"The citywide vacancy rate fell below 30% for the first time in two years in Q2/2026, supported by resilient leasing demand, limited new supply and continued office-to-hotel conversions. However, with more than 2 million sqm of new office space scheduled for completion in the second half of the year, leasing competition is expected to intensify, particularly in Nanshan."

"Although occupier sentiment improved and leasing activity picked up in Q1/2026, most landlords remained cautious, offering highly competitive terms to attract tenants amid continued market pressure."

"Tech occupiers continued to expand in Shenzhen in 2025, supporting office leasing demand, with Nanshan standing out as the leading submarket and net absorption expected to remain strong into 2026."

"Shenzhen’s office leasing market logged a sound increase in the volume of site visits and inquiries on project availability and pricing during Q3/2025 and we expect that the momentum will lead to a significant increase in transaction volume in Q4/2025."

"While the overall leasing market was relatively calm, some Tech Giants’ office relocation brought about disruptions to the market and, together with the impacts of new completions, the citywide average vacancy rate increased."

"Leasing market uncertainty continued to increase not only because of the persistent imbalance between supply and demand but also the global tariff-driven economic slowdown and other considerations. Stabilising occupancy of office properties becomes more prevalent for most landlords in 2025 regardless of rental changes."

"Abundant policy support since 2023 and the establishment of an efficient and complete industrial system helped attract a growing number of new quality productivity businesses to set up in Shenzhen. This has generated a significant increase in leasing demand for offices and supported the quarterly net take-up growth throughout the year."

"Q3 was so far the best season of 2024 in terms of leasing transaction volume. Some particular submarkets such as Qianhai and Shenzhen Bay SHB managed to attract an increasing amount of relocation leasing demand for financial considerations and premise upgrade."

"Driven by corporates’occupational needs and equally important, landlords’ wish to attract tenants with strong incentives, more leasing demand was unleashed in the market, pushing up the citywide net take-up in this quarter."