In "Hong Kong Property Review", the overall indicators of commercial buildings have declined by 25.3% from the high level, with Central Center, Changjiang Center and Convention Center all falling by over 33%.

AASTOCKS · Jun 17 17:52

中原地產研究部高級聯席董事楊明儀指出，選取34個頂級及甲級指標寫字樓的差餉租值統計，2023年整體寫字樓的租值按年跌2.1%，跌幅收窄，但連跌四年，顯示經濟環境疲弱及空置率高企，寫字樓租務市況持續下調。當中，頂級寫字樓按年跌2.4%，甲級寫字樓跌1.6%。雖然2023年頂級寫字樓租值跌幅高於大市，但比2019年高位只回落23.6%，較甲級跌27.9%及整體跌25.3%為小，頂級寫字樓仍相對較優。中環中心、長江集團中心及會議展覽中心近四年的租值跌幅最明顯，高達三成三以上。由於寫字樓供應過剩，估計短期整體租值下行趨勢不變。

在8個頂級指標寫字樓中，2023年的租值有5個跌、3個升。以長江集團中心的租值跌幅最顯著，按年跌10.9%，以致比2019年高位下跌超過三成，達33.4%。太古廣場1期及2期2023年租值分別按年跌10%及8.6%，較2019年高位跌29%及29.3%。因為同區有The Henderson及長江集團中心二期等全新落成寫字樓影響所致。至於置地廣場、國際金融中心、太古廣場3期、環球貿易廣場及交易廣場的租值按年變化相對輕微，變幅均在正負3%以內。上述物業比2019年高位全部跌約兩成左右。

26個甲級指標寫字樓計，2023年港島租值按年跌2.2%，兼連跌四年，而九龍租值則止跌回升0.8%，導致港島租值比2019年跌近三成，錄29.3%，九龍近四年卻只錄21.8%跌幅。除金鐘租值有輕微升幅外，中環、上環及灣仔2023年租值，分別按年跌3.6%、3.4%及3%，相信是受部份外資企業撤離，以及有公司遷往非核心商業區所影響。尖沙咀東部及尖沙咀西部的租值，分別按年升0.05%及2.6%。

在甲級指標寫字樓中，2023年的租值有12個跌、9個升、5個不變。租值按年跌幅較多的包括：鷹君中心跌10.0%，南洋中心跌9.9%，中環中心跌7.0%，港晶中心跌4.5%及鐵路大廈跌4.5%。另外，近4年租值跌幅較高的有中環中心、會議展覽中心及力寶中心，分別累跌36%、33.2%及31.4%。信德中心、美國銀行中心、鷹君中心及遠東金融中心的租值亦比2019年跌約三成，以上7個甲級寫字樓全部均位於港島區。

上文選取34個頂級及甲級指標寫字樓作統計。寫字樓差餉租值指數是以差估署評估物業的應課差餉租值所衍生的指數，指數的基期為2013年，基期指數定為100，用於反映物業的租值變動。

According to Yang Mingyi, senior joint director of the research department of Centraline Property, selecting the rental value statistics of 34 top and first-class indicators of office buildings, the rental value of the entire office building in 2023 fell by 2.1% annually, narrowing the decline, but four consecutive years of decline showed a weak economic environment and a high vacancy rate, and the rental market for office buildings continued to decline. Among them, the top-level office building fell by 2.4% annually, and the first-class office building fell by 1.6%. Although the rental value of top-level office buildings in 2023 fell more than the market, it only fell back by 23.6% from the high point in 2019, which is smaller than the 27.9% and 25.3% decline of first-class and overall, respectively, and top-level office buildings are still relatively superior. The rent decline of the Central Center, the Changjiang Group Center and the Convention and Exhibition Center in the past four years is the most obvious, reaching more than 33.3%. Due to the oversupply of office buildings, it is estimated that the short-term downward trend of the overall rental value will remain unchanged.

Among the eight top office indicators, the rental value in 2023 decreased in five and increased in three. The rental value decline of the Changjiang Group Center was the most significant, with an annual decline of 10.9%, resulting in a decline of more than 33% from the high point of 2019. The rental values of Phase 1 and Phase 2 of Pacific Place fell by 10% and 8.6% annually in 2023 respectively, with a smaller decline from the high point in 2019 of 29% and 29.3%, respectively, due to the impact of newly completed office buildings such as The Henderson and the second phase of the Changjiang Group Center. The rental value changes of The Landmark, International Financial Center, Phase 3 of Pacific Place, Global Trade Square and Exchange Square in 2023 are relatively small, with variations within ±3%. All these properties have fallen by about 20% from the high point in 2019.

Among the 26 first-class indicators of office buildings, the annual rental value of Hong Kong Island fell by 2.2% in 2023, and it has been declining for four consecutive years, while the rental value of Kowloon stopped falling and rose by 0.8%, resulting in a decline of nearly 30% from 2019 for Hong Kong Island, reaching 29.3%, while Kowloon recorded a decline of only 21.8% in the past four years. Except for a slight increase in rental value in Admiralty, the rental values of Central, Sheung Wan and Wan Chai all fell by 3.6%, 3.4% and 3% annually in 2023, respectively, and it is believed that they were affected by the withdrawal of some foreign-funded enterprises and the relocation to non-core business districts. The rental values of Tsim Sha Tsui East and Tsim Sha Tsui West increased annually by 0.05% and 2.6%, respectively.

Among the first-class indicators of office buildings, there were 12 declines, nine increases, and five unchanged rental values in 2023. Those with larger annual rental value declines include Novelpark, Southmark, Central Center, Hong Kong Crystal Center and Railway Building, which fell by 10.0%, 9.9%, 7.0%, 4.5% and 4.5%, respectively. In addition, the rental value declines in Central Center, Convention and Exhibition Center and Lippo Center in the past four years are relatively high, reaching accumulative declines of 36%, 33.2% and 31.4%, respectively. The rental values of Suntec Center, Bank of America Center, Novelpark Center and Far East Financial Center also fell by about 30% compared to 2019. All of these seven first-class office buildings are located in Hong Kong Island.

In the above text, 34 top and first-class indicators of office buildings were selected for statistics. The rental value index of an office building differential rent is a derived index based on the differential rent that should be paid for the evaluation property assessed by the Rating and Valuation Department. The base period of the index is 2013, and the base period index is set at 100 to reflect changes in the rental value of the property.

The translation is provided by third-party software.

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《港樓》中原：整體指標商廈差餉租值較高位累跌25.3% 中環中心、長江中心及會展中心各挫逾33%

In "Hong Kong Property Review", the overall indicators of commercial buildings have declined by 25.3% from the high level, with Central Center, Changjiang Center and Convention Center all falling by over 33%.

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