深圳写字楼市场报告2025年第二季度

Structural recovery of demand under rental pressureThe Shenzhen Grade A office marketin Q2 2025 exhibited a unique phasewhere rental pressures and demandrecovery occurred simultaneously.The rental market continued its deepadjustment cycle, with the averageeffective rent for Grade A officebuildings in the city declining by 2.9%QoQ to RMB 151.8 per sqm per month—marking three consecutive years ofdecline. On the demand-side, recoverymomentum was significantly releasedas expected, driving net absorptionabove 135,000 sqm. Despite theaddition of nearly 114,000 sqm of newsupply from the Ping An Credit CardCenter, robust absorption capacitysupported dynamic supply-demandbalance, narrowing the vacancy rate by0.5 percentage points QoQ to 25.2%.Leasing demand in Shenzhen’sGrade A office market was primarilydriven by three key sectors: TMT(38.9%), professional services(22.7%), and finance (14.2%). TheTMT sector regained its positionas the top demand driver, withactive leasing in sub-sectors such assoftware development, new energybatteries, and semiconductors. Theprofessional services demonstratednotable resilience, bolstered bylaw firm expansions and strategicmarketing firms specializing in livestreaming. The finance sector’sdemand was bolstered by life insurancecompanies. Relocation continued todominant, driven by intra-districtflight-to-quality demands (e.g., High-tech Park and Qianhai attractingmajor relocations demands withinNanshan). In contrast, Futian facedheightened tenant outflow pressuresdue to lower retention rates. Notably,new leasing demand reboundedsignificantly, led by subsidiaries ofstate-owned energy enterprises andTMT giants. Meanwhile, expansiondemand surpassed downsizing activity,signalling counter-cyclical assetallocation strategies among selectOverview and OutlookFig 1: Shenzhen Grade-A office market reference index[1]2025Q2New supply114,0002025Q2Net Absorption135,212sqm2025Q2151.8RMB/sqm/monthOutlook (Q3 2025) :QoQ change:QoQ change:Outlook (Q3 2025) :Outlook (Q3 2025) :QoQ change:sqm Rent2.9% occupiers.The investment market witnesseda significant en-bloc transaction asAier Eye Hospital Group acquired a60% stake in Guang Sheng Digital forRMB 650 million, thereby gaining fullcontrol of Guang Sheng TechnologyTower. This transaction underscoresthe growing interest from non-propertyenterprises in acquiring core-locationassets with attractive yields.Looking ahead to Q3 2025, supply-demand imbalances are expected tointensify. While seasonal peak demandmay sustain net absorption above100,000 sqm, over 300,000 sqm ofnew supply is projected to enter themarket—likely driving vacancy rateshigher. Amid the dual pressures ofexisting competition and incomingsupply, the downward trend in rentsappears irreversible, with declinesexpected to persist at current levels.Owner-occupied office area is based on new supply Source: Knight Frank Research[1] Rent refers to average effective rent2025Q2Vacancy rate25.2%Outlook (Q3 2025) :0.5%QoQ change: Intensified rent pressure and strategic upgradesRental LevelIn Q2 2025, the downward trend inrents for Shenzhen’s Grade A officemarket deepened, with pressurebecoming more pronounced. Thecitywide average effective rent fellto RMB 151.8 per sqm per month,reflecting an accelerated QoQ declineof 2.9% and marking three consecutiveyears of contraction. Amid fiercecompetition, property owners havesignificantly upgraded their strategies.Rather than merely adjusting prices,they are now offering more attractiveleasing incentives, such as extendedrent-free periods and and customizedrenovation packages. These incentiveshave increasingly become crucialfactors in tenants’ leasing decisions.This quarter, all submarketsrecorded QoQ rent declines, thoughthe extent varied sharply. TheChegongmiao submarket led thecity with an 8.3% plunge, drivenby a sustained tenant outflowsand aggressive rent strategies byowners to retain occupancy. Qianhaifollowed with a 4.5% decline, assome projects—particularly newdevelopments—adopted more flexiblepricing and high-intensity incentiveslike customized renovations packagesto accelerate absorption and boostoccupancy rates, intensifying pricecompetition in the area. In contrast,the Shekou and Bao’an submarketsexperienced milder rent corrections.Bao’an, leveraging its locational Fig 3: Shenzhen Grade-A office rental trend2014201520162017Q 1Q2Q3Q4Q 1Q2Q3Q4Q 1Q2Q3Q4Q 1Q2advantages and more attractive rentlevels, continued to draw price-sensitive tenants. Additionally, atemporary pause from Joint Statementon U.S.- China Economic and TradeMeeting in Geneva provided short-termsupport to cross-border e-commercedemand, offering some resilience toBao’an’s leasing market and partiallycushioning rental pressures.Looking ahead to Q3, Shenzhen’sGrade A office market is expectedto see over 300,000 sqm of new supply delivered. Coinciding withthe traditional leasing peak season,property owners are likely to adoptmore flexible leasing strategies andproactive incentive pack