SBT(SH:600608) Zhong Zheng Wang·2025-10-14 13:13Core Insights - The report by JLL indicates a continued decline in rental prices for office spaces in Shanghai, driven by cost-sensitive relocations and upgrades, with a notable increase in leasing activity from technology and retail sectors [1][1][1] Office Market - In Q3 2025, the demand for office leasing remains active, particularly from technology companies related to artificial intelligence and retail brands focused on outdoor sports [1][1][1] Residential Market - The Shanghai government has optimized housing purchase policies, removing limits on the number of properties that can be purchased by local residents and non-local residents who have paid social insurance or individual income tax for over a year [1][1][1] - The overall transaction volume of new residential properties in Shanghai decreased by 25.3% quarter-on-quarter to 1.27 million square meters due to a significant slowdown in new supply [1][1][1] - High-end residential demand remains robust, but transaction performance among projects has become increasingly differentiated [1][1][1] - Core high-end projects with scarce locations and strong product appeal are expected to continue attracting high-net-worth clients despite prevailing market caution [1][1][1]