# Prime retail outperforms as Hong Kong market becomes more polarised

- **Source:** Real Estate Asia
- **Published:** 2026-06-30T00:40:42.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-retail/news/prime-retail-outperforms-hong-kong-market-becomes-more-polarised
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

The widening rental gap signals retailer preference for tourism-supported prime locations, potentially encouraging repositioning or rent adjustments at mid-tier and neighbourhood centres.

## AI summary

Knight Frank forecast 2026 Hong Kong prime street-shop rents to rise 5%–10%, while non-core mall rents may remain flat or fall by up to 5%.

## Original article

Hong Kong's prime retail rents are forecast to grow by up to 10% this year.

Hong Kong's retail property market is becoming increasingly polarised as online shopping continues to reshape consumer spending and retailer demand, according to Knight Frank.

Helen Mak, Senior Director and Head of Retail Services at Knight Frank, said online retail sales increased from HK$20.6 billion in 2020 to a record HK$35.8 billion in 2025 and are expected to reach another high in 2026. The agency said the continued expansion of Chinese mainland e-commerce platforms into Hong Kong is intensifying competition for traditional retailers.

Knight Frank said rental performance continues to diverge between prime and non-core retail locations. Prime shopping centres have benefited from recovering tourism and stronger demand, with Harbour City recording average rents of HK$361 in 2025, up from HK$334 in 2021. By contrast, mid-market centres such as Plaza Hollywood have experienced weaker trading conditions, while Link REIT's community shopping centres have remained relatively stable despite a slight decline in rents during 2026.

According to Knight Frank, the market's growing divide reflects the resilience of prime retail locations while mid-tier and neighbourhood shopping centres continue to face pressure from changing consumer behaviour and online shopping.

Despite uncertainty surrounding fuel costs and tighter financial policies affecting mainland investment, Knight Frank maintained its 2026 rental forecasts, with prime street shop rents expected to increase by 5% to 10%, prime shopping mall rents to rise by up to 5%, and non-core shopping mall rents to remain flat or decline by up to 5%.

## Chinese translation

> Translation model: grok

### 优质零售表现突出，香港市场两极分化加剧

莱坊指出，随着网购持续重塑消费支出与零售商需求，香港零售物业市场两极分化日益明显

香港优质零售租金今年料增长最多10%。

莱坊（Knight Frank）指出，随着网购持续重塑消费支出与零售商需求，香港零售物业市场两极分化日益明显。

莱坊零售服务高级董事及主管麦梓靖（Helen Mak）表示，网上零售销售额由2020年的206亿港元增至2025年创纪录的358亿港元，并预计2026年再创新高。该行称，中国内地电商平台持续进军香港，令传统零售商竞争进一步加剧。

莱坊表示，优质与非核心零售地段的租金表现持续分化。优质购物中心受惠于旅游业复苏与需求增强，海港城2025年平均租金为每平方呎361港元，高于2021年的334港元。相比之下，荷里活广场等中端商场交易情况较弱，而领展（Link REIT）旗下社区购物中心尽管2026年租金略有回落，整体仍相对稳定。

莱坊指出，市场差距扩大反映优质零售地段的韧性，而中端及邻里型购物中心则持续面对消费行为转变与网购的压力。

尽管燃油成本不确定性及更紧缩的金融政策影响内地投资，莱坊维持2026年租金预测：优质临街商铺租金料升5%至10%，优质商场租金最多升5%，非核心商场租金料持平或最多跌5%。