Shanghai Figures Q3 2026

Office
 Three new office buildings totalling 257,489 sq. m. were completed in Q3 2026. Strong demand from the robotics sector ensured the industrial manufacturing sector was the largest source of demand. Net absorption surged 23% q-o-q to 207,047 sq. m., pushing down vacancy to 24.4% and marking the first q-o-q decline this year.

Retail
 Three new malls providing 170,000 sq. m. of space were added this quarter. Net absorption totaled 61,000 sq. m., while vacancy rose to 9.9%. Trendy fashion and toys & gifts stores dominated leasing demand, with new-style tea and Asian F&B brands also remaining active.

Logistics
 Two new projects totaling 243,000 sq. m. were completed during the period. Driven by strong demand from 3PLs and the wholesale & retail sector, net absorption reached 246,000 sq. m.. The vacancy rate dropped by 0.5 pps. q-o-q to 22.1%. 

Business Park
 Manufacturing remained the largest demand driver (47%), led by robotics and drone firms. TMT and pharma & life sciences accounted for 22.5% and 8.5%, respectively.

Investment
A total of 29 transactions worth RMB 13.56 billion were recorded in Shanghai in Q3 2026, a rise of 0.6% q-o-q and 13.5% y-o-y. Y-t-d investment volume grew by 14% y-o-y, signaling that the market is bottoming out and stabilising.