Shanghai Figures Q4 2025

Office

 Five new projects totaling 373,837 sq. m. were completed in Q4 2025. Net absorption increased by 16.7% q-o-q to 116,980 sq. m., led by TMT, while overall vacancy rose 0.9 pps. to 23.3%. Annual net absorption improved steadily over the year, but the rental decline continued to widen.

 

Retail

Two new malls providing 426,000 sq. m. of space were added this quarter. Net absorption totaled 377,100 sq. m. while vacancy remained at 8.8%. Designer brands and performance sports brands continued to expand, generating strong new street‑front opening momentum.

 

Logistics

No new projects were launched this quarter. Driven by third-party logistics expansion and active leases, the city recorded a net absorption of 397,000 sq.m., surpassing 1 million for the year—a historical high. The vacancy rate fell to 24.9% q-o-q.

 

Business Park

521,000 sq. m. of high-quality new supply was delivered in Q4 2025, representing 47% of the annual total. This backloading of new supply pushed up citywide vacancy to 26%, the highest in a decade, signaling a notable shift in market dynamics.

 

Investment

A total of 39 transactions worth a combined RMB 15.04 billion were recorded this quarter, marking increases of 37% q-o-q and 33% y-o-y. Office deals continued to dominate as corporate buyers retained a strong appetite for acquisitions.