<p>香港所谓的总部经济，使该城市成为区域和全球企业总部的基地，正在推动商业房地产行业的复苏，分析师预测今年投资环境将改善。根据 CBRE 的数据，2025 年该市受创的办公市场显示出稳定迹象，全年净吸纳面积为 210 万平方英尺（约 195,000 平方米），是自 2018 年以来的最大年度总量。中环在第四季度录得 234,800 平方英尺的净吸纳，创下自 2015 年第二季度以来的最高水平。全年净吸纳面积达到 496,000 平方英尺，是自 2007 年以来最强的年度总量，CBRE 补充道。随着租赁活动的回升，整体办公租金同比下降 2.9%，是自 2019 年以来的最小年度降幅，房地产咨询公司补充道。对办公空间需求的改善与去年底创纪录的 156 万家本地注册公司相吻合，比 2024 年增加了 96,609 家。其中，195,343 家是新注册或重新注册的公司，15,586 家是新设立的非香港公司。“总部经济强化了对优质办公空间的需求，尤其是那些位置优越、高质量的建筑，支持区域管理、资本市场和专业服务功能，” Colliers 的代理估值与咨询服务负责人 Eric Tsang 表示。“这有助于稳定整个办公市场的租赁，并重新激发对优质办公资产的兴趣，即使更广泛的办公行业仍在调整中。” 香港证券交易所是去年全球首次公开募股（IPO）最活跃的市场，共有 114 家上市公司筹集了 372 亿美元。这一趋势预计将持续，已有超过 450 家公司竞标上市。除了办公空间，总部经济 “也支持核心地区的优质零售，因为高质量的就业集群推动了工作日消费，并增强了优质零售的吸引力，” Knight Frank 亚太区研究负责人 Christine Li 表示。2025 年零售同样有所改善，增长了 1%，而前一年下降了 7.3%。Colliers 预计，今年高街租金将上涨 5%，继去年上涨 2.9% 之后，得益于整体零售销售增长 3%。这些因素正在提升投资前景。“我们预计今年的市场环境比去年更具投资价值，得益于价格发现的改善、积极卖家的增加以及买家更务实的承保假设，” Li 表示。“相比之下，2025 年在很大程度上是一个 ‘观望’ 的部署年。资本存在，但往往取决于更明确的利率方向、更明显的重新定价或极强的资产质量。“今年，我们预计将有更多可操作的任务和更广泛的出价范围，即使投资者在定价上仍保持谨慎。” 在特定领域，Knight Frank 选择了优质办公空间、物流、现代工业资产和生活领域来吸引最多资本。Colliers 预计办公和零售领域的资本利率在近期价格调整后将 “保持大致稳定”。“对于优质资产，香港的交易收益率仍然相对较低，支持其作为金融门户的角色和投资者信心的改善，” Tsang 表示。“总体而言，区域内利率的降低有助于稳定定价，并支持包括香港在内的城市的选择性投资活动。” 并非所有房地产资产都可能从预期的投资和租赁活动的上升中受益。“不符合可持续性、工作场所质量和运营效率要求的二级建筑，更可能面临加速重新定位或用途变更的压力，而不是租金上涨，” Li 表示。“我们认为总部经济是一种以质量为导向的顺风，而不是对房地产市场的普遍提振。“它支撑了对优质、交通便利和设施丰富空间的需求，特别是在金融市场活动改善和租户重新强调与资本、客户和人才的接近价值时。”</p>

恒生指数

<p>香港的总部经济正在推动商业房地产的复苏，办公空间需求显著增加，租赁市场趋于稳定。2025 年，办公市场净吸纳面积达到 210 万平方英尺，为 2018 年以来最高水平。该市还记录了注册公司数量的上升，进一步推动了对高端办公和零售空间的需求。分析师预计，今年投资环境将更加有利，尽管不符合现代标准的二级建筑面临挑战，但仍将重点关注高质量资产</p>

<p>Hong Kong’s so-called headquarters economy, in which the city serves as a regional and global base for corporate headquarters, is spurring recovery in the commercial real estate sector as analysts forecast an improved investment environment this year. The city’s battered office market showed signs of stability in 2025, with 2.1 million sq ft (195,000 square metres) of net absorption for the full year, the largest annual total since 2018, according to CBRE. Central recorded the biggest improvement with 234,800 sq ft of net absorption in the fourth quarter, its highest since the second quarter of 2015. The full-year figure reached 496,000 sq ft, the strongest annual total since 2007, CBRE added. Alongside the pickup in leasing, overall office rents fell 2.9 per cent year on year, the smallest annual decline since 2019, the property consultancy added. The improved demand for office space coincided with a record 1.56 million locally registered companies by the end of last year, up 96,609 from 2024. Of these, 195,343 were newly registered or redomiciled firms, while 15,586 were new non-Hong Kong companies setting up in the city. “The [headquarters economy] reinforces demand for premium office space, especially well-located, high-quality buildings that support regional management, capital markets and professional services functions,” said Eric Tsang, acting head of valuation and advisory services at Colliers. “This has helped stabilise leasing across the office market and created renewed interest in prime and quality office assets, even as the broader office sector continues to adjust.” The Hong Kong stock exchange was the world’s most active for initial public offerings last year, with 114 listings raising US$37.2 billion. That trend is expected to continue, with more than 450 companies already bidding to make their market debut. Besides offices, the headquarters economy “is also supportive of prime retail in core districts, as higher-quality employment clusters drive weekday spending and strengthen premium retail catchments,” said Christine Li, head of research for Asia-Pacific at Knight Frank. Retail likewise improved in 2025, growing 1 per cent following a 7.3 per cent decline the year before. Colliers said it expected high-street rents to rise 5 per cent this year, following a 2.9 per cent gain last year, supported by a 3 per cent increase in overall retail sales. These factors are boosting the investment prospects. “We expect a more investible market environment this year than last, underpinned by improving price discovery, a growing pool of motivated sellers, and more pragmatic underwriting assumptions from buyers,” Li said. “By contrast, 2025 was largely a ‘wait-and-see’ deployment year. Capital was present, but often contingent on clearer interest-rate direction, sharper repricing, or exceptionally strong asset quality. “This year, we expect more actionable mandates and a wider bid set, even as investors remain disciplined on pricing.” For specific segments, Knight Frank picked premium office spaces, logistics, modern industrial assets and the living sector to attract the most capital. Colliers expected capital rates in the office and retail segments to “remain broadly stable” after recent price adjustments. “For prime assets, Hong Kong continues to trade at relatively low yields compared with most regional markets, supported by its role as a financial gateway and improving investor confidence,” Tsang said. “Overall, easing interest rates across the region help stabilise pricing and support selective investment activity in cities including Hong Kong.” Not all property assets are likely to benefit from the anticipated upswing in investment as well as leasing activities. “Secondary buildings that do not meet occupier requirements around sustainability, workplace quality and operational efficiency are more likely to face accelerated repositioning or change-of-use pressures rather than rental uplift,” Li said. “We view the headquarters economy as a quality-led tailwind rather than a blanket uplift for the property market. “It underpins demand for premium, well-connected and amenity-rich space, particularly as financial market activity improves and occupiers re-emphasise the value of proximity to capital, clients and talent.”</p>
<div class="lb-trans"><p>香港所谓的总部经济，使该城市成为区域和全球企业总部的基地，正在推动商业房地产行业的复苏，分析师预测今年投资环境将改善。根据 CBRE 的数据，2025 年该市受创的办公市场显示出稳定迹象，全年净吸纳面积为 210 万平方英尺（约 195,000 平方米），是自 2018 年以来的最大年度总量。中环在第四季度录得 234,800 平方英尺的净吸纳，创下自 2015 年第二季度以来的最高水平。全年净吸纳面积达到 496,000 平方英尺，是自 2007 年以来最强的年度总量，CBRE 补充道。随着租赁活动的回升，整体办公租金同比下降 2.9%，是自 2019 年以来的最小年度降幅，房地产咨询公司补充道。对办公空间需求的改善与去年底创纪录的 156 万家本地注册公司相吻合，比 2024 年增加了 96,609 家。其中，195,343 家是新注册或重新注册的公司，15,586 家是新设立的非香港公司。“总部经济强化了对优质办公空间的需求，尤其是那些位置优越、高质量的建筑，支持区域管理、资本市场和专业服务功能，” Colliers 的代理估值与咨询服务负责人 Eric Tsang 表示。“这有助于稳定整个办公市场的租赁，并重新激发对优质办公资产的兴趣，即使更广泛的办公行业仍在调整中。” 香港证券交易所是去年全球首次公开募股（IPO）最活跃的市场，共有 114 家上市公司筹集了 372 亿美元。这一趋势预计将持续，已有超过 450 家公司竞标上市。除了办公空间，总部经济 “也支持核心地区的优质零售，因为高质量的就业集群推动了工作日消费，并增强了优质零售的吸引力，” Knight Frank 亚太区研究负责人 Christine Li 表示。2025 年零售同样有所改善，增长了 1%，而前一年下降了 7.3%。Colliers 预计，今年高街租金将上涨 5%，继去年上涨 2.9% 之后，得益于整体零售销售增长 3%。这些因素正在提升投资前景。“我们预计今年的市场环境比去年更具投资价值，得益于价格发现的改善、积极卖家的增加以及买家更务实的承保假设，” Li 表示。“相比之下，2025 年在很大程度上是一个 ‘观望’ 的部署年。资本存在，但往往取决于更明确的利率方向、更明显的重新定价或极强的资产质量。“今年，我们预计将有更多可操作的任务和更广泛的出价范围，即使投资者在定价上仍保持谨慎。” 在特定领域，Knight Frank 选择了优质办公空间、物流、现代工业资产和生活领域来吸引最多资本。Colliers 预计办公和零售领域的资本利率在近期价格调整后将 “保持大致稳定”。“对于优质资产，香港的交易收益率仍然相对较低，支持其作为金融门户的角色和投资者信心的改善，” Tsang 表示。“总体而言，区域内利率的降低有助于稳定定价，并支持包括香港在内的城市的选择性投资活动。” 并非所有房地产资产都可能从预期的投资和租赁活动的上升中受益。“不符合可持续性、工作场所质量和运营效率要求的二级建筑，更可能面临加速重新定位或用途变更的压力，而不是租金上涨，” Li 表示。“我们认为总部经济是一种以质量为导向的顺风，而不是对房地产市场的普遍提振。“它支撑了对优质、交通便利和设施丰富空间的需求，特别是在金融市场活动改善和租户重新强调与资本、客户和人才的接近价值时。”</p>
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香港的总部经济如何推动商业地产市场的复苏