深圳写字楼市场报告 2025年 Q4

Investment Rating - The report indicates a cautious recovery in the Shenzhen Grade A office market, with a focus on rational investment strategies and self-use buyers dominating the market [3][18]. Core Insights - The Shenzhen Grade A office market continues to experience a "de-stocking rebound with price pressure" scenario, with net absorption reaching 163,123 square meters in Q4 2025, the highest for the year, while the vacancy rate decreased by 1.5 percentage points to 24.6% [3][12]. - Average effective rent fell to 145.6 RMB/square meter/month, down 1.9% quarter-on-quarter, indicating a slowing decline in rental prices [3][8]. - Demand recovery is more cyclical rather than widespread, with TMT (47.9%) and finance (25.9%) contributing over 70% of transactions, while retail accounted for 12.5% [3][13]. Supply and Demand - No new supply was recorded in Q4 2025 due to project delays, leading to a net absorption of 163,123 square meters [12]. - The overall market remains in a "dual weakness" state, with annual new supply at approximately 429,000 square meters and net absorption at about 314,000 square meters, both at near-decade lows [12][14]. - The demand structure shows that relocation transactions dominate (54.2%), with new setups accounting for 34.7%, primarily in TMT and finance sectors [13][14]. Rental Trends - The average rent for Grade A offices decreased to 145.6 RMB/square meter/month, with a quarter-on-quarter decline of 1.9%, reflecting a more competitive supply and demand landscape [8][11]. - Different regions experienced varying rental adjustments, with significant declines in areas like Qianhai and Bao'an, while some areas like Luohu and Houhai showed stable changes [8][11]. Investment Market - The investment market remained stable, with a notable transaction of 710 million RMB for a property purchased by a self-use buyer, indicating a preference for self-occupied properties amid a low valuation environment [18]. - The total transaction volume for Grade A office properties in Shenzhen reached approximately 8.67 billion RMB for the year, showing a significant year-on-year increase [18]. - The market's cautious recovery is influenced by financing conditions, price expectations, and the future trends of rent and vacancy rates [18].