2025-07-21-莱坊-Shanghai_Office_Market_Report_Q2_2025页_2mb

报告摘要

In Q2 2025, Shanghai's Grade-A office market experienced a supply peak with 446,605 sqm added, primarily from new completions in core and emerging areas like Yangpu and Qiantan, leading to a net absorption of 63,351 sqm.
New supply forced vacancy rates to rise to 23.2%, although effective net absorption remained positive due to the decline in quoted rents and provision of tenant improvement allowances, especially targeting retail brands and professional services.
Enterprise renewals, relocations, and new lease-ups drove demand, with notable growth from the retail sector's need for expansion.

Core CBD areas accounted for the majority (>60%) of new supply (700,000 sqm expected by year-end), driven by projects like The Pier and China Overseas Centre conversions.
Increased demand for expansion came from retail brands (e.g., Hyundai, Luxottica) due to market recovery and government subsidies.
Financial institutions continued to dominate the transaction landscape for new leases and relocations.

Overall effective rent declined QoQ by 3.4% to RMB 6.52/sqm/day.
Rent declines were steeper in core areas (+4.1%) compared to emerging districts (+2.7%).
Different submarkets showed distinct rent levels: Little Lujiazui (approx. RMB 9/sqm/day), Yangpu Binjiang (~RMB 5.63/sqm/day), North Bund (~RMB 4.60/sqm/day).
Landlords responded to reduced absorption and tenant churn by aggressively adjusting rents and offering subsidies and flexible terms.

New Supply (446,605 sqm) + QoQ Increase (104%): Primarily in newly built projects and CBD conversions.
Net Absorption (63,351 sqm): Lower QoQ compared to the previous quarter (+54.4% from Q1 Q2 H1 2025).
Vacancy Rate (23.2%): Increased slightly +1 pp from Q1.
Effective Rent (RMB 6.52/sqm/day): Declined +3.4% QoQ.

Recording 11 transactions worth over RMB 5 billion, with a focus on standard R&D office buildings in business parks (nearly half of Q2 volume).
Notable examples: Acquisitions by tech firms like Espressif for R&D locations.

Increased supply (over 700,000 sqm expected by end of year) may pressure the market further, increasing vacancy.
Leasing demand in core CBDs is expected to recover, boosting overall market confidence and absorption.
Strategic leasing adjustments and acquisitions of standard R&D space appear key developments.

Diverse inventory levels and vacancy rates exist between core CBDs and emerging districts.
Yaohua Lane, Huamu, Little Lujiazui showed significantly lower vacancy rates (15.0%, 15.8%, 9.1%) but also higher or more variable rents compared to older central districts like The Bund (46% vacancy, Type C).

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