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Shanghai MarketBeat Reports

Shaun Brodie • 30/12/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Q4 2024 Highlights

Office: Overall office market rents continued to soften in Q4.

Retail: Demand for quality retail space sustained in the quarter.

Capital Markets: The Shanghai market recorded 42 transactions in Q4 2024 for total transaction volume of RMB18.2 billion.

Learn more by clicking our most recent Shanghai MarketBeat reports below.

CURRENT MARKETBEATS

Office Buildings CBD
Shanghai Office MarketBeat
The CPIC Xintiandi Commercial Center T1, New Bund Central Plaza, and Life Hub @ Bund Central Grade A projects entered the market in Q4, bringing full-year 2024 new supply to 786,258 sq m. The professional services sector led leasing demand in the quarter. Citywide quarterly net absorption recorded 150,421 sq m, overall vacancy edging up to 22.4%. The overall average monthly rental level softened to RMB223.3 per sq m.

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Shopping Retail
Shanghai Retail MarketBeat
Twelve quality new retail projects entered in Q4, taking citywide mall stock to 24.69 million sq m. Quality space leasing demand sustained in the quarter, with sports, lifestyle, and F&B sectors leading new store openings. Overall vacancy stabilized at 9.51%. Average mid- to high-end mall rents dropped a further 2.23% q-o-q to record RMB733.65 per sq m per month.
 

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Warehouse Internal Rack
Shanghai Capital Markets MarketBeat
The Shanghai capital market recorded 42 transactions in Q4 2024, with total transaction volume reaching RMB18.2 billion (US$2.5 billion). For the full-year 2024, 117 deals were completed with total transaction volume at RMB70.7 billion (US$9.7 billion), the latter down 13.8% y-o-y. The market was characterized by “price for volume” in 2024, with the average single deal value declining by 13.5% y-o-y to RMB600 million. This trend is expected to continue in the 1H 2025 period.   
 

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