2026年第一季度深圳写字楼市场报告

This report focuses on the Grade-A office market in Shenzhen,including information about supply and demand, rents, vacancy ratesand the office investment market Overview and Outlook Absorption Improves but Fundamentals Remain Unchanged and Prices Stay Under Pressure In Q1 2026, the Shenzhen Grade Aoffice market exhibited a transitionalphase characterized by “improvedabsorption but persistent pricepressure”. Citywide net absorptionreached 163,677 sq m, hitting a newsingle-quarter high in recent years.Meanwhile, new supply stood atapproximately 106,000 sqm, reflectinga temporary slowdown in the supplypace. This drove the vacancy ratedown by 1.3 percentage points QoQ to23.3%. However, demand release wasprimarily driven by price adjustments,and market pricing power remainedheavily tilted towards tenants. Averageeffective rent dropped to RMB 141.8 persq m per month, with the QoQ declinewidening to 2.6%. source, supported by visa-free transitpolicies and a rebound in travel-relatedconsumption. In terms of leasingstructure, new set-ups (74.3%) andexpansions (6.8%) together accountedfor over 80% of transactions, indicatingselective expansion amid cautiousmarket sentiment. Looking ahead to Q2 2026, theabsorption peak in Q1—driven bysubstantial rent concessions andthe concentrated move-in of newlyestablished enterprises—has notfundamentally reversed the underlyingsupply-demand imbalance. As a largevolume of previously delayed projectsprepares to enter the market, thevacancy rate is likely to rise again.Meanwhile, corporate expectations forcost control remain strong, making ithighly probable that net absorption inQ2 will retreat from its current highs.Under persistent destocking pressure,landlords’ rental bottom lines willcontinue to be tested. As a result, thepace of rental decline is unlikely tonarrow and may remain flat or evenwiden, pushing the market into adeeper clearing cycle. The investment market remainedsubdued, with only one en-bloctransaction recorded during thequarter: CIMC sold the Qianhai CIMCInternational Business Center forapproximately RMB 2.534 billion,equivalent to a unit price of RMB29,813 per sqm. Citywide en-bloctransactions remained restrained, withpure financial investment institutionsshowing a strong wait-and-seesentiment. Ongoing price adjustmentsand liquidity pressures continue toreshape pricing benchmarks in corelocations. From a demand perspective, TMTand professional services remainedcore drivers, while the hospitalitysector emerged as a key incremental Rental Level Prices Continue to Test the Bottom as Competitive Landscape Diverges In Q1 2026, the average effectiverent for Grade A offices citywide inShenzhen continued its downwardtrajectory, dropping further to RMB141.8 per sqm per month. The QoQdecline reached 2.6%, widening by 0.7percentage points from the previousquarter. The sustained rental declinehighlights that, amid elevated existingstock and the continuous influx of newsupply, the market remains in a price-driven absorption phase. Under pressure from both inventoryclearance and new supply, landlords’leasing strategies have fully pivotedtowards intensive, substantiveconcessions. To maintain face rents,some projects under severe absorptionpressure have maximized the use ofrent-free periods. For certain newlysigned leases, rent-free incentives havestretched to 10–15 months. the influx of a large amount of high-quality new supply, the faint signsof stabilization seen in some areasduring Q1 could easily be offset by theimpact of this incremental volume. Ina market environment where tenants’bargaining power is continuouslyrising, the marginal boost to absorptionfrom traditional “rent-free leverage” isdiminishing. The underlying pricingcompetition—between core and non-core areas, and between new and oldbuildings—will become more direct.Therefore, the citywide rent decline isestimated to remain at current levels oreven widen next quarter. Qianhai area strongly absorbedcitywide relocation and new setupdemand. Its rent saw a slightcounter-cyclical uptick this quarter,though the marginal utility of rentadjustment strategies is graduallyweakening. Futian adopted adefensive “stabilization” strategy. Bylocking in tenants less sensitive torent fluctuations—such as foreigninvestment banks, top-tier law firms,and large multinational corporations—Futian managed to secure itsfundamental baseline. By submarket, Houhai was hiton multiple fronts, including thecompletion of self-built headquartersby major tech and financialinstitutions, lease surrenders byanchor tenants, and the releaseof surplus space into the market.This significantly intensified pricecompetition among buildings in thearea, causing Houhai’s rent to plungeby 12.6% QoQ, the steepest drop in thecity. Looking ahead to Q2 2026, marketexpectations of a continued rentaldowntrend will further solidify. With In contrast, after undergoingprolonged rental adjustments, the Supply and Demand Short-Term Repair Coexists with Me