Jones Lang LaSalle(US:JLL) Zhong Guo Jing Ying Bao·2026-01-22 05:24Core Insights - The Shenzhen Grade A office market is undergoing structural adjustments in 2025, characterized by high new supply and a transformation in corporate leasing demand, leading to a "total pressure, structural differentiation" pattern [1] - New economic sectors such as consumer electronics, smart manufacturing, and brand expansion are becoming significant drivers of leasing demand [1] Supply and Demand Dynamics - In 2025, Shenzhen will see a peak in new supply with 15 projects entering the market, totaling nearly 1.16 million square meters, the highest in three years, while the overall vacancy rate is expected to rise by 1.8 percentage points to 26.2% [1] - The technology sector continues to dominate market demand, accounting for nearly 30% of transaction area, with smart manufacturing showing particularly strong activity [2][3] - Major tech and financial firms are contributing significantly to net absorption, with over half of the total net absorption in 2025 coming from these sectors [2] Rental Trends - Rental levels in the Shenzhen Grade A office market are expected to decline, with a year-on-year decrease of 11.1% in 2025 [4] - The market is experiencing increased tenant bargaining power, leading to more frequent lease restructuring negotiations to stabilize occupancy rates and reduce tenant turnover risk [4] Future Outlook - In 2026, over 1.5 million square meters of new supply is anticipated, with structural supply-demand contradictions expected to persist, maintaining high competition and continued pressure on rental rates and vacancy levels [5] - Tenants are shifting their focus from price-driven decisions to a comprehensive evaluation of cost-effectiveness, property management, and supporting facilities, benefiting high-quality office spaces in core business districts and emerging areas with mature amenities [5]