空置率下降、净吸纳量上升！深圳三季度零售物业市场活跃

Core Insights - The Shenzhen retail property market is experiencing a dual activation of supply and demand, with significant new project entries and strong absorption rates [1][2] Supply Overview - In Q3, two new projects were launched, adding a total supply of 225,000 square meters, bringing the total market stock to over 8 million square meters, a quarter-on-quarter increase of 2.9% [1] - By the end of the year, total retail property stock is expected to reach 8.188 million square meters, reflecting a year-on-year growth of 11.2% [2] Demand Dynamics - The market's absorption performance in Q3 was notably strong, with new projects opening at high pre-leasing rates and existing projects maintaining stable occupancy rates [1] - The net absorption for the quarter was recorded at double the average level of the past five years, leading to a slight improvement in vacancy rates, which decreased by 0.3 percentage points to 6.8% [1] Brand Landscape - The "richness" of the Shenzhen retail market emerged as a key highlight, with significant brand renewals in benchmark projects and the introduction of new high-quality projects featuring brands like Zegna, APPLE, and Staple [1] - This diversification enhances consumer choices and further elevates the brand variety in the Shenzhen retail market [1] Rental Trends - Despite the overall stable performance in tenant occupancy, the rental index for retail properties remained flat quarter-on-quarter and decreased by 0.8% year-on-year, with the average rent recorded at RMB 524.7 per square meter per month [1] Future Outlook - The supply pace in the Shenzhen retail property market is expected to slow down in Q4, with only one new project anticipated to enter the market [2] - The local owners and commercial operation teams are expected to become more responsive to changing consumer preferences, accelerating the pace of brand renewal and solidifying Shenzhen's leading position in retail brand diversification in South China [2]