Industrial property leasing market remains subdued in July

Hong Kong suffered a spillover effect from lockdowns in Shanghai.

The industrial property leasing market was subdued in July as Hong Kong suffered a spillover effect from lockdowns in Shanghai, with aggregate trade volume decreasing by 2.8% year-on-year (YoY) in June and with imports rising by 0.5% and total exports down by 6.4%, according to a report by JLL.

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Despite this, the industrial sector continued to register transactions by institutional investors. Recently, Goodman reportedly agreed to acquire 72.5% interest of Chuan Kei Factory Building in Kwai Chung from the family of Tang Shing Bor. The building will be upgraded for Goodman's operation expansion.

Major industrial sales transactions for July were Vita Tower (24/F) sold for $68m and Union Industrial Building sold for $48m.