2026年第一季度上海写字楼市场报告

This report focuses on the Grade-A office market in Shanghai, withinformation about supply and demand, rents, vacancy rates and theoffice investment market Overview and Outlook Net absorption rebounds, sending positive signals In the first quarter (Q1), Shanghai’sGrade-A office market showed solidresilience. The city recorded newsupply of 307,035 sqm, up 42%quarter-on-quarter (QoQ), andmainly from Nanjing West Road,Xujiahui and the Post-expo area.Despite the sizeable supply, withdemand gradually recovering, theaverage vacancy rate rose by only0.4 percentage point to 24.2%. Netabsorption reached 138,282 sqm,surging 67% QoQ, driven primarilyby occupiers’ relocations, upgradesand office consolidation. Average rent also set an annual target of around5% GDP growth and R&D spending ofabout 4.6% of GDP and will continuepromoting the development ofthe “Five Centres” and the “AI+”initiative. As demand from finance,technology, professional services andheadquarters-driven industrial chainsgradually materialises, rents in primeassets in core areas may stabiliseearlier; however, the citywide averagerent is still likely to trend downwardover the year. was RMB5.92 per sqm per day, down2.2% QoQ, with the pace of declinenarrowing by 1 percentage point. Looking ahead, the supply pipelineis expected to remain brisk in the shortterm. Landlords’ leasing pressureand rent concessions are likely topersist, while policy support shouldhelp stabilise expectations. China’s2026 ‘Two Sessions’ reaffirmed a moreproactive macro stance, emphasisingexpanding domestic demand andadvancing technological innovationand industrial upgrading. Shanghai Supply and Demand Rising law firm leasing demand supports absorption In Q1, Shanghai’s Grade-A officemarket saw the first concentratedwave of completions this year. Threenew projects entered the market,adding around 307,035 sqm of newsupply. Among them, Three ShanghaiITC Tower B (approx. 200,000 sqm)was the largest addition. Togetherwith CRLand Centre (80,000 sqm) andHuanbo Tower (27,035 sqm), thesecompletions expanded the Xujiahui,Nanjing West Road and Post-Exposubmarkets. On the demand side, net absorptionrebounded markedly, reflectingoccupiers’ selective willingness tolease in new projects and higher-quality buildings. Among disclosedtransactions, a relocation of about90,000 sqm by HYPERGRYPH atXuhui Vanke Centre Phase III drew themost attention. Multiple relocation,expansion and new-lease cases wererecorded across the core submarkets—Little Lujiazui, Nanjing West Roadand Huaihai Middle Road—as well asemerging areas such as North Bund,Qiantan and Huamu. This suggeststhat activity was mainly driven byoffice consolidation, quality upgradesand cost-optimisation strategiesmoves. With both new supply andtake-up increasing, the vacancy raterose only slightly, indicating thatwhile the market faces absorption manufacturing and TMT sectorsaccounted for over 70% of markettransactions. Law firms stoodout in particular: more than 40%of professional services demandcame from law firm relocations,and their leasing activity increasedmultiple-fold QoQ. Rising demandfor specialised legal advisory services— driven by companies expandingoverseas, tech IPOs and REITsissuance — has boosted law firms’workloads and, in turn, their needs toupgrade office space. pressure, quality projects stilldemonstrate strong leasing appealthanks to superior specifications andoperation standards. Notably, continued momentumin external trade and sustainedinvestment in technologicalinnovation, new energy and newmaterials R&D have supportedbusiness expansion among trade,logistics and resources & chemicalscompanies, helping revive theiroffice leasing demand. In Q1,finance, professional services, retail, Rents Market rent decline narrows In Q1, Shanghai’s average Grade-Aoffice rent fell to RMB5.92 per sqmper day, down 2.2% QoQ, with the rateof decline narrowing by 1 percentagepoints compared with the previousquarter. Concentrated new supply,intensified competition amongexisting buildings, and strongertenant bargaining power in renewaland relocation negotiations remainedthe key factors weighing on rents.However, as demand graduallyimproves, landlords’ willingness tomake further sharp price cuts hasbegun to ease. QoQ rent declines in core CBDs andCBDs (1.8% and 1.7%, respectively) Middle Road — reached RMB7.90,RMB9.32 and RMB7.29 per sqm perday, respectively. Litle Lujiazui postedthe largest QoQ decline among thethree prime submarkets at 2.2%,facing not only intensified within-submarket competition but alsocompetitive pressure from Qiantan,The Century Avenue and The Bund.Landlords in Little Lujiazui continuedto lower quoted rents to retaintenants, widening the negotiationroom between landlords andoccupiers. were notably smaller than in emergingsubmarkets (2.4%). Prime locations,stable growth in relocation and new-lease demand from rent-resilientoccupiers supported the prime marketand helped slow the pace of decline.By contra