> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Shenzhen Grade-A Office Market Report Summary (Q2 2026) ## Core Content This report provides an in-depth analysis of the Grade-A office market in Shenzhen during Q2 2026, focusing on supply and demand dynamics, rental trends, vacancy rates, and the investment landscape. ## Key Market Trends ### 1. Take-up and Vacancy - **Take-up Recovery**: The market continued its Q1 recovery into Q2, albeit at a slower pace. - **Net Absorption**: Net absorption reached 102,492 sqm, still exceeding new supply. - **Vacancy Rate**: The citywide vacancy rate dropped by 0.6 percentage points to 22.7%, marking the second consecutive quarter of improvement. - **Submarket Gaps**: Vacancy rates are increasingly split across submarkets, with some areas experiencing higher vacancy than others. ### 2. Rent Trends - **Rental Correction**: Citywide average effective rents fell 1.5% QoQ to RMB139.7 sqm/mth, a smaller decline than Q1's 2.6%. - **Submarket Performance**: - **Houhai**: -3.2% QoQ rent decline - **Bao'an CBD**: -3.0% QoQ rent decline - **Shenzhen High-tech Park**: -2.5% QoQ rent decline - **Futian CBD**: -0.5% QoQ rent decline - **Shekou**: Flat - **Qianhai**: -0.8% QoQ rent decline - **Core vs. Decentralised**: Core CBDs like Futian and Shekou showed better resilience compared to emerging submarkets. ### 3. Supply and Demand - **Supply**: New supply eased to 40,000 sqm in Q2, with developers delaying completions to avoid competition. - **Demand Drivers**: - **Relocations**: Accounted for 65.4% of leasing activity. - **Renewals**: Represented nearly one-fifth of leasing activity. - **New Set-ups**: Eased from Q1's peak, with demand now focused on upgrading building quality and location. - **Sectoral Demand**: - **TMT (Technology, Media, and Telecommunications)**: Dominated with 52.0% of leased area, driven by smart logistics, AI, and telecoms digitalisation. - **Professional Services**: Followed with 35% share, led by law firms and management consultancies. - **Finance**: Private equity and insurtech saw selective leasing activity. ### 4. Investment Market - **Subdued Activity**: No headline Grade A en-bloc transactions were disclosed in Q2. - **Capital Preferences**: Investors gravitated towards assets with stable cash flow, pricing cushion, or repositioning potential. - **Industrial Assets**: Outperformed traditional office assets, accounting for 50% of total transaction value in H1 2026. - **Investor Strategy**: A shift from capital appreciation to focus on operating income and exit strategies is evident. ## Outlook for 2H 2026 - **Supply-Demand Pressures**: The substantial 2026 pipeline may resurface in the second half, leading to a temporary increase in vacancy. - **Rental Adjustments**: Moderate rental declines are expected, with the most pronounced adjustments in Houhai and Bao'an CBD. - **Demand Drivers**: Technology, professional services, and finance-related businesses will continue to be the main demand drivers, but corporate expansion remains muted. - **Net Absorption**: Normalisation is expected rather than a repeat of Q1's elevated performance. ## Summary of Key Points - The market is in a correction phase, with rents still declining. - Supply has slowed, and developers are delaying launches to avoid direct competition. - Relocations dominate leasing activity, indicating tenant focus on cost control and quality upgrades. - TMT and professional services are the leading sectors in demand. - Investment activity remains limited due to soft rents and low yields, with a preference for industrial and repositionable assets. - The market is expected to follow a similar pattern in 2H 2026, with continued focus on cost efficiency and submarket-specific strategies. ## Tables Summary ### Table 1: Major Shenzhen Grade-A Office Sub-Market Indicators (Q2 2026) | Submarket | Rent (RMB/sqm/month) | Rental % Change (QoQ) | Vacancy Rate | Vacancy Rate % Change (QoQ) | |-----------|----------------------|-----------------------|--------------|----------------------------| | Luohu | 117.3 | ↓1.5% | 27.9% | ↓0.4% | | Futian CBD| 168.3 | ↓0.5% | 18.0% | ↓1.3% | | Futian-Chegongmiao | 136.1 | ↓1.8% | 20.4% | ↓2.8% | | Nanshan- High-tech Park | 125.4 | ↓2.5% | 13.8% | ↑0.6% | | Nanshan- Houhai | 146.5 | ↓3.2% | 33.1% | ↑1.4% | | Nanshan- Shekou | 151.8 | 0.0% | 23.3% | ↓1.9% | | Nanshan- Qianhai | 127.9 | ↓0.8% | 25.5% | ↓2.8% | | Bao'an CBD | 115.7 | ↓3.0% | 27.9% | ↑1.8% | ### Table 2: Major Shenzhen Grade-A Office Leasing Transactions (Q2 2026) | District | Building | Tenant | Area (sqm) | Transaction Type | |----------|------------------------|----------------------|-----------|------------------| | Nanshan | Qianhai Trading Plaza | Betterwood IT | 12,500 | Relocation | | Nanshan | Qianhai Holdings Building | Hive Box Tech | 7,500 | Renewal | | Nanshan | Ping An Credit Card Building | GienTech | 5,000 | Relocation | | Nanshan | Qianhai Exchange Square | Yuanxu Xinsheng | 4,983 | Relocation | | Futian | Shenzhen Kaifa Plaza | Jingsh Law Firm | 3,800 | Relocation | | Bao'an | Satcom Tower | Weiduli Electronics | 1,200 | Relocation | | Luohu | KK100 | League Shipping | 800 | Relocation | ## Contact Information - **Regina Yang**: Director, Head of Research & Consultancy, Shanghai & Beijing Email: regina.yang@cn.knightfrank.com Phone: +86 139 1872 3123 - **Henry Chen**: Analyst, Research & Consultancy, Shenzhen Email: henry.chen@cn.knightfrank.com Phone: +86 136 4231 4481 - **Ken Kan**: Managing Director, Shenzhen Email: ken.kan@cn.knightfrank.com Phone: +86 186 6682 5418 ## Notes - Some data may differ due to database adjustments. - All images are for illustration only. - The report is for general information only and is subject to change without notice. ```