2025年第二季度上海写字楼市场报告

New supply in core areas to increase in the second half of the yearIn the second quarter (Q2),the overall office market rent inShanghai continued to decline toRMB6.52 per sqm per day, driven bysignificant reductions in quoted rentsby landlords. Seven new projectstotalling 446,605 sqm of office spacewere completed and delivered. Theinflux of new supply caused themarket vacancy rate to rise to 23.2% inQ2. However, the rent reduction hashad a positive effect, with an increasein enterprise renewal and relocationactivities, leading to a rebound of netabsorption to 63,351 sqm. Leasingdemand from financial, retail andprofessional service companies werethe main drivers of market activity,with the counter-trend expansion ofretail brands being a notable highlight.In the second half of the year,over 700,000 sqm of office space isexpected to enter the market, amongOverview and OutlookFig 2: Shanghai office development pipeline by district, 2025-2028+2025202620272028+Fig 1: Shanghai Grade-A office market indicators[1]2025Q2New supply446,6052025Q2Net Absorption63,351sqm2025Q26.52RMB/sqm/daysqmOutlook (Q3 2025) :QoQ change:103.9%Outlook (Q3 2025) :QoQ change:Outlook (Q3 2025) :QoQ change: which high-quality office buildingsfrom core CBDs will account for morethan 60% of this new supply. At thecurrent rental level, the completionand delivery of high-quality projectsin core CBD areas are anticipated toreflux market demand in the areasand attract tenants with specific officelocation requirements. We expect thatthe recovery of leasing demand in coreCBD areas will bolster overall marketconfidence.South Jing’an (Nanjing West Road)Pudong (Lujiazui, Zhuyuan, Huamu, Century Avenue,Qiantan, Post - expo, Yangjing&Yuansheng)Huangpu (People’s Square, Huaihai Middle Road,The Bund, Post-expo)Xuhui (Xujiahui, Xuhui Binjiang, Huaihai Middle Road)Changning (Zhongshan Park, New Hongqiao, Linkong)Putuo (Changfeng - Zhenru)Hongkou (North Bund, Sichuan North Road)North Jing’an (Daning, Railway Station, Suhe Creek)Minhang (Hongqiao CBD,Xinzhuang)Yangpu (Wujiaochang, Dalian Road, Yangpu Binjiang)05001,0001,5002,0002,5003,000‘000 sqmRent3.4% Source: Knight Frank ResearchSource: Knight Frank Research[1] Rent refers to average effective rent2025Q2Vacancy rate23.2%Outlook (Q3 2025) :1.0ppQoQ change: Fig 4: Grade-A office rental trend2014201520162017Q 1Q2Q3Q4Q 1Q2Q3Q4Q 1Q2Q3Q4Q 1In Q2, the rent in the Grade-Aoffice market dropped 3.4% QoQ toRMB6.52 per sqm per day. The marketrents in core CBD area and emergingbusiness districts fell significantlyto RMB8.83 and RMB5.48 per sqmper day, with QoQ declines of 4.1%and 2.7% respectively. The sluggishabsorption of office buildings in coreCBD areas, coupled with the increasedwillingness of companies withexpiring leases to move out, forcedlandlords to significantly lower theirrent quotations to attract tenants.Landlords in emerging markets facedwith intensified competition pressuredue to the completion and deliveryMultiple submarkets see a new round of rent adjustmentsRentsIncreasing demand for lease expansion from retail brand enterprisesSupply and DemandIn Q2, the Shanghai Grade-A officemarket witnessed a supply peak, withseven new projects completed anddelivered, bringing 446,605 sqm ofnew supply, a QoQ increase of 104%.The total market supply in the firsthalf of the year reached 665,658 sqm,a QoQ increase of 75%. The newlycompleted and delivered projects weremainly located in emerging markets,including The Pier in Yangjing &Yuansheng (62,000 sqm), New BundOrigin T1 in Qiantan (23,280 sqm),China Overseas Centre Tower B – aproject converted from for-saleto for-lease in Zhenru-Changfeng(76,575 sqm), and The West BundFinancial Hub Plot F by HongkongLand in Xuhui Binjiang (76,750 sqm).In addition, Todtown Tower by SunHung Kai in Xinzhuang (50,000 sqm),A.F.A in New Hongqiao (98,000 sqm)and JIC in Jing’an (60,000 sqm) werealso completed and delivered in thisquarter.In Q2, leasing activities wereprimarily driven by enterpriserenewals and relocations. Due tolimited market demand and theprevailing tenant market conditions,landlords commonly reduced rents,provided subsidies, and offeredcustomised services to retain tenants.Cost saving remained a priority forenterprises, leading to a significant20142015201605001,0001,5002,0002,5003,000Fig 3: Grade-A office new supply, net absorption and vacancy rate‘000 sqmproportion of relocations from coreCBDs to new projects in emergingmarkets.In Q2, the leasing demand inShanghai’s Grade-A office marketmainly came from financial, retailand professional services companies.Leasing demand from domesticcompanies was more concentrated inthe financial and professional servicesindustries, while that from foreigncompanies remained focused on theretail brand and professional servicessectors. Given the current leasing 2018201920202021Q2Q3Q4Q 1Q2Q3Q4Q 1Q2Q3Q4Q 1Q2Q3Q4Q 1Q2Q3Q4Net absorption (left)New supply (left)201720182019202020212022market downturn, some companiesalso chose to expand