2026年第二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 Pent-up demand supports take-up, but rental pressure persists the largest source of leasing activity,while finance, cultural, creative andentertainment, and professionalservices also accounted for notableshares. Transactions remaineddominated by relocations, whileincremental demand from tenantexpansion stayed limited. Theimprovement in demand was mainlysupported by the release of pent-updemand, leading to a more activeleasing market than in Q1. Guangzhou’s Grade A officemarket improved further in Q2 2026.Citywide average rents fell 1.6% QoQto RMB 114.1 per sq m per month,while the vacancy rate declined by1.0 percentage point to 17.5%. Aftersustained rental declines, previouslydeferred relocation, upgrade andlease restructuring demand graduallymaterialised, enabling the market torebound from negative net absorptionin the previous quarter to positive netabsorption in Q2. investment activity remained subdued. Looking ahead to Q3, the boostfrom the release of pent-up demandis expected to weaken going forward.Corporate expansion is expected toremain limited, with incrementaldemand continuing to come mainlyfrom flight-to-quality move, leaserestructurings and newly establishedbusinesses. As further supply entersthe market, take-up is unlikely tokeep pace and the citywide vacancyrate is expected to rise again. Averagerents should continue to soften,although the pace of decline mayease after several rounds of repricingat some projects. Rent-free periods,delivery specifications and paymentarrangements are therefore likely toplay a greater role in lease negotiations. In the investment market, YuexiuProperty sold Nansha InternationalFinance Centre and other assets andbusinesses to subsidiaries of its parentgroup. Nansha IFC was valued atapproximately RMB 1.93 billion. Thetransaction was an intra-group assetrestructuring, while third-party office No new supply was completedduring the quarter, while netabsorption reached approximately108,000 sqm. The reduction invacancy was mainly attributable tothe materialization of previouslypent-up demand. TMT remained Rental Level Existing projects continue to adjust rents; declines are more pronounced in mature CBDs Citywide Grade A office rents fell by1.6% QoQ in Q2 to RMB 114.1 per sqmper month. The decline was largelydriven by proactive adjustments atexisting projects, with some landlordsnarrowing the pricing gap againsthigher-quality buildings withinthe same submarket and projectsin emerging submarkets to supporttransactions. Tianhe North and Yuexiurecorded QoQ declines of 3.3% and2.2%, respectively, accounting for themain pull-down in citywide rents. At the submarket level, TianheNorth posted the sharpest decline,suggesting that its location premiumas a mature CBD is no longer sufficientto offset the effects of ageing buildingquality and rental differentials acrosssubmarkets. As tenants seek better-quality space while managing budgets,certain existing projects have had tolower asking rents to retain a clearprice advantage over prime buildingsin Zhujiang New Town and newerbuildings in Pazhou. Yuexiu facedsimilar pressure, but its more stabletenant base meant that adjustmentswere concentrated in older buildingswith weaker specifications. downward pressure, with adjustmentslikely to remain concentrated onexisting projects where building qualityis misaligned with current asking rents.The rental gap between Grade A stockand standard existing projects maywiden further, while average rentsacross the city are expected to continuetheir gradual downward trend. leaving asking rents at mainstreamprojects broadly stable. ZhujiangNew Town and Pazhou recordedmore moderate QoQ declines of 1.1%and 1.5%, respectively. The formerremained supported by Grade Astock and demand from financeand professional services, whileadjustments at some Pazhou projectsmoderated following price cuts in theprior quarter. By contrast, average rent inFinancial City held at RMB 92.3 persqm per month. Landlords continuedto leverage the submarket’s lowerrental levels to attract cross-submarketrelocation and upgrade demand, Looking ahead to Q3, citywiderents are expected to remain under Supply and Demand Release of pent-up demand drives temporary vacancy decline No new supply entered theGuangzhou Grade A office marketin Q2. Net absorption reachedapproximately 108,000 sqm, pushingcitywide vacancy down 1.0 percentagepoint QoQ to 17.5%. The improvementin take-up was primarily driven bypent-up relocation, upgrade andlease-restructuring demand releasingafter successive rental adjustments.Given that corporate expansionappetite remained limited, positivenet absorption is better regarded as aconcentrated release of accumulateddemand rather than a broad-basedrecovery. By industry, TMT accountedfor around 25.8% of leased areaand r