上海商业地产市场需求温和复苏 投资市场热度持续回归核心区域

Core Insights - The report by JLL highlights a continued demand for Grade A office spaces in Shanghai, driven by cost-related relocations and upgrades, benefiting tenants in negotiating favorable lease terms [1] - The overall net absorption of Grade A office spaces in Shanghai for Q4 2025 was 161,000 square meters, with significant activity in both central and non-central business districts [2] - The investment market in Shanghai saw a slight decline in 2025, with 89 transactions totaling approximately 48.7 billion yuan, reflecting a 15% year-on-year decrease [3] Grade A Office Market - In Q4 2025, the net absorption in Shanghai's Grade A office market was 161,000 square meters, with 53,000 square meters in the central business district and 108,000 square meters in non-central areas [2] - The financial sector remained the primary driver of demand, accounting for 23% of the total, followed by the technology sector at 17%, particularly in AI-related fields [2] - Rental rates continued to decline, with central business district rents decreasing by 2.8% quarter-on-quarter and 12.1% year-on-year, reaching 6.4 yuan per square meter per day [2] Industrial Park Market - The net absorption for Shanghai's industrial parks in 2025 was 396,000 square meters, with technology and internet companies being the main demand drivers [3] - Three industrial park projects were completed in Q4 2025, totaling 618,000 square meters, leading to a rental rate decline of 2.2% quarter-on-quarter and 13.4% year-on-year, reaching 3.4 yuan per square meter per day [3] Investment Market - The investment demand in Shanghai's real estate market reached 82% in 2025, reflecting growing confidence among investors, particularly from state-owned and private enterprises [4] - The inner ring of Shanghai contributed 42% of the total transaction value and 41% of the transaction count, indicating a return to core areas for investment [4] - The expansion of REITs and urban renewal policies is expected to create more opportunities for high-quality asset transactions in Shanghai's real estate market [4]