Hong Kong

The vacancy rate also declined from 1.5% to 0.9%.

Consumer sentiment is likely to turn positive in the second half of 2022.

More investors are looking for suitable assets for such conversion.

Russell Street in Causeway Bay has transformed over the course of the pandemic.

Rents in Central inched up 0.9% to HK$114.5 per sq ft.

The Grade A office market will provide substantial opportunities for medical occupiers over the next five years.

One of the notable transactions was a house at Villa Cove that sold for HKD125.5m.

The vacancy rate for this submarket reached 12.8% last month.

Rents in major shopping malls also declined 5.1%.

Almost half of the transactions were from the industrial sector.

Vacancy rates in Admiralty and Wan Chai were at 8.4% and 11.2%, respectively.

Secondary sales accounted for 94.4% of all transactions.

There has not been any significant distressed assets in the sector despite the pandemic. 

Industrial and retail sectors saw the highest investment volume.

Kowloon East recorded the highest vacancy rate at 12.4%. 

There were only 2,912 transactions during the month.