2026年第一季度广州写字楼市场报告

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 Concentrated Supply Release Deepens Market Pressure In terms of rent, the market’saverage rent decreased by 2.2%QoQ to RMB 116.0 per sqm permonth, continuing the downwardtrend observed previously. Againstthe backdrop of increasing supplypressure, landlords generally yielded aportion of upfront returns and adjustedlease structures in exchange for signingcertainty, keeping actual effective rentsunder continuous pressure. In Q1 2026, impacted by aconcentrated influx of new supply ,the supply and demand balance inthe Guangzhou Grade A office marketexperienced phased pressure, drivingthe vacancy rate up to 18.5%. The cityrecorded approximately 140,800 sqmof new supply, primarily from projectssuch as the Suofeiya DevelopmentCenter, Guangzhou ABC Building,and Guangzhou International TradingCentre. Net absorption during the sameperiod was -15,859 sqm, indicatingthat a portion of space released to themarket was not effectively offset bynew leasing activity. No major en-bloc transactions wererecorded during the quarter, and theinvestment market remained subdued.Market pricing is more focused oncash flow stability, and transactionsare more likely to centre on assets withclear risk boundaries. Looking ahead to Q2, themarket exhibits the characteristicof “persistent transactions amidpressured destocking.” The mismatchbetween the pace of supply releaseand the demand adjustment cyclewill continue to shape short-termperformance. It is expected thatthe vacancy rate will remain underpressure in the short term, and rentswill maintain a downward trajectory.The market is still in the middleof its adjustment cycle, and futureperformance will depend on the paceof supply and the recovery of demand. Looking at the demand structure,the TMT, finance, and professionalservices sectors remained theprimary sources of demand, althoughactivity was largely driven by internaloptimisation. From the nature ofthe transactions, relocation demanddominated, while the proportionsof renewals and expansionsincreased slightly, reflecting thatenterprises are more inclined tooptimize office efficiency throughinternal adjustments and locationalreallocation. From a structural perspective,the current adjustment has not beendriven by a significant contraction indemand. Instead, against a backdrop ofuncertainty, occupiers are optimizingspace utilisation through consolidationand relocation, resulting in new leasingbeing insufficient to offset space beingreturned to the market. Rental Level Rents Continue to Trend Downward, With Market Divergence Persisting In Q1, the citywide rent fell by 2.2%QoQ to RMB 116.0 per sqm per month,with the decline widening comparedto the previous quarter, indicatingcontinued downward pressure andno clear signs of stabilization in thenear term. Fundamentally, the rentadjustment reflects a repricing ofoffice space in the “cost-efficiency”dimension. Under sustaineddestocking pressure, landlords’strategies have shifted from singularprice adjustments to lease structureoptimization, yielding upfront returnsto improve destocking efficiency,causing the scissors gap betweennominal rents and actual effectiverents to widen continuously. At the submarket level, TianheNorth recorded the largest decline(-5.5% QoQ), mainly due to agingbuilding stock losing competitivenessas rental benchmarks in core areasadjust downward. This has led someoccupiers seeking higher- quality officespace to relocate alternative locations.By contrast, Yuexiu District maintainedstable rents, supported by its solid baseof traditional government/enterpriseand financial services, demonstratingstrong defensiveness. The flat QoQrent in the Pazhou sub-market thisquarter indicates that the earlierstrategy of trading price for volumehas effectively promoted the large-scale agglomeration of technology and e-commerce industries. Meanwhile,Financial City sub-market, currentlyrecording a rent of RMB 92.3 per sqmper month, holds a certain appeal forspace consolidation demands from thecentral area due to its lower leasingcosts. pressure in the short term, and themarket is still in a destocking-orientedadjustment phase. It is expectedthat comprehensive gaming at thelease level will become more intense,and landlords may have to acceptlonger-term and deeper effective rentconcessions in exchange for stable cashflows. Looking ahead to Q2, against thebackdrop of continuous new supplyreleases, rents will remain under Supply and Demand A Structural Mismatch Between Supply Expansion and Demand Adjustment In Q1, Guangzhou’s Grade A officemarket saw a concentrated wave ofnew completions totaling 140,800 sqm,significantly higher than the previousquarter, respectively from the SuofeiyaDevelopment Centre, Guangzhou ABCBuilding, and Guangzhou InternationalTrading Centre. On the demandside, influence