房地产 -上海办公楼市场报告 - 2025 年第三季度 Shanghai Office Market Report - Q3 2025

knightFran

ShanghaiGrade-A

OfficeMarketReport

Q32025

ThisreportfocusesontheGrade-AofficemarketinShanghai,withinformationaboutsupplyanddemand,rents,vacancyratesandtheofficeinvestmentmarket

/research

OverviewandOutlook

Marketrentscontinuetodecline

Inthethirdquarter(Q3),amid

continuedpressureonofficespace

absorption,mostlandlordsfurther

reducedaskingrents,bringingthe

averagerentallevelinShanghai

toRMB6.25persqmperday.On

thesupplyside,twonewprojects

totalling139,990sqmwerecompletedanddelivered,a68%QoQdecline.

Againstthebackdropofaslight

increaseinvacancyrateto23.3%,netabsorptionreachedonly75,525sqm.

Theleasingactivitywasprimarily

drivenbyfinancialinstitutionsandprofessionalservicesfirms,while

co-workingbrandsbuckingthetrendwithexpansionemergedasamarkethighlight.

Overthenext12months,nearly600,000sqmofnewprojectsare

expectedtoenterthemarketin

emergingareas.Thephasedinflux

ofnewsupply,coupledwithsluggish

absorptionofexistinginventory,is

settointensifymarketcompetition.Intheshortterm,Shanghai’sofficemarketislikelytoremainatenant-driven,withlandlordscontinuingtoofferrentalreductionsandenhancedleasingincentivestoattractclientsandactivelyreducevacancylevels.

Fig1:ShanghaiGrade-Aofficemarketindicators[1]

2025Q3

NetAbsorption

75,525

sqm

2025Q3Rent

6.25

RMB/sqm/day

2025Q3

Vacancyrate

23.3%

2025Q3Newsupply

139,990

sqm

自

QoQchange:4.1%

Outlook(Q42025):

QoQchange:0.1pp

Outlook(Q42025):

QoQchange:33%

Outlook(Q42025):

QoQchange:68%

Outlook(Q42025):

Source:KnightFrankResearch[1]Rentreferstoaverageeffectiverent

Fig2:Shanghaiofficedevelopmentpipelinebydistrict,2025-2028+

‘000sqm

1,600

1,400

1,200

1,000

800

600

400

200

2025202620272028+0

●Yangpu(Wujiaochang,DalianRoad,YangpuBinjiang)●Xuhui(Xuiiahui,XuhuiRiverside,HuaihaiMiddleRoad)●Putuo(Chanafeng-Zhenru)

Pudong(Luiazui,Zhuyuan,Huamu,CenturyAvenue,

Qiantan,Post-expo,Yangiing&Yuansheng)

●Minhang(HongqiaoCBDXinzhuang)

●SouthJing'an(NanjingWestRoad)

●Huangpu(People'sSquare,HuaihaiMiddleRoad,TheBund,Post-expo)

Hongkou(NorthBund,SichuanNorthRoad)

●Chananing(ZhongshanPark,NewHonggiao,Linkong)●NorthJing'an(Daning,RailwayStation,SuheCreek)

Source:KnightFrankResearch

SupplyandDemand

Risingdemandforco-workingspacesdrivesexpansionamongco-workingbrands

InQ3,thepaceofnewlylaunchedprojectinthemarketslowed

considerably,withonlytwonew

projectscompletedanddelivered,

adding139,990sqmofnewsupply,

aQoQdecreaseof68%.Bothnewly

completedprojectsarelocatedin

non-coreareasofPuxi,includingSMLPhase2(59,190sqm)andXuhuiVankeCentrePhaseThreeT2intheShanghaiSouthStationareaofXuhuiDistrict

(80,800sqm).

InQ3,leasingactivitieswere

dominatedbycorporatelease

renewalsandrelocations.Amid

cost-cuttingandeffortstoenhance

operationalefficiency,tenantswith

expiringleaseseithernegotiatedrentreductionsuponrenewalorrelocatedtonearbybuildingsofferinglower

rentalrates.Fuelledbyconsiderationsofcost-savings,therewasanoticeableriseinrelocationdemandlinkedto

corporateresourceintegration,aswellasanincreaseinleaserestructuring

duringtheleaseterm.

LeasingdemandinQ3was

primarilydrivenbythefinance,

professionalservices,retail,and

TMTenterprises,whichtogether

accountedforover60%oftotal

leasingtransactions.Withinthe

professionalservicessector,lawfirmsshowedanotableincreaseindemandforofficeupgrades.Amidsustaineddeclinesinmarketrentsandsluggishdemand,lawfirmscapitalisedon

substantialrentreductionsincoreCBDstoactivelyupgradetheiroffice

Fig3:Grade-AofficenewsuppIy,netabsorptionandvacancyrate

‘000sqm

Newsupply(left)Netabsorption(left)Vacancyrate(night)

30%

3,000

2,500

2,000

1,500

1,000

25%

20%

15%

10%

5%

500

0

2014201520162017201820192020202120222023202425Q125Q225Q30%

Source:KnightFrankResearch

spaces,enhancingtheirbrandimage.Inthefinancialsector,persistently

lowdepositratesandabuoyant

secondarymarketdroveinfluxes

ofincrementalcapital,fuelling

businessexpansionamongsecuritiesandassetmanagementfirmsand

consequentlyincreasingtheirdemandforofficeupgrades.Notably,non-techenterprises—suchaslogistics,trade

andmediacompanies—relocating

fromcreativeindustrialparksto

Grade-Aofficebuildingsmade

asignificantcontributiontothe

absorptionofvacantspaceduringthequarter.

InQ3,co-workingspace

demonstratedrobustdemandin

Shanghai’sofficemarket,accountingforover20%ofnewleasing

transactions.Flexibleleaseterms,

comprehensiveamenities,andcost-

effectiverentalratesprovedhighly

attractivetoshort-termtransitional

users,small-scaletradingfirms,and

early-stagetechstartups.Additionally,therapidgrowthofself-media

drivenbyAIadvancementsandthe

emergenceof“one-personcompanies”furtherfuelleddemandforco-workingspaces.Theseoperatorseffectively

alleviatedlandlords’pressureinabsorbingvacantspace.Theirrentpaymentmodels—either“rent

plusprofit-sharing”or“pureprofit-sharing”—reducedleasingcosts,

enablingsustainedexpansionandcreatingawin-winscenarioforbothlandlordsandco-workingbrands.

Rents

Marketrentsdecline,butsomesub-marketsshowsignsofpositivemomentum

InQ3,sluggishofficespace

absorptionandintensified

competitionbetweennewprojects

andexistinginventorycontinued

toincentivizelandlordstooffer

rentaldiscountsasaprimaryleasingstrategy.Grade-Aofficemarketrentscontinuedtodropby4.1%QoQto

RMB6.25persqmperday,among

whichrentsinexpandedCBDssawasharperdropof7.2%QoQ,whilethoseincoreCBDsnarrowedtheirdeclineto4.2%toRMB8.46persqmperday

Fig4:Grade-AofficerentaItrend

RMB/sqm/day1210864

2

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

0

201420152016201720182019202020212022202320242025

Source:KnightFrankResearch

amidincreasedrelocationdemandfromfinancialinstitutionsandlaw

firms.

NanjingWestRoadstoodoutas

oneofthefewsub-marketswithonlyamarginalrentaldecline,withrents

edgingdown0.8%QoQtoRMB9.60persqmperday,leveragingitsstatusasprimebusinessdistricttoattracthigh-payingtenantssuchasforeignretailbrands,financialinstitutionsandconsultingfirms.Otherresilientsub-markets,includingQiantan,

XujiahuiandCenturyAvenuealso

showedresilience.Notably,Qiantan,astheprimaryspilloverdestinationfromLittleLujiazui’sdemand,sawitsrentsdip0.8%QoQtoRMB5.95per

sqmperday.

TabIe1:MajorGrade-AofficeIeasingtransactions,Q32025

SubmarketBuildingTenant

Area

(sqm)

Type

HuaihaiMiddleRoad

CPICXintiandi

CommercialCentre

ChangjiangPension

10,000

Relocation

HuaihaiMiddleRoad

ICCPhaseI

BauschLomb

5,000

Renewal

Post-Expo

IMPGlobalMetropolisShanghaiT2

LingShiTechnology

4,000

Relocation

LittleLujiazui

SWFC

V&TLAWFIRM

4,000

Relocation

NanjingWestRoad

Plaza66PhaseI

VistraTricor

3,000

Relocation

NewHonqqiao

OrientalPearlTriumphCentre

WeWork

1,900

NewLease

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation

InvestmentMarket

Owner-occupierbuyersemergeaskeyparticipantsinQ3

InQ32025,theShanghai’sofficeinvestmentmarketrecordedfive

majoren-bloctransactions,totallingapproximatelyRMB3.5billion,withowner-occupierbuyersemergingasthedominantbuyers.

Amongthesetransactions,

institutionalbuyersshowstrong

interestinundervaluedoffice

assets,leadingtoseveralnotable

acquisitions.Forexample,Cinda

acquiredJiachengPlaza,amixed-usecommercialcomplexinJing’anDistrict,fromHongKongBestrideHoldingsLimitedforapproximately

RMB885.6million.AnothermajordealthisquarterinvolvedthepurchaseofTCentreBuilding1inZhenru,PutuoDistrict,whereagovernmententity

acquiredthepropertyfromCITIC

PacificforRMB2.168billion,coveringanareaof84,765sqm.

TabIe2:MajorGrade-Aofficeen-bIoctransactions,Q32025

PropertyBuyerSellerDistrict

TransactedGFA

(sqm)

Acquisition

Structure

TCentreBuilding1

Governmentinstitution

CiticPacificProperties

Putuo

84,765

Asset

Transaction

JiachengPlaza

ChinaCindaAssetMan-

agement

BestrideHoldingsLimited

Jing’an

43,891

Court

Auction

TahoeBuilding

ShanghaiShunshengConstruction

Development

TahoeGroup

Jing’an

25,471

Court

Auction

Source:RCA,KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation

ShanghaiGrade-AofficemarketdashboardQ32025

ShanghaiGrade-Aofficeinventory,rentsandvacancyratesofmajorbusinessdistricts

●HongqiaoCBD

Inventory:1,422

Rent:4.46

VR:24.2%

NorthBund

Inventory:1047

Rent:5.56

VR:34.3%

InventoryRent

VR

Inventory:784

Rent:5.41

VR:24.1%

Inventory:1,452

Rent:9.60

VR:12.1%

Inventory:887

Rent:6.38

VR:17.2%

:700:7.86

Inventory:479

Rent:6.12

VR:16.4%

Inventory:936

Rent:3.95

VR:21.4%

ZhongshanParkNanjingWestRoadRailwayStationPeople’sSquare●TheBund●Wujiaochang●

:13.2%

●CoreCBD

●CBD

●ExpandedCBD

●Emergingbusinessdistrict

Grade-Aoffice

TotalInventoryapprox.

27.50

millionsqm

●NewHonqiao

Inventory:1,652

Rent:5.36

VR:15.6%

●Xujiahui

Inventory:601Rent:7.06

VR:15.0%

●XuhuiRiverside●

Inventory:1,199

Rent:5.48

VR:21.7%

Qiantan●

Inventory:1,142

Rent:5.95

VR:19.3%

HuaihaiMiddleRoad

Inventory:1,221

Rent:7.47

VR:21.4%

LittleLujiazui

Inventory:2,787

Rent:8.23

VR:10.7%

●CenturyAvenue

Inventory:1,018Rent:6.41

VR:15.2%

Source:KnightFrankResearch

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

Welikequestions,ifyou’vegotoneaboutourresearch,orwouldlikesomepropertyadvice,wewouldlovetohearfromyou.

Research&ConsultancyShanghaiOffice

Strategy&Solutions

ReginaYang

Director,HeadofResearch&Consultancy,Shanghai&Beijing

+8613918723123

regina.yang@

MarsYin

SeniorManager

Research&Consultancy+8613482078781

mars.yin@

MartinWong

SeniorDirector,

HeadofResearch&Consultancy,GreaterChina

+85228467184

martin.wong@

VirginiaHuang

ManagingDirector,

NorthandEastChina+8613701039900

virginia.huang@

Recentmarket-leadingresearchpublications

BeijingOffice

MarketReport

Q2202

5

Sha

nghaiOffice

MarketReport

Q2202

5

knightFrank

GuangzhouOffice

MarketReport

Q2202

5

ShenzhenOffice

MarketReport

Q2202

5

/research

WhyESGMatters:

AGuidefor

Occupiers

October2022

WhyESGMatters

forOccupiers

QuantifyingESG

inrealestate:

Sixlessonsfromthejourneysofar

QuantifyingESGin

RealEstate

KnightFrankResearchprovidesstrategicadvice,consultancyservicesandforecastingtoawiderangeofclientsworldwideincludingdevelopers,investors,fundingorganisatio