Here's how much the local property market was hurt by the Occupy Central

Admiralty office market must be warned.

It has been noted that pro-democracy protests in various core business districts in Hong Kong have stolen the spotlight over the last fortnight as road blockades in Central, Admiralty, Causeway Bay and Mong Kok have had a larger-than-expected adverse effect on traffic conditions.

According to a research report from Savills, nevertheless, despite the disruption, any direct impact on the property sector has yet to be felt, with the exception of street shops located on the blocked roads and offices located near government buildings.

In fact, the performance of the street shop sector had already weakened long before the protests, with retail sales, in particular at the top end, slowing considerably since the turn of the year as Mainland spending dwindled.

While prime street shop rents declined by 5.6% over the first three quarters, prices were at first supported by cash-rich landlords who felt under no pressure to sell.

Here's more from Savills:

However, as street shop rents continued their slide with no near term reversal, some landlords softened their negotiation stance and prices declined by 2.9% in Q3/2014 as a result.

With the protests blocking high streets in Causeway Bay, Mong Kok and Tsim Sha Tsui still underway, we would expect both street shop Rents and prices to feel additional downward pressure over the next three months.

Another area which may feel the impact of Occupy is the Admiralty office market where tenants may foresee the possibility of further protests.

The potential for business disruption could marginally reduce the appeal of some buildings in the area but this has yet to be refl ected in any rental declines.

The other property sectors have proved relatively immune to the movement so far, with primary residential sales in particular receiving an overwhelming response, recording 12,242 transactions in the fi rst nine months of 2014, the highest first nine-month fIgure since 2009.

En-bloc investments were also in abundance with seven en-bloc properties under Fook Lee Group being transacted for over HK$5.6 billion, mostly in Q3/2014, while The Link disposed of nine of its retail properties for about HK$3 billion, five of which were transacted in the third quarter of 2014.