世邦魏理仕：2025年第一季度深圳房地产市场回顾报告

Office Market - In Q1 2025, Shenzhen's premium office market saw a substantial supply of 302,000 square meters, with a significant year-on-year increase in net absorption by 44.4%, marking the highest demand for the first quarter since 2022 [12][19] - The overall vacancy rate slightly increased by 0.1 percentage points to 22.3%, driven by strong demand from the technology sector, particularly in smart IoT and AI [12][10] - Average rent decreased by 3.6% to RMB 158.3 per square meter per month, influenced by supply expansion and cost-cutting measures from tenants [14][19] Retail Market - No new supply was recorded in Q1 2025, leading to a slight decrease in the overall vacancy rate to 3.7% [23] - The restaurant sector emerged as the primary demand driver, with a demand share of 44%, while retail demand remained stable, particularly in apparel and jewelry [24][25] - Average rent in the retail sector fell by 0.4% to RMB 18.4 per square meter per day, with varying performance across different segments [28][25] Logistics Market - The logistics market in Shenzhen experienced no new supply in Q1 2025, resulting in a vacancy rate of 6.3% [31] - Demand primarily came from third-party logistics and electronic manufacturing, with rental growth slowing down due to reduced export volumes [31][41] - Average rent increased slightly by 0.4% to RMB 49.0 per square meter per month, but future supply pressures are expected to impact vacancy rates [31][41] Investment Market - In Q1 2025, Shenzhen's commercial real estate market completed three transactions totaling RMB 7.04 billion, with office properties accounting for 94% of the transactions [44] - The buyer profile was predominantly banks, focusing on self-use, while the capitalized rates for office and retail properties continued to expand slightly [44][46] - The market is expected to attract investors due to the bottoming out of prices for office and commercial properties, with a focus on core area quality assets and REITs [46]