广州写字楼市场报告2025年第三季度

This report focuses on the Grade-A office market in Guangzhou,including information about supply and demand, rents, vacancy ratesand the office investment market Overview and Outlook Supply peaks while demand eases amid decelerating recovery supply widened. By sector, Financials(37.9%) led take‑up— driven mainlyby investment banks, commercialbanks, and back‑office expansions.Professional Services (16.5%)remained resilient, supported bysteady demand from consultanciesand law firms. Manufacturing (14.3%)returned to the top three, led byactive consumer‑goods chains suchas beauty and mother‑&‑baby brands.Conversely, TMT (13.0%) softened. Bydeal type, relocations accounted for72.3% (of which 57.1% were upgraderelocations), underscoring a “flight‑to‑quality” trend. Lease restructuringsrose to 9.7%—now the second‑largestcategory—highlighting how moreflexible terms are unlocking demand.New set‑ups (2.9%) and new leases(6.4%) contracted from the previousquarter, indicating still‑weakincremental drivers. In Q3 2025, Guangzhou’s Grade‑Aoffice market experienced a surgein supply alongside softeningdemand. Sany‑Rootcloud Plaza,Haihao International Tower, SkyviewPlaza, and Grancentral Center werecompleted in quick succession,collectively delivering approximately320,000 sqm—the highest quarterlyaddition in nearly a decade. Thispushed thecitywide stock above 10million sqm for the first time. However,Net absorption reached only 19,032sqm, causing the vacancy rate up by1.2 percentage points to 16.2%. Atthe pricing level, the average rent inGuangzhou’s office market declined by3.1% to RMB 120.7 per sqm per month,reflecting a slower recovery pacecompared to Q2. Yuexiu Development Group Co., Ltd.,alongside an internal reorganization.The total consideration amounted toRMB 3.433124 billion for the combinedexternal disposal (50%) and internalrestructuring (50%), with completionby the end of the reporting period. Looking ahead to Q4, some pent‑updemand is likely to be released. Withleasing progress at select projects,transaction volumes should improveQoQ. However, with supply stillelevated and negotiations takinglonger, citywide Grade‑A rents areexpected to remain under pressure,though the decline may narrow. Netabsorption is poised to recover, yetwith given continued incoming supplyand no clear acceleration in sectoralgrowth engines, the vacancy ratewill likely stay flat to slightly higher.Tenants are advised to leverage the Q4negotiation window to structure leaseterms that optimize total occupancycost and flexibility across the leasecycle. This quarter, multiple simultaneousproject launches drove a pronouncedjump in supply, while demandwas dominated by relocations andreconfiguration within the existingtenant base, with limited net newexpansion. As a result, the gapbetween net absorption and new On the investment front, onenotable transaction was recorded:Yuexiu REIT announced the sale ofa 50% interest in Yuexiu FinancialTower to its affiliate, Guangzhou Rental Level Rents continued to soften In Q3 2025, Guangzhou’s Grade‑Aoffice rents continued to soften, falling3.1% QoQ to RMB 120.7 per sqm permonth—a wider decline compared toQ2. By submarket, Pazhou led thedecline with a 4.6% QoQ drop, drivenby new projects launches pricedbelow the area average and deeperincentives, such as longer rent‑freeperiods and fit‑out support. ZhujiangNew Town rents fell 3.4% QoQ as exitsby large TMT occupiers and intensifiedlike‑for‑like competition expandednegotiation room. Tianhe North andYuexiu saw small rebounds followingsharp adjustments last quarter,reflecting the support of maturelocations and stable tenant bases.Despite new supply, rent movementin Financial Citywas relatively mild,underpinned by effective pre‑leasingand an improving tenant mix. citywide rents will likely remain soft.Any “price” recovery is more likely tobe reflected in improved rent‑free andfit‑out terms rather than higher face rents. The overall decline may narrowslightly compared to Q3. Looking ahead to Q4, with newsupply continuing to materialize andtransactions still driven by incentives, Supply and Demand Quarterly new supply hit a record high, while demand momentum remained weak In Q3, supply‑demand mismatchintensified noticeably. Sany‑RootcloudPlaza, Haihao International Tower,Skyview Plaza, and Grancentral Centerall launched this quarter, collectivelyadding approximately 320,000 sqm—marking a near ten‑year high for asingle quarter. In contrast, demandweakened further, with net absorptionof only 19,032 sqm, pushing thevacancy by 1.2 percentage points QoQto 16.2%. By demand composition,Financials, Professional Services,and Manufacturing were the maindrivers. Financials (37.9%) surged,driven by headcount consolidationand expansion by investmentbanks, commercial banks, andback‑office teams. ProfessionalServices (16.5%) remained resilient,supported by steady contributionsfrom consultancies and law firms.Manufacturing (14.3%) re‑enteredthe top three led by