Residential Transaction Slowdown Since May as More Buyers Turn Cautious in Rate Hike Environment

• Retail sentiment continues to rebound, with high street rents maintaining low-single-digit growth, vacancy rates further dropping across districts, and pharmacy sector the most active for expansion
• Overall Grade A office net absorption in Q2 recorded -172,700 sq ft as leasing activity is yet to rebound significantly, some tenants taking advantage of lower rents for flight-to-quality moves
• Initial boost from border reopening on residential market fades, as high interest rate environment suppresses housing transactions and price performance