Shanghai Figures Q1 2026

Office
Four new projects totaling 471,764 sq. m. were completed in Q1 2026. Net absorption rose by 26.1% q-o-q to 147,522 sq. m. Business services accounted for 21% of leasing volume, finance registered 15%, and consumer products comprised 14%.

Retail
One new mall providing 140,000 sq. m. of space was added this quarter. Net absorption totaled 34,023 sq. m., while vacancy rose to 9.2%. Trendy fashion and F&B brands drove new store openings. Brand iteration and tenant mix restructuring remained key themes.

Logistics
No new projects were completed this quarter. Driven by robust demand from 3PLs and manufacturers, net absorption totalled 182,000 sq. m., while citywide vacancy fell to 22.5%.

Business Park
TMT accounted for 61.5% of leasing demand, with telecom and chip/semi-conductor companies most active, followed by platform internet and gaming firms. Biopharmaceuticals contributed 10%, while consumer products accounted for 7.1%. By sub-market, Zhangjiang contributed 37% of leasing volume, followed by Jinqiao (17%) and Caohejing (15%).

Investment
A total of 27 transactions worth approximately RMB 13.63 billion were recorded in in Q1 2026, a 9.8% decrease q-o-q. Investment-driven transactions accounted for over 80% of volume as national capital accelerated the restructuring of Shanghai’s core asset landscape.