> **来源：[研报客](https://pc.yanbaoke.cn)** # Shanghai Grade-A Office Market Report Summary (Q2 2026) ## Core Content This report provides an overview of the Shanghai Grade-A office market in Q2 2026, focusing on supply and demand dynamics, rental trends, vacancy rates, and the investment market. ## Main Trends and Insights ### Supply and Demand - **Supply**: New supply in Q2 was approximately **69,000 sqm**, a significant decrease from Q1. - **Demand**: Leasing activity remained firm, with **net absorption rising by 51% QoQ to 209,314 sqm**. - **Vacancy Rate**: The vacancy rate fell by **0.7 percentage points to 23.5%**, indicating a recovery in market demand. - **Rental Trends**: Average rents continued to decline, but the pace of decline **narrowed to 1.9% QoQ**, ending at **RMB5.81 per sqm per day**. ### Leasing Activity - **Occupier Behavior**: Occupiers in the **technology, biopharmaceutical, financial, and retail sectors** drove leasing demand. - **Transaction Size**: The share of **mid-sized deals (1,000–3,000 sqm)** increased by **seven percentage points QoQ**, while **larger transactions (above 5,000 sqm)** also rebounded. - **Core Submarkets**: **Little Lujiazui, Nanjing West Road, and Huaihai Middle Road** showed greater rental resilience, with more moderate rent adjustments. - **Emerging Submarkets**: **Qiantan, Xuhui Riverside, and Post-Expo** attracted more occupiers due to **competitive rents and larger floorplates**. ### Investment Market - **Transaction Activity**: In Q2, there were **eight transactions** involving office and business park assets, with a total consideration of **over RMB4 billion**. - **Market Sentiment**: Investors remained cautious, prioritizing **assets with stable income streams and future repositioning potential**. - **Buyer Profiles**: Key buyers included **owner-occupiers, industrial capital, local private buyers, and selected long-term capital**. - **Investment Focus**: In H2, activity is expected to be **concentrated in core-located assets, lower-ticket opportunities, strata-saleable assets, and properties with clear industrial-use attributes**. ### Key Submarkets and Transactions - **Core Submarkets**: Little Lujiazui, Nanjing West Road, and Huaihai Middle Road maintained high rents and tenant retention. - **Notable Transactions**: - **Lumina Shanghai Phase One** (Xuhui Riverside): **Luxshare Precision Industry** signed a **new lease** of **4,400 sqm**. - **HKRI Taikoo Hui** (Nanjing West Road): **Eli Lilly** renewed and expanded its space by **2,200 sqm**. - **Raffles City the Bund** (North Bund): **UBI Quant** renewed and expanded its space by **2,300 sqm**. - **DBS Tower** (Little Lujiazui): **Tullett Prebon SITICO** renewed its space of **5,200 sqm**. - **Lumina Shanghai Phase Two** (Xuhui Riverside): **Tencent** expanded its space by **15,000 sqm**. - **West Link Centre Block A** (Minhang): **MeiG Smart Technology** acquired the property from **Silk Road Fund** via an **equity transaction**. - **Blockchain Valley and Yunhui Digital Intelligence Centre 15-17F** (Jing’an): **Shanghai Kaicheng Holdings** acquired the asset from **Shanghai Shibei** via an **asset transaction**. ## Key Information - **Supply Dynamics**: The slowdown in new supply allowed the market to absorb previously accumulated vacancy. - **Occupier Strategy**: Companies are using the rental adjustment window to **upgrade, expand, and consolidate** their office portfolios. - **Sector Contributions**: **TMT, finance, biopharmaceutical, retail, and professional services** were the main sectors driving leasing activity. - **Location Preferences**: **Core CBDs** like Little Lujiazui and Nanjing West Road remain highly valued for **corporate profile and accessibility**, while **emerging submarkets** are gaining interest for **cost efficiency and flexibility**. - **Investor Behavior**: **Value-led buyers** and **owner-occupiers** were the primary drivers of investment activity, focusing on **stability, repositioning, and operational enhancement**. ## Outlook - **Short-Term**: Rents are expected to continue a **mild downward trend**, but **core submarkets** may stabilize earlier due to their **high-quality assets** and **established tenant bases**. - **Long-Term**: A **broad-based recovery** will depend on **improved macroeconomic expectations** and **stronger corporate expansion appetite**. - **H2 2026**: Leasing demand is anticipated to be driven by **upgrade-led relocations, cost optimization, efficiency gains, and portfolio consolidation**. - **Investment Focus**: Investors will likely remain **selective**, targeting **core assets, lower-ticket opportunities, and properties with industrial-use attributes**. ## Contact Information - **Regina Yang**: Director, Head of Research & Consultancy, Shanghai & Beijing Email: regina.yang@cn.knightfrank.com Phone: +86 21 6032 1728 - **Mars Yin**: Senior Manager, Research & Consultancy Email: mars.yin@cn.knightfrank.com Phone: +86 21 6032 1730 - **Virginia Huang**: Managing Director, North and East China Email: virginia.huang@cn.knightfrank.com Phone: +86 21 6032 1719 ## Disclaimer - This document contains **general information only** and is subject to change without notice. - All **images are for illustration purposes only**. - **No representations or warranties** are given, intended, or implied. - Knight Frank will **not be liable** for any losses or damages arising from the use of this information. - The material is **confidential** and should not be disclosed to anyone other than employees who need to evaluate it.