> **来源：[研报客](https://pc.yanbaoke.cn)** # Shanghai Grade-A Office Market Report Summary - Q1 2026 ## Core Content This report provides an overview and outlook of the Grade-A office market in Shanghai for the first quarter of 2026, focusing on supply and demand dynamics, rental trends, and investment activity. ## Market Overview - **Net Absorption**: Rebounded significantly, increasing by 67% quarter-on-quarter (QoQ), driven by occupiers' relocations, upgrades, and office consolidation. - **Supply**: New supply reached 307,035 sqm, up 42% QoQ, primarily from Nanjing West Road, Xujiahui, and the Post-Expo area. - **Vacancy Rate**: Rose only slightly to 24.2%, indicating that despite the increase in supply, demand remained strong enough to absorb most of it. - **Average Rent**: Declined by 2.2% QoQ to RMB5.92 per sqm per day, with the rate of decline narrowing by 1 percentage point. ## Key Submarkets and Trends - **Core CBDs**: Little Lujiazui, Nanjing West Road, and Huaihai Middle Road maintained higher average rents, with Little Lujiazui posting the largest QoQ decline at 2.2%. - **Emerging Areas**: North Bund, Qiantan, and Huamu saw higher vacancy rates and greater rent declines, with landlords focusing on price-for-volume strategies. - **Leasing Activity**: Increased in both new supply and take-up, with demand concentrated in finance, technology, professional services, retail, manufacturing, and TMT sectors. - **Law Firms**: Showed strong leasing activity, contributing over 40% of professional services demand. Their increased workload, driven by overseas expansion and tech IPOs, led to a surge in leasing activity. ## Investment Market - **Transactions**: 19 deals involving offices and business parks, with total consideration exceeding RMB10 billion. - **Buyers**: Included financial institutions, industrial capital, and corporate owner-occupiers. - **Core Assets**: Assets in core locations such as Central Park · Huangpu, Platinum, and Crystal Hongqiao Tower 1 continued to attract investment, especially those with repositioning potential or owner-occupier value. - **Deal Characteristics**: Standalone buildings, smaller assets, and properties with industry-led occupancy potential transacted more quickly, while income-oriented assets required longer negotiation cycles. - **Future Outlook**: Office assets with scarce locations, clear exit pathways, or value-add potential through improved operations are expected to attract selective investment from long-term capital and local buyers. ## Major Leasing Transactions (Q1 2026) | Submarket | Building | Tenant | Area (sqm) | Type | |-----------|----------|--------|-----------|------| | Xuhui Other Area | Xuhui Vanke Centre Phase III | HYPERGRYPH | 90,000 | Relocation | | North Bund | North Bund FC Jinmao Plaza | TF Securities | 12,000 | Relocation | | Huamu | The Summit Building 2 | Zhong Wen Law Firm | 5,600 | Expansion | | Qiantan | FUSION NEW BUND | AgiBot | 6,000 | New Lease | | Little Lujiazui | SWFC | Sumitomo Corporation | 3,300 | Renewal | ## Major Investment Transactions (Q1 2026) | Property | Buyer | Seller | District | Transacted GFA (sqm) | Acquisition Structure | |----------|------|--------|----------|---------------------|------------------------| | Central Park · Huangpu (office component) | Yuxiao Group | Hong Kong Shanghai Alliance Holdings Limited / Apollo Global RE | Huangpu | 27,318 | Equity Transaction | | Crystal Hongqiao T1 | SANWA SUPPLY | Tishman Speyer/ Shanghai New Changning/ Mitsubishi Estate | Changning | 4,000 | Asset Transaction | ## Outlook - **Short-Term**: Supply pipeline remains brisk, with landlords facing leasing pressure and offering rent concessions. - **Policy Support**: The 2026 ‘Two Sessions’ emphasized macroeconomic support, expanding domestic demand and advancing technological innovation. - **Long-Term**: As demand from finance, technology, and professional services sectors improves, prime assets in core areas may stabilise earlier, while citywide average rents are expected to trend downward. ## Conclusion The Shanghai Grade-A office market demonstrated resilience in Q1 2026, with a rebound in net absorption and a narrowing rent decline. While core submarkets maintained higher rents, emerging areas faced more pressure. The investment market remained active, with a focus on cashflow stability and operational upside. Law firms emerged as a key driver of demand due to their increased workload and need for upgraded office spaces.