# Limited supply and AI demand shape Hong Kong data centre outlook

- **Source:** Real Estate Asia
- **Published:** 2026-10-06T04:56:07.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/industrial/news/limited-supply-and-ai-demand-shape-hong-kong-data-centre-outlook
- **Topics:** Commercial & Industrial, Regional Markets

## Featured rationale

Tightening availability may enable rental growth from 2H 2026 and favour modern, AI-ready facilities, while power constraints and retrofit costs could limit industrial-building conversions.

## AI summary

Hong Kong data-centre vacancy is expected to ease over the next 12 to 18 months as limited new supply meets sustained leasing and AI-related demand.

## Original article

Vacancy is expected to ease over the next 12 to 18 months as new supply remains limited.

Hong Kong's data centre market is seeing stronger leasing demand, while limited near-term supply and rising demand for AI-ready capacity are shaping the outlook, according to CBRE.

CBRE said leasing demand continues to strengthen, driven mainly by hyperscalers, Chinese technology and e-commerce companies, and financial institutions. Multinational banks and financial institutions are also increasingly supported by stricter compliance and operational resilience requirements.

Supply is expected to remain tight despite the recent completion of an exceptional supply cycle. CBRE expects vacancy to continue easing over the next 12 to 18 months, supported by limited new supply and sustained leasing demand. Newer facilities typically report vacancy of 10% to 15%, compared with older stock, which faces higher vacancy and weaker efficiency because of rising power and operating costs.

The near-term development pipeline remains modest and concentrated in existing clusters including Kai Chuang and Tseung Kwan O. Longer term, the Sandy Ridge Data Facility Cluster in the Northern Metropolis is expected to provide about 250,000 square metres of gross floor area, with operations scheduled to commence from 2029.

Investment activity remains limited, reflecting broader capital market conditions and a shortage of stabilised data centres available for sale. CBRE noted that investor interest is focused primarily on conversion opportunities involving existing industrial buildings, although constrained power capacity, high retrofit costs and extended delivery timelines continue to restrict activity.

One major transaction highlighted by CBRE was Goodman Group's establishment of a US$2.7 billion Goodman Hong Kong Data Centre Partnership, initially comprising six data centres offering more than 180MW of capacity, backed by pension and infrastructure investors. China Mobile has also launched its Global Intelligence Centre in Fo Tan, a 10MW facility designed to support high-performance computing and AI workloads.

CBRE said rents have been tenant-friendly following the recent supply surge, although rental growth is likely to resume from the second half of 2026 as vacancy tightens. At the same time, Hong Kong's existing data centre stock is not well suited to high-density AI workloads: most facilities are designed for about 5-15kW per rack, versus requirements of 40kW or more for AI-driven workloads.

As of the first quarter of 2026, CBRE puts Hong Kong's total data centre capacity at 687MW, with 653MW of upcoming capacity. Colocation prices were rising and vacancy was declining, while the indicative cap rate stood at 5.00%-6.00%.

## Chinese translation

> Translation model: grok_cli

### 供应有限与人工智能需求塑造香港数据中心前景

香港数据中心市场的租赁需求正在增强，而有限的短期供应以及对人工智能就绪容量日益上升的需求正塑造市场前景

未来12至18个月，随着新增供应维持有限，空置率预计将回落。

世邦魏理仕（CBRE）表示，香港数据中心市场的租赁需求正在增强，而有限的短期供应以及对人工智能就绪容量日益上升的需求，正塑造市场前景。

世邦魏理仕称，租赁需求持续增强，主要由超大规模云厂商、中国科技及电子商务公司以及金融机构推动。跨国银行和金融机构也日益受到更严格的合规与运营韧性要求所支撑。

尽管近期一轮异常的供应周期已经完成，供应预计仍将紧张。世邦魏理仕预计，在有限新增供应和持续租赁需求的支撑下，未来12至18个月空置率将继续回落。较新设施的空置率通常为10%至15%；相较之下，较旧存量因电力及运营成本上升而面临更高空置率和较低效率。

短期开发管线仍然有限，并集中于包括Kai Chuang和将军澳（Tseung Kwan O）在内的现有集群。更长期来看，北部都会区的沙岭数据设施集群（Sandy Ridge Data Facility Cluster）预计将提供约250,000平方米总楼面面积，运营计划自2029年起开始。

投资活动仍然有限，反映出更广泛的资本市场状况，以及可供出售的已稳定运营数据中心短缺。世邦魏理仕指出，投资者兴趣主要集中于涉及现有工业大厦的改造机会，但电力容量受限、改造成本高以及交付周期延长，继续限制相关活动。

世邦魏理仕重点提到的一宗重大交易是，嘉民集团（Goodman Group）设立规模达27亿美元的Goodman Hong Kong Data Centre Partnership，初期包含六座数据中心，提供超过180MW容量，由养老金及基础设施投资者支持。中国移动（China Mobile）也在火炭（Fo Tan）启动其全球智能中心（Global Intelligence Centre），这是一座10MW设施，旨在支持高性能计算和人工智能工作负载。

世邦魏理仕称，近期供应激增之后，租金一直对租户较为有利，不过随着空置率收紧，租金增长很可能自2026年下半年起恢复。与此同时，香港现有数据中心存量并不适合高密度人工智能工作负载：大多数设施按每机柜约5-15kW设计，而人工智能驱动的工作负载要求达到40kW或更高。

截至2026年第一季度，世邦魏理仕估计香港数据中心总容量为687MW，即将推出的容量为653MW。托管（colocation）价格正在上升，空置率正在下降，指示性资本化率（cap rate）为5.00%至6.00%。