Overall Office Leasing Activity Picks Up, but Grade A Office and Prime Retail High-Street Rents Remain Under Pressure Homebuyers and investors were both active in the Hong Kong residential market in Q2 2025, incentivized by a weakening HIBOR and rapid launches of new projects by developers at attractive prices. The total residential transaction number for the Q2 period is expected to rise by 30% q-o-q to reach 15,900 units. The Grade A office new-lease transaction area reached 1.2 million sf, the highest level since the COVID-19 pandemic period.