南京办公楼市场迎供应高峰租金调整幅度将加大

Core Insights - The 2025 Nanjing office market is expected to experience a peak in supply with five new projects adding approximately 540,000 square meters to the market, leading to significant rental price adjustments [1][3] - The net absorption for the year is projected to increase by 26.7% to 78,000 square meters, yet the vacancy rate is anticipated to rise by 7.5 percentage points year-on-year, reaching 36.2% by the end of 2025, indicating a substantial supply-demand imbalance [3][4] Supply Dynamics - The fourth quarter of 2025 will see the highest concentration of new supply, with four projects primarily located in the Hexi and Gulou districts [3] - The influx of new supply is expected to intensify market de-stocking pressures, as companies become more cautious in their leasing decisions [3] Demand Trends - The financial sector remains the largest demand driver, accounting for 22% of total demand, particularly active in the Hexi and Xinjiekou areas, with notable activity from the insurance industry [4] - The real estate and construction sectors follow, making up 13% of demand, primarily from construction engineering firms [4] - Third-party office service operations represent 12% of demand, mainly from co-working spaces, while consumer services and education sectors account for 11% [4] Rental Market Changes - A significant shift in leasing structure is observed, with leases under 500 square meters comprising 56% of total transactions, indicating a trend towards smaller office spaces [4] - Relocation demands are the primary driver of leasing activity, representing 80% of transactions, while new office setups account for only 12% and expansion requests are limited to 8% [4] - By the end of 2025, average rental prices are expected to decrease by 6.8% year-on-year, with a monthly rate of 103.7 yuan per square meter, reflecting the cautious cost-control strategies of companies [4]