上海三季度甲级写字楼出租率小幅回升

Core Insights - The Shanghai Grade A office market is experiencing a slight decrease in vacancy rates and continued downward pressure on rents due to the interplay of new supply and demand changes, with professional services, finance, and TMT sectors being the main demand drivers [1][2] Market Supply and Demand - In Q3 2025, four new Grade A office projects were delivered in Shanghai, adding 222,400 square meters of quality office space to the market [1] - The net absorption recorded in the quarter was 89,000 square meters, representing a 3.9% increase quarter-on-quarter [1] - The overall vacancy rate for Grade A offices decreased slightly to 23.5% [1] - Average transaction rents fell by 3.6%, with the average monthly rent at 205 RMB per square meter [1] Year-on-Year Trends - Year-on-year, the vacancy rate has decreased, but the total stock has increased, while rents continue to decline [1] - The market is expected to see three more projects completed in Q4, adding a total of 260,000 square meters of supply, which would push the total stock of Grade A offices in Shanghai to over 18 million square meters [2] Sector Performance - The professional services sector accounted for 26.7% of leasing demand, with incubators and co-working spaces favoring areas like Xuhui Riverside and Yangpu [2] - The finance sector, primarily consisting of securities, investment, and fund companies, represented 20.8% of leasing demand [2] - The TMT sector accounted for 14.9% of demand, driven by strong needs from data, AI, and high-tech companies [2] - Other sectors such as retail trade, cultural entertainment, and accommodation and dining also contributed to leasing demand, with respective shares of 8.2%, 5.9%, and 5.0% [2] - Sectors like construction and real estate, transportation logistics, and healthcare had relatively low demand, each below 5% [2] Supply and Demand Trends - From 2020 to Q3 2025, the Shanghai Grade A office market has shown fluctuating trends in new supply and net absorption, with 2023 witnessing the highest discrepancy between the two [2] - The supply pressure continues to impact the market, despite a return to relatively stable levels of new supply and net absorption in the first three quarters of 2025 [2]