HK rateable values grow 0.4% to $2.66b YoY

Industrial RVs grew strong amongst all sectors.

Hong Kong's rateable values (RVs) increment for commercial properties grew by 0.4% to $2.66b year-on-year (YoY), data from CBRE said.

The RVs for retail/shop properties in Yau Tsim Mong dropped the most (4.7%), followed by the Central and Western Districts (3.0%) and Wan Chai (1.0%).

On the other hand, the RVs for the same properties in Kowloon City (2.7%), Sham Sui Po (2.0%), and Tuen Mun (2.3%) grew up YoY.

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Meanwhile, office RVs in Central and Western District (5.5%), Wan Chai (4.2%), and Eastern District (2.8%) dropped due to surging future supply, cost-cutting relocation strategies, and increased incentives granted by landlords.

The Industrial RVs in Kwai Tsing (5.6%), Sha Tin (2.1%), and Tsuen Wan (4.2%) had strong growth amongst all sectors due to the lack of space, where vacancy remained at a low single digit.