Group 1 - The Shenzhen office market is showing significant structural opportunities amidst ongoing adjustments, driven by positive pricing strategies and strong momentum from emerging industries [1] - In the first half of 2025, the city recorded a net absorption of approximately 180,000 square meters, which is about 55% of the level from the same period last year [1] - Headquarters-based self-use demand has become the cornerstone of the market, contributing over 70% of the net absorption in the first half of the year [1] Group 2 - The technology and internet sectors remain key sources of demand, contributing nearly 20% of the leasing transaction area in the first half of the year [1] - The hard technology sector, including consumer electronics, semiconductors, and integrated circuits, has shown strong performance with multiple large-scale transactions [1] - The rapid rise of cross-border e-commerce and its ecosystem service providers has become a new highlight in the market, with cumulative leasing transactions of approximately 25,000 square meters in the first half of the year [1] Group 3 - The financial sector has demonstrated strong resilience, with multiple securities, insurance, and private equity firms establishing new branches in Shenzhen [2] - The growth of hard technology sectors such as artificial intelligence and smart manufacturing is injecting strong structural growth momentum into the office market [2] - The booming development of big data and artificial intelligence technologies is expected to create new growth prospects for the market [2]

Group 1 - The Shenzhen office market is showing significant structural opportunities despite a challenging macro environment and increased supply, leading to a rise in average vacancy rates [2] - In the first half of 2025, the net absorption of Grade A office space in Shenzhen was approximately 180,000 square meters, with a total of 645,000 square meters of new supply from seven projects [2] - The average vacancy rate for Grade A offices in Shenzhen increased by 1.3 percentage points to 26.5% by the end of the second quarter due to concentrated new supply [2] Group 2 - The technology and internet sectors remain key sources of demand, contributing nearly 20% of the leasing transaction area in the first half of the year, with strong performance in hard technology sectors like consumer electronics and semiconductors [3] - Shenzhen's robust industrial foundation continues to foster new growth engines, particularly in artificial intelligence and smart manufacturing, which are expected to drive structural growth in the office market [3] - Major technology companies are expanding their operations and R&D, which is likely to create significant new office demand in Shenzhen, enhancing its appeal for leading tech firms [3]