China Figures Q4 2025

OFFICE

Net absorption reached 480,000 sq. m. in Q4 2025, with full-year net absorption rising 12% y-o-y to 2.15 million sq. m.. New supply fell by 7% q-o-q to 1.23 million sq. m., bringing the full year total to 4.43 million sq. m., a 20% increase y-o-y. Average vacancy rose by 0.4 percentage points q-o-q to 24.7%. Rents fell 2.4% q-o-q, bringing the full-year decrease to 10.4%.

RETAIL

New shopping mall openings pushed up quarterly supply and demand above 1 million sq. m., a near q-o-q doubling of volumes. Full-year supply and demand fell by 17% y-o-y and 33% y-o-y to 3.22 million and 2.52 million sq. m., respectively. Average vacancy rose by 0.1 percentage points q-o-q to 7.6%. Rents dropped by 0.6% q-o-q, bringing the full-year decline to 1.9%.

LOGISTICS

Double 11 and Black Friday pushed up net absorption by 6% y-o-y and 51% q-o-q in Q4 2025, surpassing 3 million sq. m. for the first time in a single quarter. Annual demand rose 40% y-o-y to 10.2 million sq. m., setting a new historical high. Quarterly supply rose by 95% q-o-q to 3.4 million sq. m.. Average vacancy reached 18.6%, a sixth consecutive q-o-q decline.

INVESTMENT

A total of 95 transactions worth RMB 55.2 billion were recorded this quarter, representing a 5% decrease q-o-q. Full year investment volume totalled RMB 254.7 billion, marking a a 12% y-o-y increase despite a 30% drop in deal count. Deals for mixed-use and office rebounded sharply, while retail and rental housing investment surged to record annual highs.