深圳写字楼市场报告2025年第四季度

Overview and Outlook Market stabilization continues, recovery pace hinges on macroeconomic and confidence shifts over 70% of total transactions. Withinthe technology sector, companies inAI, cross-border e-commerce, andcybersecurity continued selectiveexpansion. Trade and retail rankedthird at 12.5%, reflecting newly leaseoffice demand linked to consumption-driven businesses. Over the full Total new supply is projected toexceed 1.04 million sqm, with Qianhaiand Shenzhen Headquarter Baseserving as the primary areas for newproject deliveries. During periodsof concentrated supply delivery,upward pressure on vacancy anddownward pressure on rents is likelyto be more pronounced in 1H 2026.2H performance will depend onmacroeconomic trends, corporateearnings expectations, and capital In Q4 2025, Shenzhen’s Grade Aoffice market continued to exhibitthe dual pattern of “recoveringabsorption amid sustained rentalpressure.” Year-end concentratedlease signings drove net absorptionto 163,123 sqm—the highest quarterlylevel of the year—while zero newsupply in the quarter contributed toa citywide vacancy rate decline of1.5 percentage points QoQ, reaching The investment market continueda cautious recovery, with owner-occupiers as the main force. Totalen-bloc transaction volume reached On the demand side, the reboundappears more cyclical than structural.By industry, TMT (47.9%) and financial Looking ahead to 2026, marketfluctuations will continue to be Rental Level Slowdown in rental decline; Landlords turn to internal restructuring to mitigate pressures In Q4, the citywide average neteffective rent for Grade A offices fell toRMB 145.6 per sqm per month, markinga 1.9% QoQ decline—0.3 percentagepoints narrower than the contractionrecorded in the previous quarter. Overthe year, rents remained on a sustaineddownward trajectory, indicatingthat current rent levels are primarily By submarket, Qianhai and Bao’anexperienced the largest declines,with rents down 3.4% and 3.2% QoQrespectively, remaining among theareas with the steepest adjustments.Futian CBD and High Tech Parkrecorded more moderate declines ofapproximately 2.0%, with landlordsmaintaining aggressive concessionary throughout the year, rents are likelyto follow a trajectory of “moderatingvolatility but remaining weak.”Whether a more definitive stabilizationsignal emerges will depend on the relocations, subsidiary backfills, andspace consolidation, temporarilyalleviating absorption pressure and Looking ahead to Q1 2026, if projectspostponed from 2025 are brought tomarket, rents may continue to face Supply and Demand Moderate demand recovery, Supply–demand imbalance yet to be resolved In Q4 2025, Shenzhen’s Grade Aoffice market recorded no new supply,primarily due to delays in projectdeliveries. The temporary pause insupply, combined with a year-endrelease of pent-up demand, lifted netabsorption to 163,123 sqm. From a full-year perspective, however, the marketcontinued to exhibit a “mutually weaksupply and demand” pattern. New In terms of quarterly leasingcomposition, TMT, financial services,and trade & retail were the three largestsources of demand. TMT led with a47.9% share, with activity concentratedin AI-enabled applications, cross-border e-commerce platforms, andcybersecurity. Financial services by companies in trendy consumerretail and food-related segments.By transaction type, relocationsremained dominant (54.2%), while largely concentrated in TMT andfinancial services. From a submarketperspective, tenant outflows fromFutian eased on a QoQ basis, lifting such as higher owner-occupationratios or a shift toward for-salemodels due to operational pressures,the impact of incoming supply onmarket fundamentals will remainsignificant. In the first half of the year,concentrated completions are likely to of transaction structure, relocationsremained the primary driver of leasingactivity, with Luohu, Houhai, andQianhai showing relatively highertenant retention. Notably, the share of relocations, functioning more as a hubfor accommodating relocation-driven Looking at the full year, the corepillars of Shenzhen’s office leasingdemand remained TMT, professionalservices, and financial services.TMT continued to rank first, drivenmainly by software developersand internet platform companies. Looking ahead to 2026, new supplyis expected to exceed 1.04 millionsqm. A number of projects havealready entered extended pre-leasing Investment Market Owner-Occupiers in the lead, a cautious market recovery In Q4 2025, Shenzhen’s officeinvestment market remainedbroadly stable, with only one en-bloctransaction recorded during thequarter. Fortior Tech acquiredthe entire Runrong Building for rather than a broad-based rebound ininvestor sentiment. buyers placing greater emphasis onprice discounts and certainty aroundlease structures and cashflows. Owner-occupiers dominatedtransaction activity throughout theyear, while investment-led dealsremained limited. Against a backdrop