戴德梁行：长沙写字楼租金下调，刺激租赁活跃度

Core Insights - The report by JLL indicates that the rental prices for Grade A office spaces in Changsha have decreased, which has stimulated leasing activity in the market [1][2] Group 1: Market Overview - In the first half of 2025, there was no new supply of Grade A office buildings in Changsha, maintaining a total stock of 2.398 million square meters [1] - The average rental price for Grade A office spaces decreased by 4.51% to 74.6 yuan per square meter per month compared to the end of the previous year [1] - The net absorption of Grade A office spaces reached 32,902 square meters, a 59.4% increase year-on-year, while the vacancy rate decreased by 1.37 percentage points to 31.5% [1] Group 2: Leasing Activity - New leases accounted for 38.6% of the leasing transactions, surpassing the 37.2% from relocations, indicating that reduced rental costs are attractive to companies seeking quality office spaces [2] - Many landlords have proactively reduced rents for expiring leases to meet the demand for cost reduction and efficiency [2] Group 3: Industry Demand - The top three industries driving leasing demand were finance (22.2%), retail trade (16.1%), and professional services (15.8%) [6] - Traditional financial sectors, such as life insurance and pension insurance, showed active demand with multiple large-scale lease agreements [6] - The retail sector, including clothing brands, liquor companies, and e-commerce, is also experiencing a trend of quality upgrades and expansion [6] Group 4: Future Outlook - The supply of Grade A office spaces in Changsha is expected to slow down in the second half of the year, leading to a gradual decrease in the vacancy rate [6] - The average rental prices are anticipated to continue declining due to cautious leasing decisions influenced by macroeconomic conditions [6] - Approximately 200,000 square meters of new supply is projected to enter the market in 2026, which may continue to exert pressure on rental prices and vacancy rates [6]