Shanghai Figures Q3 2025

Office
Two new office buildings providing 116,324 sq. m. of new space were completed in Q3 2025. Net absorption increased 6.7% q-o-q to 100,214 sq. m., while overall vacancy decreased by 0.1 pps. to 22.4%. Companies in the insurance, TMT and consumer products & retail sectors led leasing activity.

Retail
One new mall with 88,000 sq. m. of space was added this quarter. Net absorption totaled 50,899 sq. m., while vacancy rose to 8.8%. Outdoor sports brands upgraded stores, while the growth of the ‘emotional economy’ drove retailer expansion.

Logistics
Three new projects totaling 366,000 sq. m. were delivered this quarter. Net absorption reached 136,000 sq. m. thanks to the improving economy and landlords’ price for volume strategies. Citywide vacancy rose slightly q-o-q to 29.0%.

Business Park
Zhangjiang Science Gate (East Tower) came on stream in Q3 2025, adding 174,500 sq. m. of space to the market. Quarterly net absorption narrowed to 56,507 sq. m.. New leasing demand mainly came from TMT, consumer goods manufacturing, and third-party coworking space providers.

Investment
A total of 25 deals were closed with a combined value of RMB 11.10 billion, an increase of 40% q-o-q. Office transactions reclaimed top position with a 60% share of total transactions on the back of a steady flow of business park deals.