2025年第四季度上海写字楼市场报告

Overview and Outlook The market remains in an adjustment period amid dual pressures from supply and demand In the fourth quarter (Q4),Shanghai’s overall office market rentscontinued the downward trajectory,falling 3.2% QoQ to RMB6.05 persqm per day. On the supply side, twonew projects with a total office areaof 216,585 sqm were completed anddelivered, pushing the market vacancyrate up slightly to 23.8%. Market net Conference held in December set thetone for economic development nextyear and during the 15th Five-YearPlan period, continuing to expanddomestic demand, boost scientific andtechnological innovation, and activelypromote the upgrading of industries market, keeping sustained pressureon the leasing market. We expectthe market will maintain thecurrent downward trend in rentsin the first quarter of 2026, withvacancy rates continuing to edgeup slightly. However, guided by the In the coming year, nearly 1.4million sqm of new office space is The Central Economic Work Supply and Demand Cross-district relocation activity among enterprises has increased In Q4, two new projects werecompleted and delivered, bringing216,585 sqm of new supply to themarket — a 55% QoQ increase. Theannual new market supply reached1.01 million sqm, of which 46% of thenewly added office space was locatedin emerging markets. The two new Nearly 80% of the leasingtransactions in Shanghai’s officemarket in Q4 came from leaserenewals and office relocations, withthe share of cross-district relocationsshowing a gradual upward trend.Driven by cost-control considerations,many enterprises chose officebuildings outside the area with lowerrents — for instance, downtown- office buildings, as well as financialfirms from non-core urban areas market’s leasing transactions camefrom co-working operators. Amid the dual pressures of weakdemand and new supply in Q4, themarket vacancy rate continued torise to 23.8%, with quarterly netabsorption at 82,570 sqm. Full-yearnet absorption fell 28.6% YoY toapproximately 220,000 sqm, of which,nearly 70% was absorbed by four Finance and TMT enterprises ledQ4 leasing transactions, contributingnearly 45% of the total market sharecombined. Professional servicefirms and retail brands remainedindispensable players in the market, Rents Premium Grade-A office rents continued to see their decline narrow In Q4, Grade-A office marketrents continued to fall 3.2% QoQ toRMB6.05 per sqm per day. Limitedmarket demand and intensifiedcompetition are the key reasons forlandlords to continue implementingrent reductions and preferentialsubsidies. The QoQ decline in in coreCBD premium Grade-A office rents to face competitive pressure fromnew project launches and absorptionchallenges for existing stock.Landlords continued to adopt avolume-driven pricing strategy,prioritising faster absorption over recorded the smallest rental declines.These areas are attractive to financeand high-tech enterprises withstrong rental affordability and highrequirements for office locations. This sharper decline, with rents dropping3.4% QoQ to RMB4.62 per sqm per day.Disadvantages in location and olderbuilding ages were the main factors In Q4, Nanjing West Road andHuaihai Middle Road in core CBDswere among the submarkets that Investment Market Owner-occupier demand drives asset revitalisation In Q4 2025, the Shanghai officeinvestment market recorded 14 majorbulk transactions totally over RMB6billion. For the full year of 2025, themarket saw around 39 transactionswith an aggregate turnover exceeding Global Plaza, in the Post-Expoarea; Zhonghui Life purchased theindustrial park owned by FosunPharma (a subsidiary of the FosunGroup) in Xuhui District; Lalamoveacquired Tower T6 of Crystal and value investment through officeproperty acquisitions. Among these transactions,government-backed institutionsand private enterprises successively Shanghai Grade-A office marketdashboard Q4 2025 We like questions, if you’ve got one about our research, or would like some property advice,we would love to hear from you. Martin WongSenior Director,Head of Research & Consultancy,Greater China Virginia HuangManaging Director,North and East China Regina YangDirector, Head of Research & Consultancy,Shanghai & Beijing+86 21 6032 1728regina.yang@cn.knightfrank.com Mars YinSenior ManagerResearch & Consultancy Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors,funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specificneeds.Important Notice: ©Knight Frank: This document and the material contained in it is general information only and is subject to change without notice. All imagesare for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable for negligence, or foran