China Figures Q3 2025

OFFICE

New office supply reached 1.32 million sq. m. in Q3 2025, up 17% q-o-q and 37% y-o-y. Net absorption reached 490,000 sq. m., a drop of 19% q-o-q, indicating moderation of demand. Average vacancy rose by 0.5 pps. q-o-q to 24.3% by the end of the quarter. Intensified take-up led nationwide average face rents to fall by 2.8% q-o-q.

RETAIL

New supply decreased by 41% q-o-q and 53% y-o-y to 700,000 sq. m. this quarter. Net absorption was 560,000 sq. m., down 34% q-o-q and 61% y-o-y. Tenant mix adjustments and layout reconfigurations in shopping malls pushed up vacancy by 0.1 pps. q-o-q to 7.5%. Average ground floor shopping mall rents fell 0.6% q-o-q, marking an accelerating decline.

LOGISTICS

Nationwide net absorption of warehouse and logistics space reached 2.08 million sq. m. in Q3 2025, exceeding 2 million sq. m. for the fourth consecutive quarter. Domestic e-commerce and 3PLs accounted for 63% of new leases. New supply increased by 26% q-o-q to 1.77 million sq. m. while vacancy declined 0.6 pps. to 18.8%. Nationwide logistics rents fell 3.7% q-o-q.

INVESTMENT

Commercial real estate investment volume totaled RMB 55.9 billion in Q3 2025, marking drops of 19% q-o-q and 14% y-o-y and indicating cautious market investment sentiment. Data centres attracted increasing demand. Source of capital were diverse, with Institutional investors retaining their focus on the consumption and living sectors.