广州写字楼市场报告2025年第四季度

Overview and Outlook Year-end uptick, full-year pressure In Q4 2025, the Guangzhou GradeA office market saw modest short-term improvements, driven by acombination of tightening new supplyand a year-end release of pent-upleasing demand. New completionswere limited to around 5,000 sqm,while net absorption rose to 56,433sqm—the highest quarterly level ofthe year. As a result, the vacancy rateedged down by 0.5 percentage pointsQoQ to 17.0%. Rents continued to upgrade.” By sector, TMT remaineddominant (63.9%), followed byfinancial services (24.8%) andprofessional services (11.3%).In termsof transactions, relocations accountedfor roughly 83% of deals, withnearly 40% of relocations involvingexpansion; New lease demandcontributed about 10%. In other words,occupiers remain cautious overall, butactivity has not stalled. Higher-qualitybuildings, flexible terms, and locationsbetter suited to cost control still attract trading first. Q4 recorded only oneoffice en-bloc transaction (aroundRMB 120 million), while full-yearoffice investment turnover reached Looking ahead to 2026, marketpressure will continue to be supply-led. Known upcoming supply totalsaround 1.4 million sqm, concentratedin Financial City and Pazhou, implyingongoing competition on both rents anddestocking. Two implications standout. First, rental competition is likelyto persist, but will increasingly focuson targeted concessions and structured In the investment market, activityremained subdued, but the pattern Market dynamics in Q4 reinforcea demand profile centered on Rental Level Continued downward trend, wider divergence In Q4, Guangzhou office rentsextended their downward trend, falling1.7% QoQ to RMB 118.7 per sqm permonth. That said, this represented thesmallest quarterly drop of the year,signaling a transition from steepercorrections to a more moderate phaseof adjustment. Over 2025, the paceof rent decline slowed in phases, yetvolatility remained elevated near Submarket performance diverged.Financial City was comparativelyresilient, while most other areasweakened. Pazhou recorded thesteepest decline (-3.6% QoQ), drivenby proactive leasing strategies atseveral earlier-built, large-scaleprojects aiming to accelerate year-end take-up. In some cases, effectiveconcessions widened to roughly 10%, first, recover later” phase, downwardtrend in rents is unlikely to reversequickly. Competition will continue,targeted concessions—securingpriority sectors and key occupiers,using rent-free/fit-out/flexible leasestructures to secure signings andoccupancy. Under a base case, rents prioritized term optimization andselective discounts over anotherround of sharp rent cuts. Transactionmix also tilted toward renewals and In 2026, Guangzhou is expected tosee more than 1.4 million sqm of newsupply. Even if some projects shifttoward sales or owner-occupation, Supply and Demand High supply base, softer demand In Q4, Guangzhou recorded only onenew Grade A office project delivered—the Marubi Group headquartersbuilding. As the development is largelyfor owner-occupation, only a smallportion was released to the leasingmarket, around 5,000 sqm of effectivenew supply and limited incrementalpressure. With pent-up demandconcentrating toward year-end, netabsorption rebounded to 56,433 sqm(the highest quarterly level in 2025), By tenant profile, TMT, financialservices, and professional servicesled leasing activity during thequarter. TMT (63.9%) remained thelargest demand driver, with notablecontributions from aerospaceremote-sensing big data andsoftware development. Financialservices ranked second, supportedby more active expansion from assetmanagement firms. Professional emerging as a key measure beyond rentlevels to facilitate lease renewals and around 10%. In 2025, TMT remained the largestdemand driver (over 50%), drivenby software developers and film/media companies. Professionalservices ranked second, with lawfirms, education/training providers,and consulting maintaining stabledemand. Manufacturing rankedthird—outpacing financial services—supported by relatively steady leasingfrom beauty and medical device In 2026, the market will face over1.4 million sqm of new supply. Whiledemand improved in 2025, the supply–demand gap has not meaningfullynarrowed, and vacancy is likely toremain on an upward trend through2026. In Q1 2026, several delayedprojects may deliver after 6–12 monthsof pre-leasing, potentially generating Investment Market Gradual rebound from a low base, higher selectivity In Q4 2025, Guangzhou’s officeinvestment (en-bloc) marketrecorded only one transaction, witha consideration of approximatelyRMB 120 million. In terms of pace andstructure, buyers remained focusedon smaller, clearly-defined assets,prioritizing pricing comparability, titleclarity, and lease stability—signaling of approximately RMB 44,500 per sqmand a total consideration of about RMB121 million. This transaction represents“standardized small-scale assetdisposal/configuration” wi