房地产 -深圳写字楼市场报告 Shenzhen office market report - Q3 2025

knightFran

ShenzhenGrade-A

OfficeMarketReport

Q32025

ThisreportfocusesontheGrade-AofficemarketinShenzhen,

includinginformationaboutsupplyanddemand,rents,vacancyratesandtheofficeinvestmentmarket

/research

OverviewandOutlook

Pressurepersistsandpricediscoverycontinuesamidintensifyingstructuralcompetition

InQ32025,Shenzhen’sGrade-A

officemarketremainedinacorrectionphase.Rentscontinuedtodecline,

newsupplywasreleasedinclusters,

andabsorptionmomentumsoftened.Thecitywideaverageeffectiverent

felltoRMB148.4/sqm/month,down

2.2%QoQ.Althoughtherateof

declinenarrowedslightlyfromthe

previousquarter,itstillreflectsa

cleardowntrend,reflectingongoing

priceconcessionsfromlandlordsto

supportleasing.Newsupplysurged

approximately219,000sqm—the

highestquarterlyadditionyear-to-

date—whilenetabsorptionwasonly

68,000sqm.Thewidenedsupply–

demandgappushedthecitywide

vacancyrateupto26.1%,anincreaseof0.9percentagepointsQoQ.

Acrosssubmarkets,rentalcutsremainedprevalent.Bao’anledthedeclines(-5.8%QoQ)amid

rentreductionsbycross-border

e-commercetenantsandproactive

repricingbylandlords.ChegongmiaoandFutianfell3.9%and3.5%,

respectively,amidintensified

localcompetition.Nanshanwas

comparativelyresilient,withcore

precinctssuchasHi-TechPark,

Qianhai,andShekougenerallykeeping

declineswithin2%.Overall,pricinggamesintensifiedandthedownwardpressureonrentspersisted.

Demandcontinuedtocontract.

TheTMTdominatedwitha52.0%share,drivenmainlybyinternet

platformsandsoftwaredevelopers.

Professionalservicesaccountedfor21.3%,supportedbydigital

marketingandgo-globaladvisory.

Healthcarerankedthird,withonlinemedicalservicesparticularlyactive.

Corporateleasingstrategiesremainedconservative:relocationscovered77.0%ofdeals,whileupgraderelocations

fellto31.3%,indicatingapreference

forflight-to-qualityupgradesor

modestcostreductions.Renewals

represented10.9%,whereasnewleasesandexpansionswerejust6.6%and

4.0%,respectively—signalingsubduedmarketactivity.

Investmentactivityremained

muted,withonlyonenotableen-bloctransaction:ChinaMerchantsShekoutransferredCMPropertyOperation

BuildingtoChinaMerchantsEnergyShippingforRMB716million,

implyingaunitpriceofRMB21,607/sqm.Thedealreflectsintragroup

assetreallocationaimedatrecouping

cashandoptimizingthebalance

sheet.Overallliquiditystayedlow,

withowner-occupiersandstrategic/

industrialcapitalasthemainbuyers,

whiletraditionalfinancialand

institutionalinvestorslargelystayedonthesidelines.

LookingaheadtoQ42025,the

marketisexpectedtocontinue

facingheavysupply,softabsorption,anddownwardrentalpressure.

Approximately150,000sqmofnew

supplyisanticipated,andwithrisingmacrouncertaintyandcautious

tenantdecision-making,landlordsarelikelytocombinepricingflexibility

withleaseincentives.Theyear-end

leasingseasonmaydeliveratemporaryimprovement,withnetabsorption

potentiallyreboundingabove100,000sqm.Nevertheless,thebroader

downtrendwillbehardtoreverse,

andcitywiderentsareexpectedto

edgelowerataratecomparableto

Q3.Strongerprecincts(e.g.,NanshanHi-TechPark,Qianhai)should

outperformduetosolidindustrybasesandtenantstickiness,whileFutianandBao’anmayexperiencesharperprice

competition.

Fig1:ShenzhenGrade-Aofficemarketreferenceindex[1]

2025Q3

NetAbsorption

68,105

sqm

2025Q3Rent

148.4

RMB/sqm/month

2025Q3

Vacancyrate

26.1%

2025Q3Newsupply

218,880

sqm

QoQchange:2.2%

Outlook(Q42025):

QoQchange:

Outlook(Q42025):

QoQchange:

Outlook(Q42025):

QoQchange:0.9%

Outlook(Q42025):

Source:KnightFrankResearch

[1]RentreferstoaverageeffectiverentOwner-occupiedofficeareaisbasedonnewsupply

Fig2:ShenzhenofficedeveIopmentpipeIine,2025-2027

●Qianhai

●FutianCBD

●Houhai

●Caiwuwei

●Others

‘000sqm

1,500

1,000

500

2025202620270

Source:KnightFrankResearch

OthersincludeChegongmiao,ShekouandBao’anCBDProjectedsupplyin2025includesprojectsalreadyonthemarketCaiwuweirepresentsLuohudistrict

RentalLevel

Rentscontinuetodeclineandpricingcompetitionintensifies

InQ32025,citywideaverageeffectiverentfellfurthertoRMB

148.4/sqm/month(-2.2%QoQ),a

0.7-pptnarrowingfromtheprior

quarter’sdecline.Whilethedowntrendpersisted,thepaceofadjustment

moderatedaslandlordsadoptedmoretargetedleasingstrategiestostabilizeoccupanciesinamorecompetitive

landscape.

Bysubmarket,Bao’anpostedthesteepestQoQdropat5.8%,drivenbyproactiverepricingandenhanced

incentivesatbenchmarkassets.

LingeringUS-Chinauncertaintiesalsoweighedoncross-bordere-commerceexpansion,promptingelevatedrent

reductionsandsurrendersactivity,

whichpulleddownachievedpricing.Chegongmiaofollowed(-3.9%QoQ)

asolderprojectsoffereddeeper

concessions.Futian(-3.5%QoQ)waspressuredbyNanshan’s“magnet

effect”andflexiblepricingatnew

deliveries.Incontrast,Nanshan

remainedrelativelystable—rents

inTechPark,QianhaiandHouhai

mostlyslippedwithin2%—reflectingstrongtenantstickinessamongcorecorporates.

Fig3:ShenzhenGrade-AofficerentaItrend

RMB/sqm/month

260

240

220

200

180

160

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

140

201420152016201720182019202020212022202320242025

Source:KnightFrankResearch

LookingaheadtoQ4,concentratednewsupplycoupledwithsubdued

demandisexpectedtokeeprental

pricingunderpressure.Landlordsarelikelytocontinuedeployingatoolkit

of“priceadjustments+longerleaseterms+rent-freeperiods”toattract

occupiers.Citywiderentsarelikelytoedgedownfurther,withQoQdeclinessimilartothoseseeninQ3.

TabIe1:MajorShenzhenGrade-Aofficesub-marketindicators,Q32025

Rental%changes

(QoQ)

Luohu

122.8

↓1.8%

28.4%

↓1.6%

FutianCBD

175.7

↓3.5%

18.5%

↑0.5%

Futian-Chegongmiao

141.7

↓3.9%

24.5%

↓3.8%

Nanshan-High-techPark

132.3

↓1.7%

15.9%

↓0.2%

Nanshan-Houhai

173.8

↓0.8%

36.2%

↑7.0%

Nanshan-Shekou

156.2

↓2.1%

34.8%

↓6.5%

Nanshan-Qianhai

131.2

↓1.4%

36.5%

↑1.1%

Bao’anCBD

123.4

↓5.8%

26.9%

↑1.3%

Source:KnightFrankResearch

Note:Owingtodatabaseadjustments,somedatamaybedifferent,specificvaluesarebasedonQ3

Vacancyratepercentage

change(QoQ)

Rent

(RMB/sqm/month)

VacancyRate

Submarket

SupplyandDemand

Newsupplysurgedwhilesoftertake-upwidenedthesupply–demandimbalance

Thisquartersawaspikeinnew

Grade-AsupplyasDajiaFinancial

Centre,SkyworthOverseasHQTowerandTruValueAssetHeadquarter

Buildingweredelivered,totaling

about219,000sqm—theyear’speak.Incontrast,leasingdemandslowed

notably,withnetabsorptionretreatingto68,000sqm,re-exposingthe

structuraloversupply.

Bysector,TMTmaintained

leadershipwith52.0%of

transactions—drivenbyinternet

platformsandsoftwaredevelopers,withcloudcomputingand

points-basede-commerceparticularlyactive.Professionalservicesranked

secondat21.3%,focusedondigital

marketing,outboundadvisoryand

brand-managementservices.Notably,private-domainoperationstool

providersandmini-dramaproducerswereactive,reflectingdiversified

marketingmodelsandacceleratedcontentinternationalization.

Healthcareovertookfinanceto

thirdplace,ledbyonline-medical

platformsandinnovativemed-tech

expansion.Insum,digitalplatforms/development,content-to-overseas,

andinternethealthcarewerethethree

Fig4:ShenzhenGrade-AofficesuppIy,take-upandvacancyrate

Grade-Aofficesupply(left)Grade-Aofficenetabsorption(left)Vacancyrate(right)

‘000sqm

30%

1,600

1,400

25%

1,200

20%

1,000

800

600

15%

10%

400

200

5%

020132014201520162017201820192020202120222023202420250%

Source:KnightFrankResearch

ThesupplyandnetabsorptionofGradeAofficespacein2025isaccumulated

The2025vacancyrateisforQ3

keydemandenginesthisquarter,

withrisingsectoralconcentrationandcontinuedtilttowardnew-economyandinnovationservices.

Bydealtype,relocations

strengthenedtheirdominanceat77.0%,

yettheshareof“upgraderelocations”fellto31.3%QoQ,highlightingtightercostcontrolandagreatertilttoward

“like-for-likeimprovement”ormild

downgrades.Renewalsaccountedfor10.9%,supportedbylandlordpricingandtermoptimization.New-to-market

andexpansiondealswere6.6%and

4.0%,bothweaker,indicatingto

limitedincrementaldemandand

reducedmarketactivity.Intra-area

churnwasevidentwithinQianhaiandTechPark,suggestingstronglocationstickiness;Futian’stenantretention

ratefellto22.5%amidintensifyingcompetitionandsiphoningeffects.

LookingaheadtoQ4,year-end

“needs-driven”activitycouldbring

atemporaryimprovement,with

citywidenetabsorptionlikelytoclimb

backabove100,000sqm.However,roughly150,000sqmofnewsupplyacrossQianhaiandHouhaiwilllikelypushvacancyhigherandintensify

competitionamongLandlords.

TabIe2:MajorShenzhenGrade-AofficeIeasingtransactions,Q32025

DistrictBuildingTenantArea(sqm)TransactionType

Nanshan

ShenzhenInternationalInnovation

Center

Amazon

15,000

Relocation

Bao’an

ChinaVentureCapitalBuilding

Codemao

10,000

Relocation

Nanshan

Nanshan

Nanshan

Nanshan

Futian

CSCECSteelStructureTower

Upperhills

ChowTaiFookFinanceTower

CFutureCity

DingheTower

JDHealth

GoldfieldsBank

BeyondInfinityTechnology

ChengChungDesign

PhilipMorris

5,000

3,000

2,800

2,200

2,000

Relocation

Relocation

Relocation

Relocation

Renewal

Futian

EastPacificInternationalCenter

LinkingPharma

2,000

Relocation

Source:KnightFrankResearch

Note:alltransactionsaresubjecttoconfirmation

InvestmentMarket

En-blocmomentumcooledwhilecashrecoveryandportfoliooptimizationdominated

InQ32025,onlyonenotable

transactionwasrecorded:China

MerchantsShekousoldCMProperty

OperationBuilding(Nanshan,Prince

Baycore)toChinaMerchantsEnergy

ShippingforRMB716million,implyingaunitpriceofRMB21,607/sqm.The

dealwasanintragroupadjustment.

ThesalebroughtRMB716millioncashinflowtoCMShekou,helping

de-riskthebalancesheetandenhanceliquidity.Giventhetargetcompany

postedaRMB1.12millionnetlossinH12025,thedisposalshedsalow-yieldasset,aligningwiththegroup’s‘assetreorganization–fundingoptimization–core-businessfocus’strategy.

Overall,Shenzhen’sen-bloc

marketremainedlow-liquidity,withmultipleofficeassetsfailingatjudicial

auctions.Buyersskewedtowardself-useandindustrial/strategiccapital,

whileinvestmentlogicshiftedfrom

short-termreturnstolong-term

valuepreservationandstructural

optimization.Intragroupadjustmentsandindustry-chainconsolidationareexpectedtodominate,keepingoverallvolumesmeasuredandcontained.

ShenzhenGrade-AofficemarketdashboardQ32025

ShenzhenGrade-Aofficeinventory,rentsandvacancyratesofmajorbusinessdistricts

Chegongmiao

Inventory:602

Rents:141.7

VR:24.5%

Bao’anCBD

Inventory:492

Rents:123.4

VR:26.9%

Qianhai

Inventory:2,078

Rents:131.2

VR:36.5%

High-techPark

Inventory:1,901

Rents:132.3

VR:15.9%

al

Grade-Aoffice

TotalInventoryapprox.

10,675

thousandsqm

FutianCBD

Houhai

Luohu

Inventory:1,191

Rents:122.8

VR:28.4%

Shekou

Inventory:250

Rents:156.2

VR:34.8%

Inventory:2,715

Rents:175.7

VR:18.5%

Inventory:1,445

Rents:173.8

VR:36.2%

Source:KnightFrankResearch

Note:unitformarketinventory–1,000sqm;rentsusingaverageeffectiverentatRMB/sqm/month;VRreferstoaveragevacancyrate

Owingtodatabaseadjustments,somedatamaybedifferent,specificvaluesarebasedonQ3

Welikequestions,ifyou’vegotoneaboutourresearch,orwouldlikesomepropertyadvice,wewouldlovetohearfromyou.

Research&ConsultancyShenzhenOffice

Strategy&Solutions

ReginaYang

Director,HeadofResearch&Consultancy,Shanghai&Beijing

+8613918723123

regina.yang@

HenryChen

Analyst,Research&Consultancy,Shenzhen

+8613642314481

henry.chen@

MartinWong

SeniorDirector,

HeadofResearch&Consultancy,GreaterChina

+85228467184

martin.wong@

KenKan

ManagingDirector,Shenzhen

HeadofOfficeStrategy&Solutions,SouthChina

+8618666825418

ken.kan@

KyleLi

Director,

HeadofOfficeStrategy&Solutions,Shenzhen

+8613450246364

kyle.li@

Recentmarket-leadingresearchpublications

BeijingOfficeMarketReportQ32025

ShanghaiOfficeMarketReportQ32025

GuangzhouOfficeMarketReport

Q22025

ShenzhenOfficeMarketReport

Q22025

WhyESGMattersQuantifyingESGin

forOccupiersRealEstate

knightFrank

KnightFra