消费市场展现强劲韧性 产业地产迈向质量竞争新阶段 南京，2026年1月20日——享誉全球的房地产服务和咨询顾问公司戴德梁行成功举办2025年终市场回顾 媒体发布会，针对写字楼市场、零售商业市场以及产业地产市场进行年终盘点，并展望2026年行业发展 新机遇。 南京写字楼市场震荡蓄力、积极求变 2025年南京典型高品质写字楼新增供应面积约40万平方米，入市的典型项目如华贸中心、南京招商局中 心、德基世贸中心、嘉华AKIS翎际T3等。截止季末，全市高品质项目存量超550万平方米。本年度全市 重点板块可录得吸纳量为22.3万平方米，较去年增加1.6万平方米，同比增长约8%。近两年成交量相较 于2021-2023年有明显提升，主要受联合办公及运营商等大面积客户成交助推影响。第四季度全市空置 率为29.1%，同比增长约3.9%，环比增长约0.7%，租赁市场仍面临一定挑战。 四季度，全市写字楼租赁市场整体租金延续小幅下行态势。截止季末，全市平均租金约2.37元/平方米/ 天，同比下降7.0%，环比下降0.8%。新街口、鼓楼、河西和江宁四大重点板块的平均租金分别为3.80 元/平方米/天、2.66元/平方米/天、3.10元/ ...

Core Insights - The primary goal of lease restructuring is to reduce costs, with rental prices in Shanghai showing a downward trend due to adjustments in the international economic environment and increased supply [1][3] - Major enterprises with long-term leases are reassessing current rental levels, leading to negotiations for alternative solutions such as extending lease terms in exchange for lower prices [1][4] Retail Property Market - The retail property market in Shanghai is experiencing marginal improvements in leasing demand, driven by "promoting consumption" policies and emerging consumer trends [2] - In Q2 2025, the average rent in core retail areas decreased by 1.1% to 43.1 yuan/sqm/day, while non-core areas saw a 1.8% decline to 15.0 yuan/sqm/day [7] - The overall rental market remains competitive, with landlords offering attractive rental terms and incentives to attract brands [7] Office Market - The office market is primarily driven by cost-sensitive tenants seeking favorable lease terms, with net absorption recorded at approximately 57,300 sqm in Q2 2025 [3][4] - The vacancy rate in the central business district (CBD) rose to 16.9%, while the overall market vacancy rate increased to 24.6% due to significant supply in non-CBD areas [4] - Rental prices for Grade A office buildings continued to decline, with CBD rents down 2.4% to 6.9 yuan/sqm/day and non-CBD rents down 2.7% to 4.5 yuan/sqm/day [4] Industrial Park Demand - Demand in industrial parks remains cautious, with net absorption of 23,600 sqm in Q2 2025, primarily driven by artificial intelligence and integrated circuits [5] - The overall vacancy rate in industrial parks increased to 25.1%, with market rents declining by 5.0% to 3.6 yuan/sqm/day [5] Investment Market - In Q2 2025, the Shanghai commercial real estate market recorded 23 transactions totaling 8.2 billion yuan, with an average transaction size of 360 million yuan [8][9] - Investment demand remains dominant, accounting for 66% of the market, with core area assets contributing significantly to transaction volumes and values [9] - The retail property sector was the most active, representing 35% of transaction counts, particularly in street-level commercial assets [9]

Group 1: Guangzhou Office Market - In the first half of 2025, Guangzhou recorded 359,000 square meters of quality office space entering the market, a year-on-year increase of 126% [1] - The net absorption of quality office space improved, with a year-on-year growth of 20.5% [1] - The technology and internet sector led office space transactions, accounting for 20% of the total, followed by consumer goods manufacturing, professional services, finance, consumer services, retail trade, and real estate construction [1] Group 2: Emerging Trends and Economic Impact - The software system development companies within the technology sector had the highest transaction volume, with over 90% of the area located in the emerging business districts of Pazhou [1] - New industries such as live streaming, low-altitude economy, and overseas expansion recorded transaction cases in the first half of the year [1] - Economic stimulus policies are gradually restoring market confidence, with digital economy, gaming, and live e-commerce expected to become new growth points [1] Group 3: Guangzhou Retail Market - In Q2 2025, new leasing activity in Guangzhou's retail properties became increasingly active, particularly in supermarkets and department stores [2] - Retail brands accounted for 43% of all new lease transactions, followed by dining and experiential sectors [2] - The total transaction amount in the large property investment market reached 5.26 billion yuan in Q2, a quarter-on-quarter increase of 3.5 times, with a cumulative total of 6.44 billion yuan in the first half of the year, representing a year-on-year growth of 154% [2] Group 4: Investment Trends - The proportion of transactions for self-use purposes increased significantly, accounting for 50% of total transactions, up 33 percentage points from 2024 [2] - All purchases of office properties were for self-use purposes [2]