匯豐研究:本港寫子樓市場出現改善跡象 薦太古地產(01972.HK)及置地
匯豐環球研究表示,包括IPO和股市等金融活動改善,利好香港這個以金融作為中心的城市及寫子樓市場。該行認為,近期中環中央商務區寫子樓市場的活躍度對投資者而言是一個正面驚喜。這包括港交所(00388.HK)購入交易廣場一期九層樓的交易(從估值角度看),以及Jane Street對中環海濱項目創紀錄的寫子樓預租交易(從樓面面積和定價角度看)。匯豐認為尚未到達轉捩點。然而,香港寫子樓業主的下行風險可能低於市場先前的預期。
根據仲量聯行2025年第二季度寫子樓統計數據,香港整體寫子樓租金按季下降1.3%,其中中環寫子樓市場租金按季下降0.8%。然而,降幅正在收窄,中環寫子樓市場在2025年上半年環比下降1.5%,相較2024年下半年的5.6%跌幅有所改善。匯豐注意到近期租戶查詢和租賃續約均有所增加,總體出租率略有改善。匯豐認為寫子樓市場的最大挑戰仍是未來兩年的即將推出的供應項目。但由於金融機構的租賃需求強於預期,該行將2025年寫子樓租金跌幅預測下調至5%至7%(原先預期跌7%至10%)。
匯豐認為寫子樓市場可能仍充滿挑戰,部分寫子樓業主可能繼續面臨激烈競爭。然而,一些主要業主已進行策略轉型,引入新的盈利增長動力以降低對寫子樓市場的依賴,這可能令投資者感到意外。香港置地的新策略似乎正推動其股價重新評估,而太古地產((01972.HK)在國內的商場業務改善及其物業銷售可能帶來上行驚喜。該行將寫子樓業主的目標價平均上調11.8%(另見表),並將2025至2027年核心盈利預測上調0.9%至6.9%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.