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SWIRE PACIFIC A: HK Office Outlook Still Weak, Retail Mkt Still Challenging
Recommend 5 Positive 4 Negative 8 2025/03/13 09:08 GMT
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Guy Bradley, chairman of SWIRE PACIFIC A (00019.HK) and SWIREPROPERTIES (01972.HK), forecasted Hong Kong's retail market to remain challenging, yet an improvement in retail performance was recorded in 4Q24, and it has steadily continued into 1Q25. Bradley also mentioned that all the group's shopping malls maintained a 100% occupancy rate with an improved situation of unfavorable lease renewals. While the group's retail and office property portfolio already outshone the market last year, adjustments to its tenant mix will continue to be made in the future. Regarding the outlook for Hong Kong's office market, SWIREPROPERTIES Chief Executive Tim Blackburn expected it to remain weak. He pointed out that the market is facing an oversupply, while demand has not increased notably. Although the capital market sentiment has been lifted, it has not yet translated into new demand drivers. As the market will need more time to absorb the supply, he estimated that the market will not see improvement until at least 2026 or 2027.
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