Shanghai Figures Q1 2025

Office

Two new office buildings providing a total of 138,979 sq. m. of new space were completed in Q1 2025. The finance sector continued to drive demand, followed by TMT and consumer product manufacturing. Net absorption grew q-o-q and y-o-y to 78,765 sq. m..

Retail

One new mall comprising 105,000 sq. m. of space was added. Net absorption totaled 56,745 sq. m. while vacancy rose to 8.5%. F&B remained the key demand driver.

Logistics

Two new facilities totalling 212,000 sq. m. came on stream. The period saw a recovery in warehouse demand, with net absorption reaching 164,000 sq. m.. Vacancy remained high at 29% and rents fell 3.9% q-o-q to RMB 1.38 per sq. m. pre day.

Business Park

The completion of Oriental Media City and Galaxy Midtown added 199,527 sq. m. of new stock this quarter. Net absorption reached 61,199 sq. m.. New leasing demand was driven mainly by TMT, consumer products manufacturing and life science firms.

Investment

A total of 18 investment transactions worth a combined RMB 15.2 billion were completed in Q1 2025, a q-o-q increase of 36.3%. Office buildings accounted for 33% of transaction numbers, while hotels rose to second place with 22%.