深圳甲级写字楼市场 季度报告 2025年 第三季度 本报告重点关注深圳甲级写字楼市场，包括供应和需求、租金、空置率以及 knightfrank.com.cn/research 写字楼投资市场等方面相关信息 概览和展望 市场承压持续，价格出清与结构竞争并行 2025年第三季度，深圳甲级写字楼市 场继续处于调整阶段，租金下行压力未减、 供应集中释放、去化动力放缓。全市平均有 效租金降至每月每平方米人民币148.4元， 环比下跌2.2%，虽然跌幅较上季略有收 窄，但仍处于明显下行区间，显示业主端仍 以价格让利应对去化压力。新增供应显著 增加，季度入市体量约21.9万平方米，为年 内最高水平，而净吸纳量仅6.8万平方米， 供需失衡再度扩大，带动全市空置率升至 26.1%，环比上涨0.9个百分点。 分市场来看，租金下调为主旋律。宝安 录得5.8%的环比跌幅居首，跨境电商企业 减租与业主主动调价并行；车公庙与福田 分别下滑3.9%与3.5%，受区内竞争加剧 影响；南山整体表现相对稳健，科技园、前 海、蛇口等核心片区跌幅均控制在2%以 内。整体而言，市场价格博弈加剧，租金下 探仍是主要趋势。 需求端延续收缩态势。TMT行业 ...

Group 1 - The total stock of Grade A office buildings in Shenzhen increased by 5.4% year-on-year to 11.992 million square meters as of the end of Q3 2023, with technology companies being the main driver of market demand growth [1] - The average vacancy rate for Grade A office buildings in Shenzhen reached 31.6% by the end of Q3 2023, reflecting a structural upward trend, with a quarter-on-quarter increase of 1 percentage point and a year-on-year increase of 1.7 percentage points [1] - The rental index for Grade A office buildings in Shenzhen decreased by 1.9% quarter-on-quarter and 12% year-on-year, with average rent falling to 136.7 yuan per square meter per month [1] Group 2 - The Baozhong area in Shenzhen is experiencing significant development opportunities, transitioning from a supporting area for Qianhai to a core axis in the Greater Bay Area, with over 60% of new demand in Q3 coming from fintech, professional services, and headquarters-type enterprises [2] - The Baozhong area is becoming a strategic location for enterprises and capital in the Guangdong-Hong Kong-Macao Greater Bay Area due to its comprehensive facilities and significant "value gap" advantages [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]