深圳办公楼市场供需平衡承压 “出海”与科技赛道成需求修复关键动力

Core Insights - The overall leasing activity in Shenzhen's Grade A office market has declined in Q3 2025, with a net absorption of approximately 125,000 square meters and continued downward pressure on rental prices [1][2] - Some companies are taking advantage of the rental adjustments to upgrade their office spaces in a cost-effective manner, while the development of overseas markets and technology companies has driven a structural recovery in demand [1][2] Group 1: Market Trends - Companies are adopting cautious leasing strategies, focusing on cost control and optimizing space efficiency, leading to more tenants seeking lease restructuring negotiations [1][2] - Landlords are showing greater flexibility in negotiations for new and renewed leases, willing to adjust rental prices and terms to stabilize or attract quality tenants [1][2] Group 2: Sector Performance - Technology companies remain the primary drivers of market demand, contributing approximately 30% of the leasing transaction area, with active segments including consumer electronics, AI applications, and digital marketing [2] - The export momentum of Shenzhen's consumer electronics companies has significantly increased, with exports of computers and their components growing by 10.8% and audio-visual equipment by 5.5% year-on-year in the first seven months of 2025 [2] Group 3: Supply Dynamics - Six new projects entered the Shenzhen Grade A office market in Q3, adding approximately 380,000 square meters of supply, primarily concentrated in the Qianhai and Houhai areas [3] - The overall vacancy rate in the existing market has remained relatively stable, with some buildings in the Houhai and non-core areas of Futian attracting more tenants due to competitive leasing conditions and flexible terms [3]