Core Viewpoint - The article highlights the current state of the office rental market in Shenzhen, particularly focusing on the rise of short-term office rentals due to economic challenges and high vacancy rates in premium office spaces [3][4][10]. Group 1: Office Rental Market Dynamics - The average daily rental price for short-term office spaces is approximately 5 to 5.5 yuan per square meter, making it affordable for businesses [4][6]. - The vacancy rate for Grade A office buildings in Shenzhen reached 29.8% in the first quarter of 2025, an increase of 0.7 percentage points from the previous quarter [4][10]. - The total stock of Grade A office space in Shenzhen grew to 11.586 million square meters, with a net absorption rate of 67,000 square meters, reflecting a 33.1% decrease compared to the previous quarter [10]. Group 2: Impact of Economic Conditions - Many landlords are struggling to find long-term tenants, leading to the emergence of short-term rental options as a way to mitigate losses during vacancy periods [3][8]. - Some landlords are facing financial difficulties, resulting in properties entering foreclosure, which further complicates the rental landscape [12][14]. - The shared office market has shrunk significantly, with a decline of over 60% from its peak, indicating broader challenges within the industry [15]. Group 3: Business Adaptations - Companies operating as "sub-landlords" are adapting by renovating and subdividing larger office spaces into smaller units for short-term rentals [7][18]. - The article mentions a specific case of a company that transitioned from a real estate advertising business to a sub-leasing model due to declining demand in its original market [18]. - Some businesses are leveraging flexible rental options, such as half-day rentals, to attract clients looking for private meeting spaces [17][18].

Core Viewpoint - The article discusses the emerging trend of short-term office rentals in Shenzhen's CBD, highlighting the economic factors driving this market shift and the implications for the real estate sector [3][6]. Group 1: Market Dynamics - The average daily rental price for short-term office spaces is approximately 5 yuan per square meter, making it affordable for businesses [6]. - The vacancy rate for Grade A office buildings in Shenzhen reached 29.8% in Q1 2025, indicating a challenging rental market [6][13]. - New Grade A office projects added approximately 210,000 square meters to the market, with a net absorption rate of 67,000 square meters, down 33.1% from the previous quarter [13]. Group 2: Reasons for Short-Term Rentals - Some landlords are seeking long-term tenants while others are facing financial difficulties, leading to the need for short-term rentals to mitigate losses [6][15]. - The trend of short-term rentals is also a response to the shrinking demand for traditional long-term leases, as many companies are unable to commit to lengthy contracts [15][16]. - The shared office market has contracted significantly, with a decline of over 60% from its peak, as evidenced by the bankruptcy filings of major players like WeWork [18]. Group 3: Company Operations - Companies operating as "sub-landlords" are renting office spaces from property owners, refurbishing them, and then offering them for short-term rentals [9][20]. - The article highlights various companies adapting their business models in response to the changing market, including a shift from real estate advertising to short-term office rentals [20]. - The operational flexibility of shared office spaces allows for innovative rental arrangements, such as half-day rentals, catering to specific client needs [19].

Group 1 - The article discusses the trend of short-term office rentals in Shenzhen, particularly in the CBD area, where prices can be as low as 5 yuan per square meter per day [4][7][24] - Many of these short-term rentals are operated by "second landlords" who are subleasing office spaces due to various reasons, including seeking to minimize losses during vacancy periods or transitioning from other business models [3][10][11] - The overall vacancy rate for Grade A office buildings in Shenzhen reached 29.8% in the first quarter of 2025, indicating a challenging rental market [4][16] Group 2 - The article highlights that the net absorption of office space in Shenzhen decreased by 33.1% quarter-on-quarter, with a total of 67,000 square meters leased in the first quarter of 2025 [16] - The shared office market has seen a significant decline, with the industry shrinking over 60% from its peak, and notable companies like WeWork filing for bankruptcy [26] - The article mentions that some second landlords are unable to renew leases due to properties entering foreclosure, further complicating the rental landscape [18][20]

Core Viewpoint - The article discusses the emergence of "pretend to work" companies, which provide temporary office spaces for unemployed individuals and freelancers, allowing them to maintain a semblance of a work routine while navigating job transitions [2][9]. Group 1: Concept of "Pretend to Work" Companies - "Pretend to work" companies have become a trend, offering a space for temporarily unemployed individuals to escape family pressures and regain a work rhythm [2][4]. - These companies are not traditional businesses; they serve as temporary shelters for various workers, including those from prestigious backgrounds facing job insecurity due to industry downturns [4][5]. Group 2: Real-Life Examples - The founder of a "pretend to work" company, Gong Zhengze, started this initiative to help those affected by the downturn in the real estate sector, providing a free workspace with basic amenities [4][5]. - Another example is Li Peng, who established a registered company named "Shenyang Pretend to Work Technology Co., Ltd." after being laid off, focusing on projects related to pets, study abroad, and labor dispatch [10][11]. Group 3: Market Demand and User Experience - Many users of these spaces are not just unemployed; some are using the environment to maintain productivity while job hunting or studying [12][16]. - The shared office model is reminiscent of WeWork, which offers flexible rental options and has been successful in creating a community for various types of workers [12][20]. Group 4: Criticism and Challenges - Critics argue that "pretend to work" companies may not address the real needs of unemployed individuals, who should focus on finding actual jobs rather than maintaining a facade of employment [15][21]. - The sustainability of these companies is questioned, with some founders facing challenges in attracting a consistent customer base and managing operational costs [19][21].