Shanghai Figures Q2 2025

Office

Two new office buildings providing a total of 162,627 sq. m. of new space were completed in Q2 2025. Net absorption increased 19.3% q-o-q to 93,944 sq. m., while overall vacancy rose by 0.1-pps. q-o-q to 22.4%. Finance, TMT and consumer product manufacturing led leasing activity.

 

Retail

Two new malls with 89,000 sq. m. of space were added this quarter. Net absorption totaled 75,799 sq. m., while vacancy rose to 8.6%. Foreign outdoor sports brands are actively expanding their stores.

 

Logistics

Three new projects totalling 310,000 sq. m. were delivered. Net absorption reached 364,000 sq. m. in Q2 2025 and 530,000 sq. m. in H1 2025 thanks to landlords’ price for volume strategies. Average vacancy slipped by 1.3-pps. to 27.7% q-o-q.

 

Business Park

New supply totaled 220,065 sq. m, with net absorption reaching 98,687 sq. m. Leasing was driven by the TMT, automotive manufacturing, and consumer goods sectors.

 

Investment

18 deals were closed with a total value of RMB 7.85 billion, a drop of 48.3% q-o-q. Investors remained cautious, leading to transaction activity coming under pressure. Retail properties led in terms of transaction number, followed by office and rental housing.