Warehouse rents declined 1.5% due to vacancy pressure.In a report, CBRE said Hong Kong industrial leasing momentum weakened further in Q2 2024. The biggest deal involved YA Logistics leasing 147,500 sq. ft. in Mapletree Logistics Hub Tsing Yi, followed by Dubai-based logistics company Aramex leasing 39,100 sq. ft. in interlink.Warehouse vacancy rose 2.5 percentage points to 7.9% mainly due to the release of space in Cainiao Smart Gateway previously reserved by the landlord.Persistent vacancy pressure caused warehouse rents to drop 1.5% quarter-on-quarter, marking only the second quarter-on-quarter decline reported since Q4 2020.