产业换挡的广州，新兴产业释放用地需求

Core Insights - The demand for office leasing in Guangzhou is being reshaped by high-growth companies from emerging industries, which are becoming a significant source of new demand in the market [1][2] Group 1: Office Leasing Market - The Guangzhou Grade A office market is expected to see a supply peak in 2025, with 9 new projects adding approximately 739,000 square meters, a year-on-year increase of over 100% [2] - The average vacancy rate for Grade A office buildings in Guangzhou has risen by 2.0 percentage points to 22.9%, indicating a structural differentiation in supply and demand [2] - Average rental prices have decreased by 9.7% year-on-year, reflecting ongoing market adjustments [2] - Emerging industries such as live e-commerce, mobile gaming, and IP content creation are driving demand, contributing approximately 40% to the new leasing area [3] Group 2: Logistics and Warehousing - The non-bonded logistics sector in South China is experiencing growth due to the rise of live e-commerce and instant retail, with domestic e-commerce and third-party logistics companies becoming major leasing sources [4] - The demand for warehousing is expected to remain robust, supported by macroeconomic recovery and sustained consumer resilience [4] - However, the non-bonded logistics market faces challenges, with anticipated high supply levels in 2026, leading to potential increases in vacancy rates and downward pressure on rental prices [4] Group 3: Hotel and Tourism Sector - In the hotel sector, the average room rate for high-end hotels in Guangzhou decreased by 2.7% year-on-year to 927 yuan, while occupancy rates increased by 5.2 percentage points to 73.0%, resulting in a 2.3% increase in revenue per available room (RevPAR) to 677 yuan [5] - The hotel market is expected to see a peak in new supply in 2026, with approximately 2,621 new hotel rooms, including several international luxury brands, intensifying competition [6] - The growth in hotel performance will increasingly depend on precise targeting of niche customer segments and improved operational efficiency [6]