戴德梁行：三季度南京写字楼市场租户导向趋势明显

Core Insights - The Nanjing office market is currently in a supply-demand adjustment phase, with a clear tenant-oriented trend emerging [1][3] - High-quality office space supply continues to increase, leading to a rise in vacancy rates and challenges in rental prices [1][3] - The retail market in Nanjing is experiencing growth, driven by increased consumer spending and new retail developments [5][9] Office Market Summary - As of the end of Q3 2025, the total stock of high-quality office projects in Nanjing reached 5.55 million square meters, with a vacancy rate rising to 28.8% [1][3] - The average rental price for office space in Nanjing was approximately 71.7 RMB per square meter per month, with key areas averaging 89.4 RMB per square meter per month [1][3] - The absorption rate for typical projects in Q3 was 52,900 square meters, a 6% decrease from the previous quarter but an 18% increase year-on-year [3] Retail Market Summary - Nanjing's retail market saw a total social retail sales of 438.42 billion RMB in the first half of 2025, reflecting a year-on-year growth of 5.3% [5] - The opening of Nanjing Jinling Tiandi added 130,000 square meters of new supply to the market, with the total stock of mid-to-high-end shopping centers reaching 7.73 million square meters, a 1.7% increase [5] - The average first-floor rental price in mid-to-high-end shopping centers was recorded at 570.6 RMB per month per square meter, a 0.4% decrease [8] Future Outlook - Three new high-quality office projects are expected to be launched in Q4 2025, adding a total of 220,000 square meters of supply [3] - The retail market is anticipated to see approximately 3.78 million square meters of quality retail properties entering the market over the next three years, intensifying competition [8][9] - Nanjing is becoming a preferred location for domestic and international brands, with a focus on new business models and brand incubation [9]