Hong Kong public markets miss lowered leasing targets as vacancy hits 17.6%

20th December 2025 – (Hong Kong) Vacancy levels across government-run public markets remain elevated, with the overall rate reaching 17.6 per cent at the end of last year. The Food and Environmental Hygiene Department (FEHD) previously set a 90 per cent stall occupancy target, but nearly 60 per cent of markets failed to meet the benchmark in 2024. Confronted with persistent vacancies, the department reduced the target to 85 per cent from this year. However, according to FEHD records, as at the third quarter (30th September), stall occupancy in public markets and cooked food markets stood at 80.8 per cent and 83.2 per cent respectively, indicating that the new target is still being missed on an aggregate basis. Lawmakers argue that markets lack distinctiveness and have struggled to adapt to shifting consumer habits, urging the authorities to relax restrictions on permissible goods and tenancy terms to revitalise the sector.

Several venues recorded notable declines in occupancy among the underperforming markets and cooked food centres. The Stanley Waterfront Mart fell from 60 per cent in 2020 to 20 per cent last year; Yee On Street Market dropped from 57 per cent to 43 per cent; Wo Yi Hop Road Cooked Food Market slid from 89 per cent to 61 per cent; and Sui Wo Street Market eased from 97 per cent to 83 per cent. The Nam Long Shan Road Cooked Food Market also declined, from 82 per cent to 61 per cent.

Legislative Councillor Lam Chun-sing said excessive constraints — including limits on the types of goods allowed and overly long lease terms — deter prospective tenants and leave markets homogeneous, undermining footfall and creating a vicious cycle. He called for easing rules on product categories and tenancy periods, suggesting the introduction of vendors selling more distinctive foods and the use of short-term leases for first-time operators or businesses dealing in time-sensitive products.

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