「寒冬」與「炎 夏」。第1季因受到全球金融海嘯打擊，成交量持續低迷，儘 管下半年表現回勇，全年成交量仍稍微低於08年，共錄得2,399 宗；然而，由於商廈價格下半年反彈強勁，全年成交總額達到 half, the market recorded 2,399 deals in whole year, with a very small 256.6億元，較08年錄得的221 .5億元上升16%。 the total transaction volume reached HK$25.66 billion, rose 16 per cent 港九12幢主要甲級商廈價格呎價則顯著從年初谷底回升，年底 only from HK$22.15 billion in pervious year. 平均呎價達到12,108元，較年初錄得的8,175元大升48%，不 過，與08年初高位仍有逾一成的差距。雖然甲級商廈整體售價 未回復至08年高位，但個別優質單位備受市場追捧，買家以理 想價承接，年內錄得數宗甲級商廈呎價突破新高個案。如金鐘 cent to HK$12,108 per sq ft from HK$8,175 per sq ft in January. But the 區海富中心單位曾高造至11,000元，高於07至08年曾錄得的 price still lag the 2008’s market peak level by more than 10 per cent. Despite 10,936元紀錄。九龍區方面，更出現數宗突破新高呎價的成交 個案，包括尖東康宏廣場以呎價16,200元成交；高於07至08年 錄得的13,000紀錄；永安廣場新近錄得15,044元呎價成交，亦 the market recorded a number of record-breaking transactions. For example, 突破97年錄得14,808的紀錄。 the price of Admiralty Centre reached HK$11,000 per sq ft, higher than its
商廈註冊量及註冊金額 market in Kowloon recorded a number of record-setting deals. It included Concordia Plaza in Tsim Sha Tsui East sold for HK$16,200 per sq ft, higher 註冊金額(約/十億元) 註冊量 Transaction volume (approx. /HK$ billon) No. of transactions than the record level of HK$13,000 per sq ft in the last two years. Wing On 80 4000 Plaza recorded a latest transaction with a price of HK$15,044 per sq ft, hit 70 3500 the record of HK$14,808 per sq ft in 1997. 60 3000
50 2500
40 2000 buyers from mainland companies and new investors. It is due to Hong Kong 30 1500 dollars are in the risk of depreciation as it pegged to US dollars. The investors 20 1000 have to seek investment opportunity in property market for capital value gain. 10 500
0 0 #
1997 1998 1999 2000 2001 2002 2003 2004 2005 2007 2006 2008 2009* upside potential compared with residential properties. Combined with the low 註冊量 資料來源：土地註冊處及美聯工商舖 註冊金額(約/十億元) Transaction volume (approx. /HK$ billon) Source: Lands Registry and Mildand IC&I #06年己扣除一連串寫字樓內部轉讓個案，涉及金額達226 .7億元 Exclude the transaction amount of records involving the formation of REITs
�得注意的是，09年投入商廈買賣市場除了資深投資者外，中 資公司及新晉投資者也見積極，相信是由於投資者憂慮在美國 執行�鬆的貨幣政策下，與美元掛鈎的港元無可避免會貶�， up 18 per cent from 17 transactions in 2008. The total transaction volume 轉移往地產市場尋找投資機會。加上，商廈物業價格升幅不及 surged 29 per cent to HK$7.953 billion from HK$6.165 billion a year ago. The 住宅，具有更大的升�空間，利息又低企，推動投資者入市。 largest transaction is the investment group led by Morgan Stanley’s property investment fund sold its Nexxus Building in Central for approx. HK$3.6 billion. 09年市場湧現大批具豐厚實力的投資者，他們垂青全幢物業的 The second largest transaction is Continental Diamond Building in Causeway 可塑性，令全幢寫字樓物業氣氛理想，全年共錄得20宗成交， Bay sold for approx. HK$838 million. 較去年錄得17宗多出18%；涉及總額約79 .53億元，亦較去年錄 得61.65億元多出29%。當中，涉及金額最高的成交為摩根士丹 利旗下房地產基金以約36億元售出中環盈置大廈；其次為銅鑼 灣恆和鑽石大廈以約8.38億元售出。
至於乙級商廈市場方面，低息因素推動用家加快入市步伐；而 且乙級商廈享有4厘或以上的回報率，吸引投資者垂青，令年 內乙級商廈買賣情況亦不遜色。港島區方面，除了灣仔、銅鑼 灣外，北角區的乙級商廈亦受投資者追捧；九龍區方面，旺角
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H0751-00 MIDLAND 8.indd 19 1/20/10 9:05:30 PM 商廈物業
12幢指標性甲級商廈平均呎價走勢 shows the average price has fallen to the lowest level of HK$4,585 per sq ft in early 2009. But the price has rebounded 26 per cent to HK$5,755 per 平均呎價(約/元) Average price (HK$ per sq ft) sq ft at the year end, close to the market peak at 2008. 14000
12000 Leasing market
10000
8000
6000 HK$29.6 per sq ft at the year end, similar with the level of HK$29.2 per sq 4000 ft in January. The rent remains 33 per cent below it level of HK$44 per sq 2000 ft reached at market peak in July 2008. 0
01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09 As the economy outlook remained uncertain in 2009, numerous companies 12幢指標性甲級商廈平均呎價走勢 資料來源：美聯商業 Source: Midland Commerical plans. They were rather to renew the existing lease. It made the leasing 12幢指標性甲級商廈平均呎租走勢 transactions driven by moving schemes dropped sharply. A number of companies postponed their expansion plan or upgrading-plan to a better 平均呎價(約/元) Average price (HK$ per sq ft)
50
40 When companies are keen to lower the leasing expenditure, East Kwoloon
30 attracted numerous major companies from core business districts to move 20 in to save leasing expenditures.
10
0
01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09
12幢指標性甲級商廈平均呎租走勢 資料來源：美聯商業 Source: Midland Commerical in business districts started to recover. Meanwhile, the increasing mainland
及尖中的乙級商廈表現較出色。根據20幢指標性乙級商廈計 rate in core business districts stayed at the low level of 5 per cent. 算，09年初乙級商廈平均呎價曾一度跌至4,585元低位，但年底 已回升約26%，造至約5,755元的水平，貼近08年中的高位。
租賃市場
甲級商廈租賃市場表現則較為平穩，甚至可說是遜色。商廈租 20幢指標性乙級商廈平均呎價走勢 金跌勢於下半年回穩，但未見明顯反彈，迄至年底，12幢主要 甲級商廈平均呎租約29.6元，與1月錄得的29 .2元相若，與08年 平均呎價(約/元) Average price (HK$ per sq ft) 7 44 33% 月高位 元大幅相差 。 6000
5000 由於09年經濟前景仍未明朗，不少企業對後市抱觀望態度， 未敢落實搬遷計劃，採取「一動不如一靜」的續組策略，令因 4000
搬遷帶動的租務成交較以往大幅減少；部分企業則暫緩擴充或 3000 遷往質素更佳的寫字樓的計劃，寧願以按年形式續租現有辦公 2000 室。業主為免流失租客，亦願意提供彈性租期優惠。在企業希 望降低租金成本的情況下，擁有最多新供應，而租金遠低於核 1000
心區的東九龍商廈市場頓成焦點，吸引不少大企業由核心商業 0
區遷入。 01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 10/08 11/08 12/08 01/09 02/09 03/09 04/09 05/09 06/09 07/09 08/09 09/09 10/09 11/09 12/09
20幢指標性乙級商廈平均呎價走勢 資料來源：美聯商業 Source: Midland Commerical 下半年，金融業明顯復蘇，商廈租金亦見止跌。第4季不乏銀行 及金融機構、會計師行及律師行等企業進行業務擴充，核心區 商廈需求逐步回升。此外，中資及外資來港設辦公室的個案亦 見增加，令核心商業區商廈空置率維持約5%的低水平 。
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H0751-00 MIDLAND 8.indd 20 1/20/10 9:05:31 PM 商 廈 物 業
各區分析 District Analysis 上環、中環及金鐘 Sheung Wan, Central and Admiralty 獨立投資者向來集中在投資選擇最多的金鐘及尖沙咀東部物色 投資機會，但情況已於09年下半年開始改變，上環將成為投資 individual investors because the districts provide more investment choices. 甲級商廈的第三個熱點。 But it was changed in the second half of 2009. Sheung Wan became the
過往上環甲級商廈買賣市場，只有信德中心有分層商廈可供投 資者選擇，惟澳洲麥格里旗下房地產基金去年8月起分拆出售 上環新紀元廣場低座，二十多層樓面迅即獲多名投資者大手購 strata-title within Sheung Wan district. However, the investors have more 入，交投活躍，令該區甲級商廈買賣成交量創歷年新高，成為 買賣市場09年一大「亮點」。 spaces at Grand Millennium Plaza in Sheung Wan for sale in August. More
購入該廈分層商廈的買家大多為資深投資者，料日後將陸續推 出市場放售，加上�鄰的中遠大廈也成為投資者的追捧目標， 為甲級商廈提供大量「新貨源」。上環鄰近中環核心商業區， investment market in 2009. 價格又具上升潛力，料2010年將成為投資者虎視眈眈的目標。 Most of the buyers of Grand Millennium Plaza are veteran investors, who 中環區可供買賣的甲級 商廈盤源極少，年內最 building, Cosco Tower, also became a new target of the investors. The two 為 矚 目 為 皇 后 大 道 中 9 號 其 中 一 層 全 層 成 交 個 案 ， 成 交 呎 價 造 至 18,338元。多幢由發展 attention of investors in 2010. 商持有放租的頂級寫字 樓位於中環區，年內租 The supply of grade A of ce in Central of ce investment market is 賃市場變化頗大。市場 tight. The most prominent transaction is a whole of ce oor at Nine 受惠於過去數年金融業 Queen’s Road Central sold for HK$18,338 per sq ft. Most of the prime 興旺，租務表現凌駕於 grade A of ce buildings are located in Central which are for lease only. 其他地區的商廈市場， The of ce leasing market in the district was uctuated throughout the 頂級商廈國際金融中心 year. Of ce leasing market in Central had outperformed other business 呎租曾高逾220元。然 areas due to the booming nancial sectors in last few years. Rents of 而，08年9月爆發的全球 International Finance Centre in Central reached as high as HK$220 per 金融海嘯直接打擊金融 sq ft. However, the leasing market was badly hit by the global nancial 業，租客以金融業及相 turmoil in September 2008 as most of the tenants came from nancial 關服務行業的中環商廈 institutions and related companies. Of ce rents dropped sharply until 市場難免受到�累，租 the market turned stable in the forth quarter of 2009. Along with the recovery in economy and the growing demand for of ce spaces, 港島區甲級商廈新高呎價列表 Central of ce leasing market has been stablised and the of ce rents have rebounded. Hong Kong Island 物業 2009 年 Year 2007 年第 4 季至 1997 年 Year Property (approx. HK$/per 2008 年第 1 季 (approx. HK$/per sq ft) 4th Q/2007 - 1st Q/2008 sq ft) (approx. HK$/per sq ft)
中環皇后大道中九號 Nine Queen’s Road Central, Central 18,338 20,900 18,800 plunged more than 50 per cent to HK$8,000 per sq ft in early 2009 from 金鐘遠東金融中心 18,000 19,500 16,200 Far East Finance Centre, Admiralty the market peak of HK$16,800 per sq ft at February 2008. 金鐘力寶中心 Lippo Centre, Admiralty 15,561 18,913 15,700 金鐘美國銀行中心 Bank of America Tower, Admiralty 15,159 19,231 14,720 Investors turned active again at the end of the second quarter, after the 灣仔會議展覽辦公室大樓 14,300 23,935 18,547 stock and residential markets recovered and the economy improved. 上環信德中心 Investors found the of ce prices have dropped to an unreasonable Shun Tak Centre, Sheung Wan 13,181 14,300 15,000 level due to the panic-sale. They expect the of ce prices will have a 金鐘海富中心 11,000 10,936 11,873 Admiralty Centre, Admiralty strong growth after the nancial sector recovered. Veteran investors 資料來源：美聯商業 Source: Midland Commerical Jan Lai and Gale Well Group were the rst batch of players to re-
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H0751-00 MIDLAND 8.indd 21 1/20/10 9:05:31 PM 商廈物業
金急跌，至09年第4季才回穩。隨著經濟轉趨穩定，市場對商 廈需求回升，中環區甲級商廈租賃市場已趨穩定，租金亦見大 幅回勇。
金鐘商廈買賣市場於09年首季受經濟疲弱及投資者缺乏信心 影響，交投不但呆滯，售價下挫幅度明顯，如力寶中心呎價於 08年2月曾升至16,800元的高位水平，09年初跌至8,000元，下 跌逾五成。09年第2季尾，股市樓市向好、經濟回穩，商廈資 深投資者再度活躍，他們窺見該區商廈售價「超跌」，在金融 業復蘇後，售價定必有理想上升空間，資深投資者黎汝遠、紀 惠集團等率先入市，帶動買賣氣氛上揚，售價拾級而上，至年 底，力寶中心平均呎價已回升至約13,200元的水平；遠東金融 中心及美國銀行中心平均呎價亦分別攀升至約16,500及15,000 元的水平。
由於金鐘區商廈多由投資者持有，業權分散，持貨能力較弱， 向來對市場較為敏感，能因應市況改變而作出靈活對策，因 此，不少業主於金融海嘯發生後，立即調低租金叫價，如金鐘 力寶中心呎租便由50元急跌至30元，租金於低位徘徊達大半 年。09年第4季，不少中資公司鍾情於港鐵站上蓋，區內可提 供中、小型面積單位，以及租金水平與中環存有極大差距，因 而選擇在此設立辦公室，區內租務市況得以改善，租金逐步回 升一至兩成。
enter the market, which encouraged more investors to come back to the market. The of ce prices surged signi cantly. Average price of Lippo Centre has increased to HK$13,200 per sq ft at the end of 2009, while the average prices of Far East Finance Centre and Bank of America Tower reached HK$16,500 per sq ft and HK$15,000 per sq ft respectively.
Many of ce buildings in Admiralty are strati ed and owned by individual investors. The holding power of these investors is relatively weak, compared with that of the major landlords. Individual investors are exible and could react quickly towards the market change. Many investors cut the asking rents immediately in response to the outbreak of the global nancial crisis. For example, the average rent of Lippo Centre fell to HK$30 per sq ft from HK$50 per sq ft. Of ce rents stayed at low level for almost a year. In the forth quarter of 2009, the demand for of ce in the area has increased due to the in ux of mainland companies. These companies like the of ces which are located above the MTR station. The difference in rental level between Admiralty and Central and more choices of small to medium size of ce units in the Admiralty district are also attractive factors to the mainland companies. The growing demand helped to improve the leasing market, while the of ce rentals rebounded 10 to 20 per cent.
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H0751-00 MIDLAND 8.indd 22 1/20/10 9:05:33 PM 商 廈 物 業
尖沙咀及九龍灣 Tsim Sha Tsui and Kowloon Bay 09年尖沙咀甲級商廈市況較平穩，不少以往在區內活躍的投資 Grade A of ce market in Tsim Sha Tsui was at in 2009 as many 者均抱觀望態度，未有作新投資，投資者不及以往活躍，買賣 local investors adopted an wait-and-see attitude to the market. 市場轉由用家主導。其中，內地資金入市區內物業頗為活躍， The investment market was driven by the end-users. The buyers 年內錄得多宗內地民營企業吸納商廈的成交，主要購入作自用 from mainland are particularly active and the market recorded 或長線投資用途。 many transactions acquired by the mainland privately-owned companies. They bought the properties for their own use or long- 內地近年放�對外投資，加上內地人士往來本港手續也較以往 term investment. 簡化及便捷，香港既鄰近內地，又是國際金融中心，物業售價 更因美元貶�而相對偏低，自然吸引不少內地公司來港購買商 Mainland has relaxed rules on foreign investment and travel barriers 廈，作為長線投資或自用。尖東區享有往返內地便捷的交通優 for mainlanders to visit Hong Kong. Hong Kong is a global nancial 勢，自然成為內地企業積極吸納的目標。尖東市場既湧現新資 crisis centre with close proximity to the mainland. And the property 金，售價於第4季回勇，如康宏廣場平均呎價由4月的6,500元 price is relatively low due to the depreciation of the US dollar. The factors attracted many mainland companies to buy of ces in Hong 九龍區甲級商廈新高呎價列表 Kong for their own use and long-term investment. Of ce properties in Tsim Sha Tsui East are popular to the mainland companies as 物業 2009 年 Year 2007 年第 4 季至 1997 年 Year Property (approx. HK$/per 2008 年第 1 季 (approx. HK$/per they are well connected to the mainland railway. Due to the in ow sq ft) 4th Q/2007 - 1st Q/2008 sq ft) (approx. HK$/per sq ft) of new capital into the Tsim Sha Tsui East market, of ce prices in
尖東新文華中心 the area picked up in the forth quarter. For example, average price New Mandarin Plaza, TST East 7,900 8,000 7,158 of Concordia Plaza surged 40 per cent to HK$9,100 per sq ft in 尖東南洋中心 7,997 8,060 7,000 South Seas Centre, TST East October from HK$6,500 per sq ft in April, back to the pre-crisis level. 尖東康宏廣場 Concordia Plaza, TST East 16,200 13,000 12,800 The average price has even increased to HK$10,000 per sq ft at the 尖東好時中心 Houston Centre, TST East 7,800 7,400 6,961 year end. Average price of Wing On Plaza rebounded 57 per cent to 尖東永安廣場 HK$11,000 per sq ft at the end of 2009 from the bottom level of Wing On Plaza, TST East 15,044 13,500 14,808 尖西新港中心 HK$7,000 per sq ft. Silvercord Tower, TST West 10,000 10,347 8,253 尖西力寶太陽廣場 9,600 10,505 10,845 Lippo Sun Plaza, TST West The of ce investment market of Tsim Sha Tsui West has a better 資料來源：美聯商業 Source: Midland Commerical performance in the year due to the limited properties available for
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H0751-00 MIDLAND 8.indd 23 1/20/10 9:05:34 PM 商廈物業
急升40%，於10月反彈至9,100元，恢復至金融海嘯前的價格水 sale. Of ce prices 平，年底數字更進一步上升至10,000元；永安廣場平均呎價亦 recorded substantial 由低位7,000元升至年底約11,000元的水平，升幅達57%。 growth. For example, average price of Lippo 至於尖西區方面，由於買賣盤源較少，市場承接力甚佳，售價 Sun Plaza gained 39 年內亦錄得不俗升幅，如力寶太陽廣場年底的呎價已造至9,500 per cent to HK$9,500 元，較年初6,800元呎價低位升逾40%。�得一提的是，尖西區 per sq ft at the year 有多幢大業主持有僅作放租的甲級商廈，租金走勢較為穩定， end from the lowest 帶動區內散業權的租金抗跌力亦較強，呎租水平稍高於尖東 level of HK$6,800 per 區。 sq ft in early 2009. The of ce rental 九龍灣商廈的二手市場交投較淡靜，一手市場表現卻頗為突 movement is relatively 出，如億京發展旗下位於宏光道一號的億京中心，為區內09年 stable as most of 僅有作銷售的全新商用物業，每方呎叫價由4,000元起，與同 the grade A of ce 區已落成的企業廣場相若，成為買賣成場焦點，吸引投資者買 buildings for lease in 賣，交投量明顯較同區已落成的南豐商業中心及其士商業中心 the area are owned by 活躍。 the developers. It even helped the of ce rents of the strata-title buildings in the area to 觀塘商廈市場則受惠於裕民坊重建項目，投資者憧憬區內將急 retain a stable movement. The of ce rentals Tsim Sha Tsui West are 速轉型，商用物業具升�潛力，令億京發展推售的成業街7號 even higher than that in Tsim Sha Tsui East. 商廈連商舖備受市場注意。由於發展商以市價開售，又提供長 成交期，正好切合投資者的需要，加上區內又少有可供發售的 The secondary market of Kowloon Bay of ces was relatively quiet, but 新廈，大部分發展商均把新發展的商廈作長線收租用途，在物 the primary market was out-performed. For example, Billion Centre 以罕為貴的定律下，該廈自然極受投資者追捧，於下半年開售 at 1 Wang Kwong Road developed by Billion Development is the only 後，短短數月已接近售罄，呎價亦見上調。 new of ce building available for sale in 2009. The asking price of the building is HK$4,000 per sq ft or above, which is similar to the 東九龍商廈租賃市場則集中於新建成的甲級商廈，年內有多幢 price of Enterprise Square in the area. Such price level is attractive 甲級商廈包括位於觀塘偉業街223號宏利金融中心、巧明街100 to investors. The transactions of this new development are more 號、國際交易中心以及Manhattan Place及等落成招租。由於區 active, compared with Nan Fung Commercial Centre and Chevalier 內對商廈需求不大，發展商主力吸納外區租客，在呎租水平遠 Commercial Centre, the two existing of ce buildings in the area. 低於核心商業區的情況下，租情表現亦甚為理想，年內亦錄得 不少企業遷入該區的個案。 Kwun Tong of ce market was bene ted from the Yue Man Square redevelopment project. Investors forecast it will speed up the transformation of Kwun Tong and the of ce prices have up side potential. It helped Billion Development’s No. 7 Shing Yip Street of ce- retail project to be the market attention. The developer launched the project at market price and offered long completion period to meet the requirements of the investors. Developers would keep their new of ce developments in the district for lease only, so the supply of new of ce buildings available for sale is limited. This makes Billion Development’s project even more attractive to investors. The project was sold out in a few months after it launched in the second half, while the prices have also increased.
Kowloon East of ce leasing market focused on the newly developed grade A of ce buildings. The new of ce buildings included Manulife Financial Centre at 223 Wai Yip Street, Landmark East at 100 How Ming Street, Exchange Tower and Manhattan Place. As the local demand for of ce is not strong, developers focused on attracting tenants from other districts. With the lower of ce rents, the performance of the of ce leasing market is good and many enterprises are attracted to move into the district.
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H0751-00 MIDLAND 8.indd 24 1/20/10 9:05:37 PM 商 廈 物 業
展望 09年商廈租售市場表現俱較預期理想，2010年料可承接第四季 升勢，市況樂觀。 sector were “better-than-expectation” in 2009. We expect the prospect for
甲級商廈落成量持續下降，2009年僅有135萬平方呎樓面落 2010. 成，全數位於非核心區；2010年更只有85萬平方呎，位於核心 區的只有約10.4萬平方呎，其餘樓面均位於非核心區。未來， 核心區仍會欠缺新供應，位於上環中港道及中環街市的商業 地皮先後被剔出勾地表，核心區未來難有大型商業地皮可供發 展，在應付未來需求增加的情況下，供不應求的現象將更為顯 supply of 850,000 sq ft in the market but only 104,000 sq ft will be located 現。 in core business district.
內地政府推出多項刺激經濟措施下，全年國內生產總�(GDP)增 長可達到8%的預期目標，令一向倚重美國出口的本港經濟獲得 in the coming future. It is mainly fuelled by the policy of the government 支持，市場普遍預期內地於2010年將保持8%的強勁增長。縱 to remove two commercial sites at Chung Kong Road in Sheung Wan and 使內地或會推出措施冷卻樓市，但影響只及房地產市場，政府 Central Market from the land application list. It is unlikely to see other large- 仍會鼓勵汽車製造等行業的發展，以保持強勁的經濟增長，並 scale commercial development sites in core areas. With the increasing 預料會繼續推出利港措施，本港將可繼續受惠。
市場預料美國經濟最快可於兩年後明顯轉佳，入口需求增加， Mainland has achieved the GDP growth target of 8 per cent in 2009 本港經濟雙重受惠，前景樂觀。 following a series of stimulation policies. It has helped to support the Hong Kong economy, which also depends greatly on the US export. 按揭利率於2009年跌至歷年新低。由於銀行資金充裕，經濟也 Mainland is expected to maintain a strong GDP growth of 8 per cent 未完全復蘇，預料按揭息率於2010年將維持於低水平，大幅攀 in coming year. 升的機會微，投資者入市成本低，商廈投資回報也相對較其他 投資工具高，有利商廈買賣市場。 Despite the mainland government may release measures to cool down the property market; the impact is limited to the property sector only. Market expects the mainland government will continue to stimulate domestic consumption and manufacture businesses like car-making sector so as to maintain a strong economy growth. The mainland government is also expected to roll out supportive measures to bene t the local economy.
The US economy is expected to have a signi cant improvement in the next two years. The demand for import will increase. Hong Kong economy will receive favor from the recovery of the US market and also the strong growth in mainland. The Hong Kong economy outlook is optimistic.
Mortgage rates have fallen to a record low in 2009. As the banking system ushes with liquidity and the economy has yet to recover completely, the mortgage rates are expected to stay at the current level and a sharp increase is unlikely to happen in 2010. The low investment cost amid with higher investment return of of ce properties will continue to stimulate the investor’s appetite in the of ce investment market.
The loose monetary policies implemented by the governments across the world have ooded the market with liquidity. Investors were looking for investment opportunities. As the economy in Asia, particularly
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H0751-00 MIDLAND 8.indd 25 1/20/10 9:05:38 PM 商廈物業
未來甲級商廈落成量 mainland, has outperformed Europe and United States, it inevitably attracted the attention of the investors. It is expected that smart money
約/百萬平方呎 will continue to pour into mainland and South East Asia from Europe, approx./million sq ft United States and Australia in the coming future. Hong Kong will also 4.0 be bene ted from it. 3.5
3.0 The in ow of mainland capital has been active in Hong Kong of ce 2.5 market in 2009, snapping up of ce properties in Tsim Sha Tsui and 2.0 Wan Chai. As of ces are popular among mainlanders when compared 1.5 with other types of properties and are suitable for both investment and 1.0 self-use, it is believed an in ux of the mainland capital will continue 0.5 in of ce market in coming years. It will fuel a new demand for of ce 0 investment market.
2007 2008 2009* 2010*
約/百萬平方呎 approx./million sq ft 資料來源：差餉物業估價署及美聯工商舖資料研究部 *2009及2010年為預計數字 Source: Rating and Valuation Department, Midland IC&I
rental market will have a steady growth. 全球政府推行�鬆的貨幣政策，市場資金充裕，四處物色投資 機會，亞洲經濟表現較歐美理想，尤以中國經濟前景最理想， Of ce investment market will continue to be bene ted from the hot 自然吸引投資垂青，預期未來兩年歐洲、美國及澳洲等地的資 money in ow and the upside potential in of ce rentals. Combined 金會繼續流入中國及東南亞，本港市場亦會受惠。 with the new supply from Grand Millennium Plaza and Cosco Tower in Sheung Wan, the transactions in of ce investment market will 09年內地資金開始活躍於本港商廈市場，於尖沙咀及灣仔等地 increase and surpass the level in 2009. We anticipate that the of ce 吸納物業。商廈知名度高，並具備自用及投資用途，相信內地 prices will still be volatile in 2010, but the roller-coaster ride in 2009 資金於2010年將繼續活躍於商廈市場，為投資市場帶來新需 would not be repeated. 求。
2010年經濟前景明朗下，需求將會上升，配合新供應持續短 缺，商廈租金將穩步向上。
買賣市場則因為熱錢不斷流入，租金回穩具上調空間，加上上 環新紀元廣場低座拆售，連同中遠大廈為分層商廈市場帶來新 貨源，買賣成交量可望上升，突破09年的水平。商廈呎價走勢 仍會較波動，但上下波幅則不會重演09年儼如「過山車」的走 勢。
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H0751-00 MIDLAND 8.indd 26 1/20/10 9:05:38 PM 商 舖 物 業 Retail property market
Interview with Tony Lo, Director, Midland Shops A bumper year of sales, a stronger growth in retail property market Retail property market was the only property sector immune from the global economic crisis in early 2009. The retail market was relatively stable. Tony Lo, director of Midland Shops, said the strong retail sales helped buoy the performance of retail property market. The mainland tourists spending remained strong as the mainland government retained a strong GDP growth.
He said the retail property market was clouded by a negative market sentiment in early last year, the sales of retail properties continued to drop. Despite the market outlook was uncertain, early termination of leases were uncommon in retail sector and the vacancy rate of the shopping areas remained low. As most of the retail investors are cash-rich, they are reluctant to sell their properties at low
experienced a dramatic fall.
Following the stock market rebound in March and with the almost-zero interest rate environment, investors who adopted a wait-and-see attitude since 盧展豪 Tony Lo September 2008 began to return into the retail investment market. Mr Lo said: 美聯旺舖董事 Director, Midland Shops “The transactions of retail properties increased sharply and boosted the capital value to record a strong gain,”
專訪美聯旺舖董事盧展豪 The growth in capital values of retail properties was modest in the year. But the 零售業前景秀麗 商舖租售價可看高一線 core shopping locations in Causeway Bay and other popular shopping destinations 各類物業市場於年初均難逃全球金融海嘯影響，表現 still recorded many record-breaking transactions. He said the capital value of retail 疲弱，惟獨商舖市場走勢較為穩定。美聯旺舖董事盧 展豪相信，商舖市場表現得以相對穩定，主要是受惠 於內地經濟保持高速增長，內地遊客消費強勁，對與 as such, investors are willing to offer aggressive prices to snap up the retail 商舖市場息息相關的零售業起支持作用。 properties in core shopping locations even though the initial rental return is low. It boosted the market to record many record-breaking deals. 他表示，09年初商舖市場氣氛仍受金融海嘯的悲觀 氣氛籠罩，買賣交投量持續減少。不過，儘管當時買 There used to be rooms for negotiation in retail investment market. But it changed 賣氣氛淡靜，但消費旺區並沒有出現退租潮，空置率 in 2009, he said. The negotiation margin has been narrowed and many owners 未見顯著上升，而且，商舖業主多為具實力的投資 of retail properties stuck on their asking prices. He explained: “The rental return 者，沽貨壓力少，市場未見有業主減價出售物業，令 商舖價格穩企，未有如工廈或寫字樓出現價格大幅回 落的情況。
港股於3月上揚，商舖買賣市場受到港股帶動，加上 銀行存款利率跌近零息，吸引自08年9月起抱觀望態 度的投資者再度入市。盧展豪說：「商舖買賣市場不 但成交量大幅增加，價格也見顯著上升。」
商舖物業價格於年內穩步上升，尖沙咀、銅鑼灣等核 心區的一線地段錄得多宗呎價創新高成交。他表示， 金融海嘯一役令商舖的抗跌能力顯現，商舖買家更添 信心；加上市場普遍預期2010年商舖租金將上調， 儘管購入時物業的租金回報較低，仍願意以高價承 接，造就市場錄得多宗創新高成交。
盧氏補充，現時，核心區商舖業主的議價空間亦進一 步收窄，甚至不存議價空間。「存息低企，物業回報
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H0751-00 MIDLAND 8.indd 27 1/20/10 9:05:39 PM 商舖物業 Retail property market
相對更為吸引，所以，業主在售出物業後，亦難以在 is attractive when compared with the low saving rate from the banks. 市場上找到其他回報可觀的投資項目，因此較從前更 為惜售，買家以『好價』才能打動業主。」 they sold their retail properties. They are even reluctant to sell their properties. Investors have to offer aggressive price to lure the owners,” 此外，商舖買家也有別以往，大多以長線投資形式入 市，年內以「確認人」身份出售的商舖成交較以往 Also, the retail buyers changed, they are looking for a long term investment instead 大幅減少。大部分買家購入商舖後，多作長線投資用 途，少有迅即放售。他相信，此現象亦與銀行利息低 year. Many buyers bought the retail properties for generating rental income, while 企有關，「買家寧願追求穩定及理想的租金收入多於 only few of them bought the properties for short-term speculation. He believes 「短炒」物業，而且，商舖租金具上調空間，致使他 it was because of the buyers are chasing for stable and attractive rental income 們長線持有商舖作為長線投資。」 rather than a one-off gain from short-term speculation under the low interest rate environment. Moreover, the potential growth in retail rents also encouraged them 此外，由於住宅樓價大幅上升，不少活躍住宅市場的 to hold the shops for long term investment. 投資者，有感住宅的升�空間已收窄，相反商舖租金 重踏升軌，商舖物業升�力更可看高一線，遂轉移投 The upside potential of residential was limited after the sharp increase. It prompted 資商舖，令一向較多資深投資者活躍的商舖市場，出 many residential investors to switch their focuses to the retail market, which has 現一批新晉投資者。而且，09年底，銀行應金管局 higher upside potential. This makes the veteran-active retail market emerged 要求收緊豪宅按揭貸款，工商舖物業未受影響，亦導 with a new batch of investors. In addition, the Hong Kong Monetary Authority 致部份資金轉移流入工商舖市場。 requested the banks to tighten the luxury residential loans at the end of 2009,
展望2010年商舖市場，盧展豪看好商舖市況。他表 capital in the commercial property market. 示：「香港正�低息時代，未來通脹壓力加劇，投資 者將繼續活躍於物業市場，吸納商舖等『磚頭』作為 Looking in 2010, Mr. Lo believes the prospect of retail market remains positive. He 保�。」他指出，零售業前景明朗，商舖租、售價將 具上升動力，尤其是核心區的商舖市場，升幅將會更 investors will continue to be active in property market and will acquire retail or 為明顯。 other property assets,”
He expects the improvement in retail market will provide a strong support to the retail rents and capital values. The increase in prices and rentals will be obvious in core shopping areas.
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H0751-00 MIDLAND 8.indd 28 1/20/10 9:05:43 PM 商 舖 物 業 Retail property market
2009年回顧 買賣市場 Sales market 09年商舖買賣市場交投未有受金融海嘯嚴重打擊，年內共錄得 3,829宗成交，較08年的2,915宗成交增加31%，成交總額達到 A total of 3,829 deals were closed in 2009, an increase of 31 per cent 371.8億元，亦較08年錄得的250億元上升49%，成交總額更創 from the 2,915 transactions in pervious year. The total transaction volume 近4年新高。 rose 49 per cent to HK$37.18 billion from HK$25 billion in 2008; hit the record high over the past four years. 土地註冊處資料顯示，首4個月大額商舖物業成交較為淡靜，每 月僅錄得一至兩宗逾億元的商舖成交，1月更未有錄得逾億元的 The Land Registry data showed the sales market of large lump-sum 商舖成交。迄至5月份，經濟前景趨於明朗，物業買賣氣氛回 勇，投資者對貴重物業的增持意慾增加，爭相購入核心區商舖 deals of more than HK$100 million were closed every month. None of the 物業，帶動逾億元商舖成交上升，暢旺氣氛延續至年底，全年 deals were more than HK$100 million in January. But the market started 共錄得40宗逾億元成交，數字屬97年後新高紀錄。 to turn positive in May due to the brighter economy outlook. The investors resumed their interests in investing valuable properties and acquired retail 除了大額商舖成交量增加外，商舖售價於年內亦錄得強勁升 shops in prime locations aggressively. It boosted the deals of more than 幅，市場更屢錄新高呎價成交個案，如年底尖沙咀廣東道6及 HK$100 million to increase. The market sentiment remained bullish at the 8號舖，實用面積約1,212平方呎，以平均呎價近70萬元成交， end of the year. A total of 40 deals of more than HK$100 million were 屬全港商舖呎價歷史新高。此外，9月份銅鑼灣東角道24號怡 recorded in the year, the record high after the market peak in 1997. 東商場地下22號舖，以約1億元售出，以實用面積約216方呎計 算，成交呎價約46.29萬元，僅次於上述廣東道舖王。 Unit prices of many retail properties in core shopping locations recorded the record high in the year. One of the prominent transactions is Emperor 商舖呎價能屢創新高，主要原因是核心區一線街商舖盤源緊 International Holdings acquired a 1,212-square-foot shop at 6 & 8 Canton �，業主抱「求價」惜售態度，買家卻覬覦其抗跌力強及罕有 Road in Tsim Sha Tsui for approx. HK$700,000 per sq ft in December. It set 性，不惜以進取價格購入物業，因而造就核心區舖價高企。現 the record for the city and also the most expensive retail shop in Hong Kong. 階段，核心區一線街舖的回報率低至2、3厘的水平，但未有窒 礙買家增持意慾。而且，由於未來商舖租金存在理想的上升空 24 East Point Road in Causeway Bay. The 216-square-foot shop was sold for 間，回報率將有望提升，如位於尖沙咀星光行地下27號舖，於 about HK$462,963 per sq ft, the second expensive shop in the city. 年中以約5,980萬元成交，買家購入時，該舖租金收入僅約7萬 餘元，租金回報率不足兩厘，其後租約屆滿，由一影音店以月 As the supply of retail shops in core shopping locations is tight, most 租約25萬元承租，租金回報率亦旋即提升至5厘的水平。 of the owners are reluctant to sell their retail properties. But the strong resistance to market downturn and limited supply of retail properties 租賃市場 are attractive to the investors, this made them offer aggressive prices 受惠於內地經濟維持高速增長，內地遊客消費力未有受金融海 for the properties. It helped the capital values of the retail properties in 嘯影響，核心區商舖平均租金未有出現大幅下調，上半年租金 the core shopping areas to stay at high level. Despite the retail shops in 穩企，下半年更錄得約20至25%的升幅。非核心區方面，年初 core locations could produce a low rental yield of 2 to 3 per cent only, 時受本地消費力下降影響，曾一度受壓而下調，迄至年中才開 the investors are still active in hunting the properties. The retail rents 始止跌，年底更有回升情況。 are expected to rise, which will result in an increase in rental yield. For
商舖註冊及註冊金額 Number of transactions and transaction volume of Retail Property in Tsim Sha Tsui was less than 2 per cent when the investor bought the shop in May for approximately HK$59.8 million. Monthly rental income 註冊金額(約/十億元) 註冊量 Transaction volume (approx. /HK$ billon) No. of transactions was about HK$70,000 only. However, upon the expiry of the original lease, 80 6000 the shop was let to a video store for a monthly rent of HK$250,000. The
70 5000 rental yield has been increased to 5 per cent. 60 4000 50 Leasing market 40 3000
30 2000 of mainland visitors has fueled the retail leasing market. Retail rentals in 20 1000 10 to 25 per cent in the second half. The leasing market in non-core shopping 0 0 # districts has been affected by the cautious spending in early last year and
1997 1998 1999 2000 2001 2002 2003 2004 2005 2007 2006 2008 2009* retail rents faced downward pressure. But the rents bottomed out in the 註冊量 No. of transactions 資料來源：土地註冊處及美聯工商舖 mid of the year and rebounded at the year end. 註冊金額(約/十億元) Transaction volume (approx. /HK$ billon) Source: Lands Registry and Mildand IC&I
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H0751-00 MIDLAND 8.indd 29 1/20/10 9:05:43 PM 商舖物業 Retail property market
09年首五宗最高呎價商舖物業成交
成交月份 物業地址 實用面積 (約/平方呎) 成交價 (約/百萬元) 平均呎價 (約/元) Transaction Month Property Considerations Average price (approx./ HK$ million) (approx./HK$ psf) 12月 尖沙咀廣東道6及8號地下 G/F, Nos. 6-8 Canton Road, Tsim Sha Tsui 1,212 843 695,545
9月 銅鑼灣東角道24至26號 地下22號舖 Shop 22 on G./F, Nos 24-26 East Point Road, Causeway Bay 216 100 462,963
5月 尖沙咀梳士巴利道3號 地下27號舖 Shop 27 on G/F, No.3 Salisbury Road, Tsim Sha Tsui 134 59.8 446,269
11月 旺角登打士街43H地下1號舖 Shop 1 on G/F, No. 43H Dundas Street, Mongkok 63 23.8 377,778
10月 旺角亞皆老街83號 地下G23及G25號舖 Shop G23 & 25 on G/F, No.83 Argyle Street, Mongkok 129 37 286,682
11月 旺角旺角道38至44號 地下D1A及2C Shop D1A & 2C on G/F, Nos 38-44 Mongkok Road, Mongkok 79 21.3 269,620
資料來源：美聯旺舖 Source: Midland Shops
上半年零售業承租商舖步伐緩慢，但下半年開始，零售業轉趨 Retailers were cautious in expansion until the second half of the year. The 積極，以受自由行遊客歡迎的珠寶首飾、鐘�及化妝品店等商 retailers favoured by mainland shoppers, such as jewellery, watches and 戶的擴充步伐較為踴躍，市場也錄得多宗大額租賃成交，如旺 cosmetics, are the most active to take up the retail spaces. A number of 角亞皆老街73至81號地下至4樓，面積約25,016方呎，由連鎖 large retail spaces have been leased. For example, a 4-storey shop at 73- 影音店百老匯以月租約200萬元承租；此外，銅鑼灣波斯富街 108至120號地下至2樓(前timeplus商場)，由一首次登陸本港的 been leased to Broadway Photo Supply Limited for about HK$2 million a 日資服裝品牌以近百萬元月租承租。 month. Also, a 3-storey shop at 108-120 Percival Street in Causeway Bay, formerly Timeplus mall, has been leased to a Japanese fashion group, a new comer to Hong Kong, for nearly a million dollars a month.
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H0751-00 MIDLAND 8.indd 30 1/20/10 9:05:54 PM 商 舖 物 業 Retail property market
銅鑼灣、尖沙咀及旺角 Causeway Bay, Tsim Sha Tsui and Mong Kok 銅鑼灣一向被認定為全港消費力最高的地區，又是內地遊客購 物熱點，零售商為求在區內「落點」，均願意以高昂的租金爭 power and also a popular shopping destination for mainland travelers. 奪一線位置的商舖，租金因而高踞不下，更穩企全球第二貴。 Retailers are still willing to pay aggressive rents for shops in the prime
銅鑼灣商舖租金表現一支獨秀，自然吸引投資者吸納，成交量 ranked the second most expensive retail space in the world. 較08年上升，部分商舖呎價更創新高，一線地段商舖價格上升 40%至60%，區內買賣氣氛更起牽頭作用，帶動其他核心區商 舖價量齊升。
由於區內一線街如羅素街等鮮有放盤，即使有盤源放售，叫價 亦甚為進取，回報降至一、兩厘的水平，在一線街盤源欠缺的 情況下，投資者唯有轉至蘭芳道、白沙道及恩平道等地段「尋 寶」，令年內該等地段錄得多宗矚目成交。該地段以往多由餐 廳承租，月租僅十餘萬元，但隨著多家國際品牌及名店陸續進 駐，該批租客承租能力較強，租金於是在短短一年內上調至介 乎30多萬至40多萬元的水平，租金回報率得以提升，因而亦成 為投資者追捧新寵。
雖然，尖沙咀商舖買賣於過去數年較為淡靜，但09年表現卻非 常突出，年內更錄得多宗呎價超理想的成交個案。過去數年， 該區一直備受鐵路基建等工程影響，核心地段如彌敦道等亦因 Retail properties in Causeway Bay are attractive to the investors as the 有大型商場重建，行人環境欠佳、消費人流又未能連貫，無論 商舖租賃或買賣市場均受到�累。 properties transactions in 2009 was more than a year earlier. Record- breaking prices were also achieved. Prices of retail properties in prime 09年開始，尖沙咀商舖市場前景終見明朗，區內鐵路基建已 locations surged 40 to 60 per cent. The booming investment market in 接近完成，新發展項目如iSQUARE、K11等大型商場於年底相 Causeway Bay also led to an increase in retail transaction volume in other 繼開幕，核心地段可以形成具連貫性的消費人流，而且，新商 districts. 場項目亦吸引新人流湧入，令尖沙咀未來的零售前景可看高一 線。 As the retail shops in prime locations like Russell Street offer a rental yield of 1 to 2 per cent only, investors began to shift their focuses to 不少投資者對該區商舖前景感樂觀，部分投資者憧憬位於彌敦 the shops at Lan Fong Road, Pak Sha Road and Yun Ping Road. The 道的iSQUARE大型商場落成後，將帶動附近一帶轉型，遂吸納 investment market in the area was active. Most of the tenants in the �鄰的樂道、海防道以及漢口道一帶的商舖。此外，由新世界 area are used to be restaurants, while the average monthly rent was 發展的K11商場，項目落成前已不乏投資者在河內道、加拿芬 about HK$100,000 only. However, the rents have risen to HK$300,000 道以及麼地道一帶積極吸納商舖。而華人置業發展的The ONE to HK$400,000 a month after the shops were leased to luxury brands 前東英大廈重建項目亦已經進行招租，令鄰近的加連威老道更 with higher affordability in 2009. Investors have growing interest in the area after the rental yield was improved.
Despite Tsim Sha Tsui retail investment market was relatively quiet in the last few years, the performance of the market was outstanding in 2009. A number of better-than-expectation transactions were recorded in the year. In the last few years, the district was suffered from the effect of the construction works of new railway and infrastructure, while the shopping environment in prime location such as Nathan Road was also affected by the construction works of the new shopping mall developments. As the pedestrian ow in the area has been affected by the new projects, the sales and leasing market of retail properties have been dampened.
But the worst time of Tsim Sha Tsui’s retail market has gone in 2009, when the construction of the new railway and new shopping malls
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H0751-00 MIDLAND 8.indd 31 1/20/10 9:05:57 PM 商舖物業 Retail property market
添升�潛力。匯聚名店的大型商場落成後，必定會引入高消費 were almost nished. New shopping malls such as iSQUARE and 力的人流，�鄰商場的街道亦會陸續轉型，以配合嶄新的消費 K11 were opened at the end of 2009. Thus, a continuous pedestrian 模式，屆時，上述街道的商舖將會受到優質租戶垂青，租、售 traf c ow in the area could be created. Also, the new shopping 潛力相對提升。 centres would attract more shoppers to visit the district, this makes the prospect of Tsim Sha Tsui’s retail market even brighter. 旺角區消費人流如鯽，區內結集著名連鎖店及售賣潮流產品的 店舖，多條街道發展為行業街道，如影音店集中的西洋菜南 Many investors were snapping up the retail shops around Lock 街；珠寶金飾店聚集的彌敦道以至「波鞋街」更是自由行客必 Road, Haiphong Road and Hankow Road as they expect the opening 到的購物熱點。在金融海嘯後，區內零售市道在內地旅客支持 of iSQUARE, the redevelopment of Hyatt Hotel, will speed up the 下未見大幅受壓，商舖租賃市場仍然樂觀，空置率得以維持偏 transformation along the street. Investors also actively acquired 低水平。踏入年中，隨著經濟前景趨於明朗，商舖租賃市場開 retail shops around Hanoi Road,.Carnarvon Road and Mody Road 始活躍，區內更錄得大手租賃個案，連鎖影音店以每月租金約 when New World Development’s K11 shopping centre was still under 200萬元承租亞皆老街舖位。此外，西洋菜南街亦連錄化妝及 construction. The ONE, the redevelopment of Tung Ying Building, by 護膚品牌承租個案，令原本已結集多間影音店的街道更添吸引 Chinese Estates Holdings has been launched for lease. It is expected 力，湧入的旅客人流源源不絕。 the upside potential in capital value of the retail shops around Granville Road would increase accordingly. As the three shopping 旺角區零售及商舖租賃市道向好，商舖投資潛力備受市場看 malls attracted a number of luxury brands, the openings of the malls 高，尤其是一線街道的商舖物業，年內錄得數宗位於西洋菜 are expected to draw the shoppers with higher purchasing power. 街的商舖成交，均以理想價錢售出，如位於西洋菜街26號地 The transformation of the streets nearby would also happen to t- 下、1樓及2樓舖位，於6月份以約3 .5億元售出。 in the new shopping habit. The streets mentioned above would be welcomed by the prime retailers and would secure a higher upside 核心區10宗最高金額成交個案 potential in capital value and rental. Ten most expensive transactions in core shopping locations Mong Kok has heavy traf c of potential shoppers and gathered a 成交月份 物業地址 成交價 Transaction Property (約/百萬元) number of famous chain stores and trendy products shops. Certain Month Considerations (approx./ HK$ streets in the district have developed into theme streets. For example, million) audio and visual shops are gathered at Sai Yeung Choi Street South 8月 中環威靈頓街1號荊威廣場商場部份, and jewellery shops are gathered at Nathan Road. “Sneaker Street” 旺角百寶利商業中心地下至7樓, has even become the hottest shopping destination of the mainland 旺角彌敦道金都商場逾90%業權 Commercial Podium (Shop) on LG/F, UG/F, 1/F-3/F, tourists. Mong Kok retail market remained stable with the support of 1,590 mainland travelers after the outbreak of the global nancial turmoil. Street, Central; Shops 10-11 on G/F, 1/F-3/F, The vacancy rate stayed low as the outlook for retail leasing market Units 1-11 on 5/F-7/F, Pakpolee Commercial Centre, No. 1A Sai Yeung Choi Street, Mongkok; Over 90% remained bullish. As the economic outlook became brighter since the share of Golden Plaza, No. 745 Nathan Road, Mongkok mid of 2009, the leasing activities turned active. A number of major 12月 尖沙咀廣東道6及8號地下 leasing transactions were recorded in the year. For example, an audio G/F, Nos. 6-8 Canton Road, Tsim Sha Tsui 843 and visual chain store leased a shop at Argyle Street for a monthly 6月 旺角西洋菜街26號地下、1樓及2樓 G/F, 1/F & 2/F, No.26 Sai Yeung Choi Street, Mongkok 350 rent of HK$2 million. Moreover, Sai Yeung Choi Street South also 9月 旺角西洋菜街2J至2Q號地下8號舖、 recorded a number of leasing transactions by make-up and cosmetic 閣樓及1樓A、B室 275 retailers. It enhanced the attractiveness of the street, which has been Shop 8 on G/F, No.2J-2Q gathered by audio and visual retailers. Pedestrian ow of tourists will Sai Yeung Choi Street, Mongkok increase even further. 8月 銅鑼灣景隆街2號地下A至D舖及1樓 Shop A-D on G/F & 1/F, No.2 Cannon Street, 248 Causeway Bay As the retail and shop leasing market in Mong Kok are on the up- 12月 灣仔灣仔道223至227號地下、1至2樓 cycle, the market is bullish on the investment potential of retail G/F, 1/F & 2/F, Nos. 223-227 Wanchai Road, Wanchai 245 properties, in particular in the prime streets retail shops in Mong 7月 銅鑼灣怡和街42至44號地下及1樓 G/F & 1/F, Nos. 42-44 Yee Wo Street, Causeway Bay 238 Kok. A number of retail properties at Sai Yeung Choi Street South were sold at outstanding prices. For example, the three-storey shop 6月 尖沙咀彌敦道54至64B號地下3至4號舖 Shop 3-4 on G/F, Nos 54-64B Nathan Road, Tsim Sha Tsui 221 at 26 Sai Yeung Choi Street South was sold for about HK$350 million 6月 銅鑼灣羅素街59至61號地下B5舖 in June. Shop B5 on G/F, Nos. 59-61 Russell Street, Causeway Bay 194 9月 銅鑼灣白沙道13號地下 G/F, No. 13 Pak Sha Road, Causeway Bay 160 資料來源：美聯旺舖 Source: Midland Shops
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H0751-00 MIDLAND 8.indd 32 1/20/10 9:05:57 PM 商 舖 物 業 Retail property market
North Point and Sai Wan The retail investment market of North Point remains active in 2009, the prices are relatively stable. The investment market was in lack of focus as the future development of North Point Estate is still uncertain and the controversy over the development of the government site at Oil Street has yet come to an end. Thus, there was no breakthrough in North Point retail market in 2009. Investors would switch their focuses in the district until the outlook for the two major projects could be con rmed.
The construction of the MTR West Island Line has started. Investors began to snap up prime shops in the area as they are expecting the Western District will have a facelift upon the completion of the new railway line. In addition, the prices of retail properties in the district were lower than that of the shops in prime locations. The shops in the area offered rental yield of 4 per cent or above on average, which is higher than that in prime shopping districts. With the higher upside potential in capital value and attractive rental yield, many investors who are used to be active in 北角及西環 prime shopping districts have also entered the retail investment market 北角商舖買賣市場交投於09年保持活躍，價格走勢穩定，然 in this district. 而，礙於舊北角邨海景地皮的長遠發展未見明朗，油街地王的 發展仍存爭論，區內兩項大型發展仍未有定案，令北角商舖市 The retail properties near the future MTR exits are the rst acquisition 場於09年未見突破，預料要待兩大發展項目發展前景進一步明 target of the investors. For example, a number of transactions for the 朗化後，投資者才會把焦點轉至北角。 shops at Des Voeux Road West, Queen’s Road West and Belcher’s Street were recorded in 2009. The prices of the shops also soared 港鐵西港島線正式動工，投資者憧憬鐵路通車後，西區面貌將 20 to 30 per cent. The number of retail property transactions in the 會大變身，已俏俏開始在區內吸納優質商舖。而且區內商舖物 district has already exceeded the level in 2008. Hung Hom and To 業售價遠較核心區低水，租金回報率普遍高於核心區，能造至 Kwa Wan are the other two districts that would be bene ted from the 約4厘或以上的水平，在升�力及回報均具吸引力的情況下，不 construction of new railway line. The three districts have become a new 少過往只活躍於一線區的投資者亦涉足區內商舖市場。 focus in retail investment market in 2009 and the acquisition target of the investors. 區內以鄰近未來港鐵站出口的街道最先受投資者追捧，如德輔 道西，皇后大道西及卑路乍街等地段的商舖，於09年便錄得多 The retail shops in the second-tier districts such as Sai Wan could produce 宗買賣成交，商舖價格也於年內上升20%至30%。區內整體商 rental yield ranged between 3 and 4 per cent, which is higher than that of 舖成交量已超越08年水平，與同樣受惠新鐵路工程的紅磡及土 2 per cent from the shops in prime locations. It lured the investors to shift 瓜灣一樣，成為09年商舖買賣市場焦點，投資者爭相吸納的對 their focuses into the second-tier districts. 象。 Retail shops near the future MTR exits such as the shops at Belcher’s 非核心區5宗最高金額成交個案 Street and Queen’s Road West are most welcome by the investors. The sales market was active in the year, while the prices of the shops also
成交月份 物業地址 成交價 (約/百萬元) surged 20 to 30 per cent. Transaction Property Considerations Month (approx./ HK$ million)
10月 北角英皇道560號健威坊商場 Fiffort No. 560 King’s Road, North Point 935 11月 北角英皇道250號地下及1樓部份(北角城中心) G/F & Portion of 1/F, No. 250 King;s Road, North Point (Fortress Tower) 355 11月 觀塘�田道49號地下11至15B舖及1樓、 以及�田道51號地下7至8號, 11至23號舖及酒樓部份 Shop 11-15B on G.F & 1/F, No. 49 Kai Tin Road,; 315 & Shop 7-8,11-23 & Restaurant on G/F, No. 51 Kai Tin Road, Kwun Tong 7月 觀塘成業街7號地下及1樓 G/F & 1/F, No. 7 Shing Yip Street, Kwun Tong 303 4月 天水圍天瑞路88號俊宏軒商場 Grandeur Terrace, No. 88, Tin Shui Road, Tin Shui Wai 303
資料來源：美聯旺舖 Source: Midland Shops
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H0751-00 MIDLAND 8.indd 33 1/20/10 9:05:59 PM 商舖物業 Retail property market
Yuen Long and Tsuen Wan The retail investment market in the New Territories was booming. Tsuen Wan and Yuen Long are good examples. Despite the retail investment market was quiet in the rst quarter due to the hit of the nancial turmoil, the market sentiment recovered very soon in the second quarter. For example, the monthly transactions in May in Tsuen Wan returned to double digits level from less than 10 transactions per month previously.
The prime shopping locations in Tsuen Wan are used to focus on the surrounding area of the MTR station, like Tai Ho Road and Sha Tsui Road. However, with the completion of the residential projects of Vision City and The Dynasty, together with the openings of Citywalk shopping centre, the Nina Tower and
extended to Yeung Uk Road and the area nearby. As 元朗及荃灣 Chuen Lung Street in the area is connected to Nina 新界區的商舖買賣氣氛亦見不俗，以荃灣及元朗區為例，年初 Tower and the hotel by a footbridge across Yeung Uk Road, pedestrian 雖然受金融海嘯影響，成交較為淡靜，但踏入第2季，買賣氣氛 迅速回復，如荃灣區由每月成交量不足10宗的水平，於5月份 investment potential of the retail properties in the area. 回升至雙位宗數的水平。 Chuen Lung Street recorded a number of retail transactions of more 以往，荃灣區的核心消費段圍繞港鐵站一帶，消費力集中於大 than HK$10 million in the year. For example, the shop B on ground oor 河道及沙咀道，不過，隨著萬景峰、御凱等大型樓盤落成；荃 with cockloft at 87-89 Chuen Lung Street was sold for about HK$23.8 新天地(Citywalk)商場、如心廣場及酒店項目開業，消費人流蔓 million. The rental yield is around 4 per cent. Another shop at unit 7, 延至楊屋道及鄰近地段。其中，川龍街因設有行人天橋橫跨楊 ground oor of Concord Square at Chuen Lung Street was also sold for 屋道，接駁至如心廣場酒店，令街道內人流穿梭，商舖物業因 HK$24.5 million, with a rental return of 4 per cent. The shop B and C 而受投資者另眼相看。 on the ground oor at 45 Ho Pui Street was sold for HK$70 million in the year as well. It showed the market is optimistic on the outlook of 川龍街年內錄得多宗逾千萬元成交，如川龍街87至89號地下B this area. 舖連閣樓，便以約2,380萬元售出，租金回報率約4厘；另一個 位於川龍街協和廣場地下07號舖，也以2,450萬元售出，回報率 The investment market sentiment of retail shops in Yuen Long 也達4厘；年內河背街45號地下B及C舖亦以約7,000萬元成交， was as good as that of Tsuen Wan. The prime shopping locations 可見市場對該地段的後市非常看好。 of Yuen Long were limited to Yuen Long Main Street and Kau Yuk Road. The district is also in lack of large shopping malls, which made 元朗商舖的投資氣氛亦相當不俗，與荃灣區不遑多讓。元朗區 the shoppers focus on the two streets. The shop owners of the two 一線街只有大馬路及教育路，區內亦欠缺大型商場，消費力集 streets seldom release their shops for sale. This made the supply 中於上述兩段街道。由於該兩段街道的業主亦鮮有放售物業， very tight. Under this circumstance, the shops in Yuen Long achieved 令盤源特別珍罕，呎價較荃灣一線街舖更高，買家亦不惜以高 a higher unit price when compared with that in the prime locations of 價購入，如年內大馬路168號地下C舖，以1億元成交，以地舖 Tsuen Wan. Buyers are also willing to pay aggressive prices for the 面積計算，呎價達10萬元。加上，元朗舖市更有新界區具實 shops. For example, shop C on the ground oor at 168 Yuen Long 力的�紳買家支持，商舖交投得以較荃灣更為活躍。土地註冊 Main Street was sold for HK$100 million. The unit price of the shop 處資料顯示，元朗於年內共錄得336宗商舖買賣，涉及金額約 reached HK$100,000 per sq ft. 14.23億元。 In addition, the Yuen Long retail investment market is well supported by the local country gentry purchasers, this makes the sales market in Yuen Long be more active, when compared with Tsuen Wan. According to the Land Registry, 336 deals were recorded in Yuen Long with a total transaction amount of about HK$1.423 billion in 2009.
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H0751-00 MIDLAND 8.indd 34 1/20/10 9:06:02 PM 商 舖 物 業 Retail property market
Prospect for Retail Market Given the positive outlook of the economy in 2010, the prices and rentals of retail properties are expected to gain momentum. In the retail investment market, the low interest and mortgage rates will encourage the capital
to increase their investment proportion in the property market after the
the property market. The retail market recorded a moderate fall after the
properties and turn active in acquiring prime retail properties. The retail investment market is expected to stay active.
investors to put their capital in properties. Despite the rental yields of retail properties are low, the rentals are expected to rise and lead to an increase in rental yields. Compared with the low mortgage rates, the rental yields of
The outlook for retail leasing market is bullish. Firstly, the positive factors
last year, the retailers will resume their expansion plans in 2010 and turn active in seeking prime locations to open the new shops.
In fact, mainland travelers are gaining importance in Hong Kong retail market. The strong economic growth in mainland has boosted the 展望 purchasing power of mainland travelers. With the further enhancement 2010年經濟前景向好，商舖租、售走勢可望持續呈強。買賣市 in the individual visit scheme, including multiple-entry visiting relatives 場方面，存按息低企有利資金流入樓市，尤其在金融海嘯後， endorsement and relaxation of non-Guangdong residents in Shenzhen 投資者銳意增加在物業市場上的投資比例，令物業市場充斥豐 裕資金。商舖物業在金融海嘯後跌幅較為溫和，投資者覬覦商 the World Expo 2010 will be commenced in Shanghai. It is expected that 舖擁有較強抗跌力，積極在市場上吸納優質商舖物業，暢旺的 買賣氣氛得以延續。
此外，美元持續貶�反映未來通脹問題將會加劇，投資者將會 視物業為保�及抗通脹的工具，傾向將資金投放於物業項目 上。雖然現時核心區商舖的租金回報率較低，但租金具充足動 力攀升，回報率有望提高。而且，現時按揭利率低，即使物業 回報率只有3至4厘，對投資者來說仍有利可圖。
至於商舖租賃前景更可望看高一線。首先，多項因素推動本港 零售業向好；而且，過去一年商戶擴充步伐較為緩慢，他們將 會在2010年重拾步履，紛紛物色位置理想的營運點。
事實上，本港零售業越加倚賴內地旅客的消費力。中國經濟維 持強勁增長，內地旅客消費力進一步提高，自由行政策又得以 持續深化，包括推出「一簽多行」及放�非廣東戶籍的深圳居 民赴港旅遊等政策，為本港零售業注入源源不絕的動力。�得 一提的是，2010年世博會於上海舉行，屆時，大量海外旅客路 經本港，自然帶來龐大商機。
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同時，本港零售市場亦是國際品牌開拓內地市場的平台，國內 many overseas travelers will go to the Expo via Hong Kong. It will bring 經濟騰飛，預計未來將會有更多國際品牌來港設立零售點，更 tremendous business opportunities in the retail market. 不惜以理想租金承租核心區一線街舖。尖沙咀廣東道、銅鑼灣 羅素街以及旺角西洋菜南街等核心區一線街名店林立，國際品 Meanwhile, the Hong Kong retail market has become a platform for the 牌莫不爭相進駐，租金水平向來高企，未來升�空間持續可 international brands to enter the mainland market. With the strong economic 觀，出現數級跳的情況亦不足為奇。 growth in mainland, it is expected more international brands would open
以民生消費為主的二、三線區，未來的租金前景亦可望改善。 rents for their stores in the prime locations in the major shopping areas. 金融海嘯後，市民面對失業及減薪等問題，本地消費力大減， International brands are keen to have their shops of the prime locations 二、三線區租戶經營環境較困難，不過，隨著經濟好轉，失業 such as Canton Road in Tsim Sha Tsui, Russell Street in Causeway Bay and 率於09年底開始向下調整，市民的消費力顯著獲得改善，二、 Sai Yeung Choi Street South in Mong Kok. Retail rents in the areas stayed 三線區的商舖租賃表現回穩，空置率亦大為下降，租金於09年 at high level and are expected to have strong growth in the future. It is not 中已見止跌回升。 surprised the retail rentals may increase exponentially.
由於金融海嘯後，二、三線區租金受壓，不但續租租金相對偏 Retail rents of the shops in the second and the third tier districts serving 低，更有個別業主願意減租，因此，預料租約於2010年屆滿 local demand are also expected to be improved. Hong Kong people faced 後，租金上調幅度頗為明顯，達10至15%不等。 people’s purchasing power, while the business environment for the tenants
with the rebound of the economy, the fall in unemployment rate at the
power, the retail leasing market in the second and the third tier districts turned stable. The vacancy rate of the retail shops in the districts had dropped, while the retail rents had bottomed out and rebounded in the middle of last year.
Retail rentals in the second and the third tier districts were under downward
rentals were relatively low and certain shop owners were willing to cut the rents. It is expected that the retail rents would rise sharply after the leases expired in 2010. Retail rentals will surge 10 to 15 per cent.
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